New York & Company announces leadership succession plan
New York & Company, Inc., a specialty apparel chain with 576 retail stores, announced that Chairman and Chief Executive Officer, Richard P. Crystal, 65, intends to retire from the Company and its Board of Directors when his employment agreement expires on February 11, 2011. As part of the Board's leadership succession planning efforts, Gregory Scott, 47, has been appointed President of New York & Company effective June 1, 2010. After he commences his employment with the Company, Mr. Scott will also join its Board of Directors. Most recently, Mr. Scott served as Chief Executive Officer of Bebe Stores. To facilitate an orderly transition, Mr. Scott will work closely with Mr. Crystal over the next nine-month period with the intent that he will assume the role of Chief Executive Officer upon Mr. Crystal's retirement.
Richard P. Crystal, New York & Company's Chairman and CEO, said: "I am extremely proud of what we have achieved at New York & Company in my 14 years as CEO. Our brand has evolved into a leader of fashion, style and value for our customers and I remain enthusiastic about the Company's opportunities and growth prospects in the years to come."
Mr. Crystal also stated: "Now is the appropriate time to put New York & Company's next generation of leadership in place. Greg is a talented merchant and an outstanding choice for President of our Company. His track record of success, along with his approachable and collaborative leadership style, gives me great confidence in his ability to be successful at New York & Company. I look forward to working closely with Greg over the next nine months to ensure a seamless transition."
John D. Howard, CEO of Irving Place Capital and a member of New York & Company's Board of Directors, commented: "Richard's deep knowledge of the retail industry has been invaluable and we are grateful for his leadership of New York & Company. He has been a trusted and valued management partner of Irving Place Capital for the past eight years. Together, we brought the Company public in 2004 and Richard has been instrumental in building New York & Company into a well-recognized national brand and a leading specialty retailer of fashion oriented, moderately priced women's apparel. On behalf of the Board, I would like to recognize Richard for all of his accomplishments. I would also like to thank him for being an integral part of our leadership succession plan as we transition Greg into his new role. Greg is a seasoned retail executive and is well suited to lead New York & Company into its next era of growth."
Gregory Scott brings more than 20 years of retail industry experience to New York & Company. Most recently, Mr. Scott served as Chief Executive Officer of Bebe Stores, a specialty retailer of contemporary women's apparel and accessories. Prior to Bebe, Mr. Scott served as President of Arden B., a division of Wet Seal, Inc. Mr. Scott has also held senior level merchandising positions at AnnTaylor Stores and Henri Bendel, a division of The Limited. Mr. Scott began his retail career in the executive training program at Macy's West, a division of Federated Department Stores, Inc. where he held several merchandising positions.