Ascena Co-Founder Elliot Jaffe to retire

Ascena Retail Group has said that Elliot S. Jaffe, the company’s Co-Founder and Non-Executive Chairman of the Board has decided to not to stand for re-election at the 2016 annual meeting of stockholders, and to retire as an officer of the company and from the board, at the end of the 2016 AGM.

“EJ’s leadership has, from the start, provided the vision and passion to evolve from a single store with one banner to a family of brands. The Board thanks EJ for his outstanding leadership and commitment to the success of ascena,” said David Jaffe, President and Chief Executive Officer of Ascena.

Jaffe co-founded Dressbarn in 1962 and served as CEO until 2002. He was Ascena’s chairman of the board until January 2011 and then transitioned to non-executive chairman.

“It has truly been my life’s pleasure to serve Ascena from its glorious infancy to the multi-billion dollar brand it is today. I look forward to watching the company as it continues to grow,” said Jaffe.

Picture:Dressbarn