Two Ascena Retail directors to leave board

Ascena Retail Group, Inc. has announced the resignation of two of its board members, Steven Kirshenbaum and Marc Lasry, effective June 30, 2019. The company said that its board has approved a reduction in the size of the board from 12 to 10 directors, effective as of that date.

Commenting on the development, Carrie Teffner, Interim Executive Chair of Ascena Retail Group, said in a statement: “The reduction in the size of the board is consistent with our decision to focus on a portfolio with fewer brands and to right-size the corporate overhead structure.”

According to the company’s website, Kirshenbaum is a senior partner in the corporate department of Proskauer Rose LLP, an international law firm with headquarters in New York City. Kirshenbaum has served as a member of Proskauer's executive committee, a chair of the firm’s corporate department and managing partner of Proskauer's Paris Office. Lasry had re-joined Ascena’s board in June 2017, having previously served as a member of the board from February 2004 until October 2006. Since 1995, Lasry has served as chairman, CEO and co-founder of Avenue Capital Group, a global investment firm.