It's only been 15 months since Alexander Wang took over as CEO of his namesake company, but on Monday, the designer announced that he'd be stepping down from the role, effective immediately. He'll be succeeded by former Goop head Lisa Gersh, who most recently served as CEO at the Gwyneth Paltrow-founded lifestyle brand. Wang, who founded the label in New York City in 2005, will remain creative director and chairman of Alexander Wang, Inc.'s board of directors, which Gersh will also join.
In a statement, Gersh said:
I am honored and excited by the opportunity to help Alex shape this remarkable Company. The Alexander Wang brand has always represented style, innovation, and an extraordinary standard of quality and excellence. I'm looking forward to working with Alex and the rest of the team to build on his foundation, and to continue to delight customers with our products and creative vision.
The company has also appointed Stephanie Horton to the newly created position of chief strategy officer, joining Alexander Wang, Inc. from Farfetch, where she was chief marketing officer. At Farfetch, Horton led the luxury e-commerce giant's global marketing strategy, aiding the e-tailer's worldwide expansion into countries like China and Russia and regions like the Middle East. It's not often that we see an executive being recruited from Farfetch these days, making Horton a particularly exciting hire — especially if the brand has eyes for international growth beyond the 50 countries it currently services.
Additionally, the company has named Condé Nast's Tom Florio and AOL's Jonathan Miller to its board of directors.
Wang stated in a release that Gersh and Horton's hirings were necessary "to continually challenge the status quo" in such a rapidly changing retail environment. "In my year as CEO, I've been able to reflect and assess the strengths and opportunities of the Company and set the stage for future growth," said Wang. "Lisa and Stephanie's diverse backgrounds in the media, lifestyle, and digital landscape will help us continue to position the business to expand into new categories and territories."
It should be exciting to see what he, Gersh and Horton have in the works ahead of the label's next runway show in February. Let's just hope they all like to party.