Rothy’s, Inc. today announced that it has elected Jenny Ming to its Board of Directors. Ms. Ming, whose former roles include President of Old Navy and CEO of Charlotte Russe, will serve as an Independent Director on Rothy’s newly expanded Board.
“Jenny Ming is a widely respected industry veteran with over 30 years of valuable retail experience,” said Stephen Hawthornthwaite, CEO and Chairman of the Board at Rothy’s. “We welcome her as an Independent Director to our Board as we continue to grow Rothy’s community and drive long-term growth.”
Ms. Ming joined Gap, Inc. in 1986 and held various executive roles, including President of Old Navy, from 1996 through 2006, where she oversaw all aspects of Old Navy and its 900 retail clothing stores in the U.S. and Canada. Ms. Ming then joined specialty retailer Charlotte Russe, where as President and Chief Executive Officer she oversaw over 600 stores across the United States from 2010-2019. Ms. Ming has also served as a Special Advisor to the Board of Directors of Barneys New York, and currently serves on the Boards of Levi Strauss & Co., Kendra Scott, Affirm, Poshmark, and Kaiser Foundation Health Plan & Hospitals.
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“In all my decades in retail, I’ve never encountered a brand quite like Rothy’s,” said Ms. Ming. “As Rothy’s stylish, sustainable products spur organic word of mouth growth, it can scale with a vertically-integrated model unlike anything else in the industry. I’m thrilled to help Rothy’s expand its loyal community as the business enters its next chapter.”
Ms. Ming joins Rothy’s Board following the December 2021 strategic investment from Alpargatas S.A., the Brazilian lifestyle brand and global leader in open footwear, in which Alpargatas invested $200 million in primary capital followed by an offering to acquire approximately $275 million of Rothy’s shares from current stockholders, resulting in a post-investment valuation of $1 billion. Supporting the investment, Rothy’s Board expanded to nine total members. Rothy’s cofounders Stephen Hawthornthwaite and Roth Martin retain their seats, and Chief Financial Officer Dayna Quanbeck was recently appointed to the Board. Jeremy Liew of Lightspeed Venture Partners also remains on the Board. Four total seats held by Alpargatas belong to Alpargatas CEO Roberto Funari, Director Stacey Brown, Director Marcelo Pereira Lopes de Medeiros and International CFO Pablo Sande.
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