David Jaffe stepped down from his role as CEO of Ascena Retail Group, Inc. Wednesday, effective immediately.

Gary Muto has replaced him. Muto was previously president and CEO of Ascena Brands.

“Leading Ascena over the past twenty-seven years has been a privilege. As the company continues its transformation, the board of directors and I mutually agreed that these decisions are right for the business and its shareholders. I am extremely confident in Ascena’s future under Gary’s leadership and look forward to continuing to serve Ascena as a member of the Board,” said Jaffe, who is the son of Roslyn Jaffe, who founded what is now Ascena Retail Group in 1962.

Jaffe will remain an employee and serve as an adviser to Gary Muto, according to a filing with the Securities and Exchange Commission.

Jaffe’s departure was one of a handful of executive shifts at the company announced Wednesday.

Brian Lynch has departed as president and COO. Additionally, Carrie Teffner has been named interim executive chair to the board of directors and has stepped down from her committee positions. Chuck Rubin has been appointed as the chair of the audit committee and Linda Yaccarino has been appointed as the chair of the compensation and stock incentive committee.