Rothy’s, Inc. announced it elected Jenny Ming to its Board of Directors. Ming, whose former roles include president of Old Navy and CEO of Charlotte Russe, will serve as an independent director on its 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, 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.”
Ming joined Gap, Inc. in 1986 and held executive roles, including President of Old Navy, from 1996 through 2006, She then joined specialty retailer Charlotte Russe, as President and CEO from 2010 to2019. 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.
Ming joins Rothy’s Board following the December 2021 strategic investment from Alpargatas S.A., the Brazilian lifestyle, 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 Co-Founders Stephen Hawthornthwaite and Roth Martin retain their seats and CFO Dayna Quanbeck was appointed to the Board. Jeremy Liew of Lightspeed Venture Partners will remain on the Board.
Four seats held by Alpargatas belong to Alpargatas CEO Roberto Funari, Director Stacey Brown, Director Marcelo Pereira Lopes de Medeiros, and International CFO Pablo Sande.
Rothy’s products are sold online and through Rothy’s twelve retail stores.