About | Free Trial

Last Update

2014-08-04T00:00:00.000Z

This profile was last updated on // .

Is this you? Claim your profile.

Wrong Edward Krell?

Mr. Edward Krell M.

Chief Executive Officer

Destination Maternity Corporation

Direct Phone: (215) ***-**** ext. *****       

Destination Maternity Corporation

456 N 5Th Street

Philadelphia, Pennsylvania 19123

United States

Company Description

Destination Maternity Corporation (formerly Mothers Work, Inc.) is the world's largest designer and retailer of maternity apparel, using its quick response replenishment system to "give the customer what she wants, when she wants it." In the About Us se ... more

Find other employees at this company (1,131)

Background Information

Employment History

Senior Vice President - Chief Financial Officer
Mothers Work , Inc.

Affiliations

Trustee
Temple Emanuel

Education

B.A.
Economics
Harvard University

MBA

Stanford University

accounting degree

master's degree

Stanford

Web References (197 Total References)


corporate directory | Destination Maternity® Corporation

www.DestinationMaternityCorp.com, $reference.date [cached]

Edward M. Krell Chief Executive Officer Edward M. Krell has served as our Chief Executive Officer and a director since October 2008. From August 2010 to May 2011, Mr. Krell also served as the Company's President. From July 2008 until October 2008, Mr. Krell served as our Chief Operating Officer and from May 2007 to July 2008, Mr. Krell served as our Chief Operating Officer & Chief Financial Officer. From November 2003 to May 2007, Mr. Krell served as our Executive Vice President-Chief Financial Officer, having served as Senior Vice President-Chief Financial Officer from the time he joined us in January 2002 until November 2003. Prior to joining us, Mr. Krell served in various senior financial management positions, including having served as Chief Financial Officer of London Fog Industries, Inc., a wholesale and retail distributor of rainwear and outerwear. Mr. Krell began his career as an investment banker with Kidder, Peabody & Co. Incorporated and earned a Master of Business Administration degree from Stanford University and a Bachelor of Arts degree from Harvard University. In 2010, Mr. Krell was named Citizen of the Year by the March of Dimes, Southeast Pennsylvania Division. In 2012, Mr. Krell was honored by Dignity U Wear as one of Dignity's Champions, for his leadership role in facilitating our partnership with this charitable organization benefitting disadvantaged women. In 2013, Mr. Krell was named SmartCEO of the Year by Philadelphia SmartCEO magazine.


When Ed Krell became CEO of ...

www.smartceo.com, $reference.date [cached]

When Ed Krell became CEO of Mothers Work Inc., in 2008, he had little time to savor the achievement. Krell took the helm on Oct. 1, the first day of the fourth quarter of the first full year of the Great Recession. The day before, the Dow had plummeted 778 points, almost 7 percent, subtracting $1.2 trillion from the U.S. stock market in six hair-raising hours.

...
"We were in crisis mode," says Krell, a former investment banker who initially learned the apparel business during eight years at London Fog.
...
Why we chose Ed Krell, CEO of Destination Maternity Corporation
Each year, Philadelphia SmartCEO names a CEO of the Year - someone who is a true leader among their peers. More than company revenue, profits and community popularity, the CEO of the Year has a proven track record of innovation and bringing value to the marketplace. SmartCEO's CEOs of the Year lead more than just companies; they lead industries in new directions.
When Ed Krell took the helm of the nation's leading maternity retailer in 2008, it was in trouble. Its scrappy, sales-driven culture no longer matched its full-fledged corporation size, and costly growth investments had left the company saddled with more than $100 million in debt. To top it off, its customer base was shrinking; the U.S. birth rate reached its lowest level since the 1920s. In the past five years, Krell has not only led the market leader back to profitability - he's laid the groundwork for a truly global brand.
For these acheivements and more, Philadelphia SmartCEO honors him as our 2013 CEO of the Year. Krell joins the ranks of past CEOs of the year John Scardapane, founder and CEO of Saladworks, and Michael O'Neill, founder and CEO of Preferred Sands LLC.
...
Despite that early introduction to the industry, says Krell, "I never dreamed I would do anything in the garment business." With a degree in economics from Harvard, the studious young man headed to Wall Street, where he landed at the investment firm Kidder Peabody, which has "since merged out of existence. Krell was not a trader but an innvestment banker who worked on financings, mergers, acquisitions and leveraged buyouts, helping companies to grow their businesses or buy others. He sold a coal mining business for one company and raised money for a gas pipeline firm for another. He worked on a public debt offering on behalf of eyewear giant Bausch & Lomb. "It was a great training ground," he says. "I got exposure to so many different businesses, industries and types of transactions. I worked with all different types of personalities. From there, I figured I would go get my MBA and then figure out what I wanted to do." After earning his master's degree from Stanford, Krell returned to the financial district. But as much as he enjoyed the work, he was in search of bigger challenges. And he began to dread the "golden handcuffs" - becoming so prosperous that it would be difficult to leave the industry at all. "It actually got harder over time," Krell says. So in 1991, at the age of 28, he jumped ship. Accompanied by his wife, Amy, who was expecting their first child, he relocated to Baltimore to join London Fog, a rainwear and outerwear business he'd advised in the past. At the time, the company was a wholesaler expanding its retail end, and Krell signed on as controller of the outlet division - it already accounted for about 30 percent of revenue - in hopes of someday becoming CFO. Even after stints at Harvard and Stanford, Krell's time at London Fog would prove the best education of all. The company famous for its trench coats foundered during the recession of the early 1990s. Like the last domino in a row, it was hit hard when key customers like Macy's and Federated Department Stores went bankrupt. With flat profits, the company trudged onward, but in 1993, its parent company ordered a purge of the executive ranks. That's when Krell, who did not even have an accounting degree, was named corporate controller; two years later, he was elevated to CFO. Though London Fog eventually enjoyed a great turnaround, Krell left in 1999, taking with him the hard-won, hard-headed business sense that would make all the difference at Destination Maternity. "I had an incredible experience there - I probably got the equivalent of 25 years of experience in my eight years at London Fog - but at some point, I had to say this isn't the ship to ride out," Krell says. He joined an online golf equipment company for a time, but when the internet bubble burst in 2000, that company folded. He had been approached before about taking on the CFO role at Mothers Work, and the position was still open. At last the time was right.
Getting lean Krell knew maintaining the status quo wasn't an option, and to get change in motion, one of his first big changes as CEO was both strategic and symbolic. In December 2008, Mothers Work Inc., became Destination Maternity Corporation. The name change "made it clear to folks internally as well as externally that this was a rebirth of the company," says Krell. "Nobody knew what Mothers Work meant, anyway. Destination Maternity was the umbrella store brand that carried both Motherhood Maternity and A Pea in the Pod," the company's mid-priced and high-end brands. He also called for a change in culture, moving away from the "very fiery, rough-and-tumble" catalog company founded by Rebecca and Dan Matthias in 1982. "Mothers Work had always been a kind of frenetic, volatile, entrepreneurial environment," observes Krell, who still counts Rebecca Matthias among his mentors.
...
Not that Krell is against innovation, says Chris Daniel, who spent more than 20 years working in women's apparel merchandising before becoming president of Destination Maternity in 2011.
...
"Ed is great at encouraging entrepreneurialism, and he is actually a great partner for entrepreneurs.
...
"We need to continually attract new customers due to the inherently limited time span of our customer relationship," says Krell.
...
Despite tough conditions within the industry and a still-slumping economy, Krell was confident he could turn the company around. He had been building his playbook ever since he joined the company as CFO in 2002.
"I felt that I had a pretty good understanding of where some of the opportunities were," says Krell, a brisk-talking, energetic man with a voice that fills a room. "I knew who the key players were. I knew the management team very well, because I had worked with them and many of them had already reported to me. But the bottom line is, until you're the CEO, there are a lot of things that you can't affect."
Now that he was in the driver's seat, he moved fast, implementing an inside-out, top-to-bottom, line-item cost reduction initiative designed to find and trim the corporate fat. Like any organizational shakeup, the changes were seldom welcomed at first, and Krell was not surprised to get pushback.
The company mantra, he explains, was to drive sales until it was the only company selling maternity apparel in the U.S., and that would create great profit margins. In the team's eyes, it didn't make sense to reengineer the expense structure - after all, the company was already lean on expenses and had modest offices. There was one gaping hole in that argument: "We were already the leader in maternity apparel in the U.S., and we weren't making very much money," says Krell. "In fact, as a company, we were actually losing money. So my view was that if we're smart about how we look at the expense base, we could free up the money to invest in the things that really mattered to the customer." In the clean sweep that followed, no stone was left unturned and no department untouched. "We looked at how we shipped product to our stores and then bid that out," says Krell. "We got better rates on bags and boxes. We renegotiated rents on existing stores and analyzed where we could optimize our in-store payroll. We looked through the whole thing in a very disciplined way." Tom McCracken, Destination Maternity's director of financial planning and analysis, was all for the change, which Krell describes as "an evolution, not a revolution."
...
"Before the transition to Ed, there was a cultural bias toward thinking about top-line growth," says McCracken.
...
Ed was the guy who steered everybody to focus more on sales for the sake of profit, not for the sake of sales." Krell also brought in outside consulting firm AT Kearney to help with the later round of expense reductions, which ruffled feathers.
...
But Ed is the kind of guy that when he talks, you listen."
...
In addition to reducing expenses, Krell focused on boosting same-store sales, expanding the multibrand Destination Maternity superstores (which housed both the Motherhood Maternity and A Pea in the Pod brands) and closing underperforming stores. In the next few years, the Destination Maternity team closed dozens of stores per year, but they did it without compromising the company's national presence,

When Ed Krell became CEO of ...

www.smartceo.com, $reference.date [cached]

When Ed Krell became CEO of Mothers Work Inc., in 2008, he had little time to savor the achievement. Krell took the helm on Oct. 1, the first day of the fourth quarter of the first full year of the Great Recession. The day before, the Dow had plummeted 778 points, almost 7 percent, subtracting $1.2 trillion from the U.S. stock market in six hair-raising hours.


corporate directory | Destination Maternity® Corporation

www.motherswork.com, $reference.date [cached]

Edward M. Krell Chief Executive Officer Edward M. Krell has served as a director of the Company and its Chief Executive Officer since October 1, 2008. From August 2010 to May 2011, Mr. Krell also served as the Company's President. He has served as a senior executive of the Company for nearly eight years and has over 25 years of business experience encompassing apparel, retail, finance and overall management. From January 2002 to November 2003, Mr. Krell served as the Company's Senior Vice President-Chief Financial Officer and then served as the Company's Executive Vice President-Chief Financial Officer from November 2003 to May 2007. In May 2007, Mr. Krell was named the Company's Chief Operating Officer & Chief Financial Officer and served in this role until July 2008, when he was named Chief Operating Officer of the Company, a role which be held until his October 2008 appointment as Chief Executive Officer. Prior to joining us, Mr. Krell served in various senior financial management positions, including having served as Chief Financial Officer of Mammoth Sports Group, Inc. (an Internet and catalog retailer of golf equipment and accessories) and London Fog Industries, Inc. (a wholesale and retail distributor of rainwear and outerwear).


Catalog News

multichannelmerchant.com, $reference.date [cached]

Ed Krell CEO for Mothers Work; Justin Seamonds new Dean & DeLuca CFO Axel Pfitzenreiter appointed supply chain director for Henry Schein's Central European operations; Eddie Bauer Holdings hired Scott Hutsenpiller as vice president, outerwear design...

Similar Profiles

Other People with this Name (1,186)

Other people with the name Krell

Casey Krell
Grant-Making Email Organization

Reinhard Krell
Movement Coordination Centre Europe

Dan Krell
RE/MAX All Pro

Mike Krell
Workplace Safety North

Tim Krell
Sangamon Republicans

Browse ZoomInfo's Business Contact Directory by City

Browse ZoomInfo's
Business People Directory

Browse ZoomInfo's
Advanced Company Directory