The jewellery model Kendra Scott dismissed three of its prime executives this week, parting methods with chief government Tom Nolan, chief monetary officer Jason Friesen, and chief individuals officer Danielle Stewart, ADWEEK has realized.
The corporate confirmed the departures in an announcement, which is included in full on the backside of the article.
“As a part of this transition, CEO Tom Nolan, CFO Jason Friesen, and CPO Danielle Stewart have departed the corporate,” mentioned a spokesperson for the corporate. “We’re grateful for the management, experience, and imaginative and prescient they delivered to Kendra Scott.”
The manager shuffle comes on the heels of an funding the model obtained in September 2024 from the non-public fairness agency 65 Fairness Companions. As a part of that fairness transaction, founder Kendra Scott elevated her majority possession within the firm.
Scott will now be returning to guide the corporate as interim CEO, in response to the corporate. She initially based the model in 2002 and served as its CEO till 2021 when she transitioned into the function of government chairwoman.
She will likely be joined in her return by Neal Bronzo, a longtime Kendra Scott government, who will step into the mixed function of interim CFO/COO. Beth Ley, a former member of the Kendra Scott management workforce, can even return as CPO on Sept. 1.
Constructing on latest progress
The change comes amid a interval of speedy enlargement and structural evolution for the Austin-based way of life and jewellery model.
Between 2023 and 2024, the corporate grew 30%, and noticed 20% year-over-year progress in 2024, now-former CEO Nolan instructed Fortune in March. The corporate additionally plans to open 25 new shops in 2025, increasing from roughly 150 places into West Coast, Northeast and Midwest markets.
Kendra Scott has not publicly shared precise income figures, however Nolan instructed Fortune that it does “a number of hundred million {dollars} in income now.” Forbes has beforehand estimated its revenues to be greater than $500 million.
Positioned firmly within the “inexpensive luxurious” section, Kendra Scott’s costs vary from beneath $50 to round $1,500 for lab-grown diamond items. The attraction of Kendra Scott resonates throughout generations. This technique has helped the model thrive at the same time as opponents emphasised high-end, “loud” luxurious whereas many retailers trimmed their retailer footprints throughout a turbulent retail local weather.
Past its core jewellery strains, Kendra Scott has expanded its Western-inspired Yellow Rose accent idea, launched a perfume line, and pursued strategic collaborations with Barbie and Wrangler.
With its founder again on the helm and armed with a non-public fairness struggle chest, the corporate seems to be coming into a brand new chapter of its growth. Scott herself has purpose for optimism: She and nation musician Zac Brown introduced their engagement in August.
Beneath is the complete assertion from Kendra Scott.
Following a record-breaking yr of progress, together with our milestone partnership with 65 Fairness Companions, Kendra Scott is coming into an thrilling new chapter of enlargement throughout channels, classes, and markets.
Founder Kendra Scott will return as Interim CEO, having just lately elevated her majority possession stake within the firm by way of the 65 Fairness transaction, additional deepening her long-term dedication to the model she constructed.
She will likely be joined by Neal Bronzo, a seasoned government and longtime Kendra Scott chief, who will step into the mixed function of Interim CFO/COO, and by Beth Ley, a beloved former member of the Kendra Scott management workforce, who will return as CPO on September 1, 2025.
As a part of this transition, CEO Tom Nolan, CFO Jason Friesen, and CPO Danielle Stewart have departed the corporate. We’re grateful for the management, experience, and imaginative and prescient they delivered to Kendra Scott.
With a customer-first mission, a gifted and devoted workforce, and the momentum of a record-breaking yr, the model is well-positioned to construct on its success and ship significant merchandise and experiences for our clients worldwide.
