Alexander Wang Steps Down as CEO of His Label

Alexander Wang is stepping down from his position as CEO of his label, according to Business of Fashion.He'll retain his positions as creative director and chairman of the brand.

Stepping into Wang's shoes as CEO is Lisa Gersh, whose background includes heading Gwyneth Paltrow's Goop and Martha Stewart Omnimedia.

"I am honoured and excited by the opportunity to help Alex shape this remarkable company," said Gersh in a statement. "The Alexander Wang brand has always represented style, innovation and an extraordinary standard of quality and excellence. I'm looking forward to working with Alex and the rest of the team to build on his foundation, and to continue to delight customers with our products and creative vision."

Gersh is joined by Stephanie Horton, the former chief marketing officer of Farfetch, who's joining Wang as chief strategy officer.

While the two may seem like an unusual replacement for Wang's consistently fashion-forward brand, the designer has assured consumers he's pleased with the choice of hire.

"The appointment of CEO, and the addition of a CSO position, highlight our ongoing strategy of productivity and diversification," Wang stated. "In a rapidly changing retail environment, it's necessary for us to continually challenge the status quo. In my year as CEO I've been able to reflect and assess the strengths and opportunities of the company and set the stage for future growth. Lisa and Stephanie's diverse backgrounds in the media, lifestyle and digital landscape will help us continue to position the business to expand into new categories and territories."