Alexander Wang is the new CEO and Chairman of his namesake label

Alexander Wang, Creative Director of his eponymous has decided to take over daily responsibilities as CEO and Chairman of the company, from his mother Yin Wang and sister-in-law Aimie Wang, effective immediately.

Wang thanked Ying Wang and Aimie Wang for their tireless efforts toward building the business. “In an environment of rapid technology and industry changes, strong leadership and increased flexibility are required to meet the needs of the market," he said in a statement.

Alexander Wang assumes CEO and Chairman’s role

Wang, who founded the company in 2005, shared the news concerning his new position with his staff at a company town hall meeting, during which he also announcing two new senior-level executive appointments.

Although Wang is set to shoulder the new responsibilities, his mother Ying Wang and sister-in-law Aimie Wang will continue to remain shareholders and board members. Along with them his brother Dennis Wang will continue as an advisor to the company.

This is not the first time that the creative director of his namesake label has also taken over the topmost role in his own company. Both Ralph Lauren and Christopher Bailey of Burberry have served as creative directors and CEOs of their respective labels. Although, Lauren appointed Stefan Larsson as the company's new CEO, last September, he remains Chairman of the company.

Wang appoints two new senior executives

During the meeting, Wang also announced the appointment of Mary Wang, in the new role of Executive Vice President. She worked at Donna Karan for almost two decades and most recently served as president of DKNY. She will oversee global operations and report to Alexander Wang.

Caroline Wang joined Alenxander Wang as Executive Vice Chairman recently, representing the board and reporting directly to Alexander Wang. With a 30-year long stint in the field of information technology, she was working with IBM as vice president of marketing, information technology and business transformation in Asia-Pacific.

Expected transformation at the top level

The overhaul within the company was expected to happen sooner or later after Rodrigo Bazan left the company as president to become CEO of Thom Browne. Bazan had joined in December 2010 as brand president and led the label’s growth by venturing into new product categories and retail markets, which also included opening of 26 stores worldwide.

Wang, who introduced his label with a small collection of unisex cashmere intarsia sweaters in 2005, has transformed his label into a 100 million dollars men’s and women’s designer label, and women’s and men’s contemporary brand. The company retails Alexander Wang and the T by Alexander Wang line clothing under its portfolio apart from a line of denims, shoes, handbags and jewellery.

While the media reports suggest that the company is actively seeking an investor since last year, it still remains a family-owned business.

picture:facebook/alexanderwangny