David's Bridal says its CEO has stepped down

Markets Associated Press

David's Bridal says its CEO Pam Wallack has left the company and chairman Paul Pressler will replace her.

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The company declined to comment on the reasons for Wallack's departure after three years on the job.

Pressler is a partner at the private equity firm Clayton, Dubilier & Rice that acquired David's Bridal from another private equity firm in 2012, and has also served as president of Walt Disney's retail division and CEO of Gap Inc.

He brings an "extensive background in retail and a deep understanding of the brand, our customers and what it will take to continue to make David's Bridal the ultimate destination for brides," the company said in a statement.

The Conshohocken, Pennsylvania-based chain operates more than 300 stores in 45 states.