New York & Co. Promotes Gregory Scott To CEO

NEW YORK (AP) - Women's clothing and accessories company New York & Co. said Tuesday it is promoting President Gregory Scott to CEO as part of its succession plan.

Scott will take on the role on Feb. 12, succeeding Richard P. Crystal. The New York-based company had announced that Crystal would retire as CEO and chairman on Feb. 11.

Scott previously served as CEO of women's clothing chain Bebe Stores and president of Arden B. He will continue to serve as a director, with the board containing 10 members.

Director Grace Nichols will become non-executive chair. She served as CEO of Victoria's Secret Stores from 1992 until her retirement in January 2007.

Earlier this month New York & Co. said that it expects fourth-quarter net income to come in well above analyst expectations. The company is set to report fourth-quarter and fiscal 2010 results during the third week of March.

New York & Co. currently runs 555 stores in 43 states.