Alexander Wang Is No Longer the CEO of His Own Company

Alexander Wang kicked off the week with quite the change.

According to Business of Fashion, the designer has stepped down as chief executive officer at his namesake label, though he’ll still remain creative director and chairman of the company’s board of directors. Wang has appointed former Goop and Martha Stewart Omnimedia executive Lisa Gerth to the position, effective immediately. Stephanie Horton, the former Farfetch chief marketing officer, has been appointed chief strategy officer, a newly-created role.

“The appointment of CEO, and the addition of a CSO position, highlight our ongoing strategy of productivity and diversification,” Wang said in a statement, according to BOF. “In a rapidly changing retail environment, it’s necessary for us to continually challenge the status quo.”

He moved on to explain the decision. “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.”

Wang previously served as creative director of Balenciaga before stepping down in 2015 after nearly three years.

So what does this mean? After a year of balancing both creative and business sides of his label, Wang is perhaps gearing up to place all his focus on the runway and his squad. Only time will tell.