Jones Group CEO to Depart as Sycamore Splits Business

Wesley Card, the CEO of Jones Group, is to step down from his role as part of plans by Sycamore Partners to split the newly acquired company into four independent firms. Earlier this month, Jones Group shareholders overwhelmingly voted to approve the acquisition of the U.S. clothing and footwear company by private equity firm Sycamore Partners in a deal worth $2.2 billion. As a result, Sycamore has set out four plans for the businesses within the Jones Group, which it says will operate independently going forward.