Chico's FAS announced the promotion of Molly Langenstein to CEO and President of Chico's FAS, effective June 24, 2020. Ms. Langenstein is a 30-year retail fashion veteran with a proven track record of success in revitalizing sales and profitability. Since August 2019, Ms. Langenstein has served as President of the Company's two large brands, Chico's and White House Black Market. The Company recently posted one of the faster turnarounds in fashion retail with three consecutive quarters of unprecedented growth with a 9.4% increase in sales from First Quarter to Fourth Quarter of fiscal year 2019 prior to the COVID-19 pandemic. The Company also announced that current CEO and President Bonnie Brooks, who stepped into her role in April 2019 to lead the Company's turnaround, will now become Executive Chair of the Board of Directors and continue to oversee the Company's strategic direction. William (Bill) Simon, a member of the Board and former President and CEO of Walmart U.S. and senior advisor to KKR private equity firm, will assume the role of Lead Independent Director. David Walker, who has served as Chair of the Board for the past five years, will remain a member of the Board of Directors. Ms. Langenstein also will become a member of the Board of Directors. All appointments are effective June 24, 2020. These three new simultaneous leadership appointments are the result of a planned succession designed to strengthen and provide ongoing stability and continuity to the business, and to further support the Company's future. As President of Chico's and White House Black Market for the past nine months, Ms. Langenstein led the apparel group, including its brick-and-mortar boutiques and digital platforms, while increasing sales, product quality and elevating taste and style.

On May 4, the company will reopen its boutiques for three additional types of revenue generation: the fulfillment of national online orders through store inventories; reintroducing buy-online-pick up in store (BOPIS) with contactless curbside pickup service; and introducing a new shop-by-appointment service for each of its Chico's, White House Black Market and Soma brands. These new offerings will be available in locations that are allowing retailers to reopen on a limited basis and will be consistent with all local health and safety guidelines and regulations. Style Connect, the Company's proprietary digital styling tool, has been a significant enabler of the above reopening activities and has contributed to the robust digital sales during the temporary store closure period for the Company.