Ascena Retail Group Inc. has promoted Dan Lamadrid to executive vice president and chief financial officer from senior vice president of finance and chief accounting officer.

It’s a crucial role, especially considering Ascena is streamlining to reverse negative sales and profit trends and bolster its balance sheet. Ascena is in the process of liquidating the Dressbarn division, and in March sold off a majority stake in the Maurices division to OpCapita, a British private equity firm. Ascena also operates Ann Taylor, Loft, Justice, Lou & Grey, Lane Bryant and Catherines.

Lamadrid succeeds Robb Giammatteo, who is stepping down from his position on Aug. 4 but will serve as a senior adviser during August to ensure a smooth transition, the company said. He has worked closely with Lamadrid over the last two years.

Lamadrid will report directly to Gary Muto, Ascena’s chief executive officer.

Muto said Lamadrid has played “a critical role in our transformation and strategic portfolio review. He is a highly accomplished finance executive. We also benefit from the considerable financial and transformation expertise of Carrie Teffner, our interim executive chair.”

Lamadrid joined Ascena in 2017 in his last position, after serving in the same role at Vitamin Shoppe. Earlier, he was a vice president and controller at Ralph Lauren. He also worked at Hartz Mountain Corp. and Toys ‘R’ Us after starting his career in public accounting.