Shapewear and clothing maker Spanx promoted president and chief financial officer Kim Jones to CEO, the company announced.
Jones will succeed the company’s founder and shapewear pioneer Sara Blakely, who will continue to serve as the chair of the Atlanta-based company’s board.
Blakely founded Spanx in 2000 with $5,000 in savings. Two decades later, the company is valued at $1.2 billion after signing a deal with private equity firm Blackstone in 2021 for a majority stake.
“She (Jones) has been instrumental in the company’s growth from startup to the category-defining, digital-first apparel brand it is today,” Blakely said in a statement. “Her love and deep understanding for the brand and the customer make her the perfect fit for the job.”
Jones joined Spanx in 2005 and previously held roles as the brand’s chief financial officer and president. She said she wants to expand Spanx’s international and digital growth and its apparel offerings.
According to media reports Jones celebrated the deal by gifting employees with two first-class plane tickets and $10,000 each.
Blakely was named by Forbes as the youngest self-made female billionaire in 2012.