The jewelry brand Kendra Scott dismissed three of its top executives this week, parting ways with chief executive Tom Nolan, chief financial officer Jason Friesen, and chief people officer Danielle Stewart, ADWEEK has learned.
The company confirmed the departures in a statement, which is included in full at the bottom of the article.
“As part of this transition, CEO Tom Nolan, CFO Jason Friesen, and CPO Danielle Stewart have departed the company,” said a spokesperson for the company. “We are grateful for the leadership, expertise, and vision they brought to Kendra Scott.”
The executive shuffle comes on the heels of an investment the brand received in September 2024 from the private equity firm 65 Equity Partners. As part of that equity transaction, founder Kendra Scott increased her majority ownership in the company.
Scott will now be returning to lead the company as interim CEO, according to the company. She originally founded the brand in 2002 and served as its CEO until 2021 when she transitioned into the role of executive chairwoman.
She will be joined in her return by Neal Bronzo, a longtime Kendra Scott executive, who will step into the combined role of interim CFO/COO. Beth Ley, a former member of the Kendra Scott leadership team, will also return as CPO on Sept. 1.
Building on recent growth
The change comes amid a period of rapid expansion and structural evolution for the Austin-based lifestyle and jewelry brand.
Between 2023 and 2024, the company grew 30%, and saw 20% year-over-year growth in 2024, now-former CEO Nolan told Fortune in March. The company also plans to open 25 new stores in 2025, expanding from roughly 150 locations into West Coast, Northeast and Midwest markets.
Kendra Scott has not publicly shared exact revenue figures, but Nolan told Fortune that it does “several hundred million dollars in revenue now.” Forbes has previously estimated its revenues to be more than $500 million.
Positioned firmly in the “affordable luxury” segment, Kendra Scott’s prices range from under $50 to around $1,500 for lab-grown diamond pieces. The appeal of Kendra Scott resonates across generations. This strategy has helped the brand thrive even as competitors emphasized high-end, “loud” luxury while many retailers trimmed their store footprints during a turbulent retail climate.
Beyond its core jewelry lines, Kendra Scott has expanded its Western-inspired Yellow Rose accessory concept, launched a fragrance line, and pursued strategic collaborations with Barbie and Wrangler.