Ascena Retail Group Inc. said Wednesday Chief Executive David Jaffe will retire effective immediately. Jaffe will remain on the board of directors, the parent company of Ann Taylor, Dress Barn and other brands said in a statement. Gary Muto, chief executive officer of Ascena Brands, has been named the company's chief executive. In the same statement, Ascena said Chief Operational Officer Brian Lynch is also leaving. Ascena shares were flat in the extended session after ending the regular trading day down 0.8%.