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Multi-millionaire entrepreneur Kendra Scott will pass on her role as CEO of her namesake jewelry company to company president Tom Nolan, the company announced Monday.
Scott has been the CEO of the jewelry empire since its founding in 2002. She will remain the executive chairwoman, majority owner and the leader of the company's design, customer experience and philanthropy efforts.
Nolan was brought on to the company's board in 2014 and has transitioned between different roles until becoming the company president in 2019. With more than 20 years of professional experience, Nolan previously held roles at Ralph Lauren and Conde Nast.
(Kendra Scott)
In a statement, Scott wrote: "During this extraordinary time of retail transformation, there has been no better person to partner with me on building the brand and the business. Tom is an experienced executive with a relentless focus on the customer, operational rigor, and strong expertise in digital transformation. With Tom at my side as CEO, I can continue to focus on what I have always seen as the core of the brand – great design, strong philanthropic impact and a continued commitment to our customer."
Scott created her brand from a spare bedroom in Austin, which has since developed into a powerhouse company with sales of about $360 million, according to Forbes. There are more than 110 Kendra Scott stores, including multiple in Austin.
Nolan worked alongside Scott on the company's flagship launch on South Congress after private equity firm Berkshire Partners invested $1 billion in the company.
"Kendra's vision, sense of purpose, and design ability are second to none and I am both humbled and grateful for the trust she has in me to assume this role. The retail industry is constantly evolving, and I'm thrilled to continue to work alongside Kendra in this new role to not only provide sustainable value, but also with a shared responsibility to serve our customers and continue to positively impact people's lives every day through our philanthropy efforts," Nolan said in a statement.
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Popular
Ford's 'Built to Connect' event will be in Republic Square Park until Oct. 24. (Laura Figi)
The outdoor driving event is free, open to the public and will stay in the park from now until Oct. 24, offering rides on Bronco Mountain, a 0-40 mph zip in the 2022 all-electric Ford F-150 Lightning and a chance to win an original Ford Bronco.
The event kicked off with a panel of speakers, including Austin Director of Transportation Rob Spillar, Ford General Manager Darren Palmer and engineering specialists discussing Ford's goals to make it so that 50% of the vehicles on the road are electric by 2030.
As an eco-conscious city, Spillar said that around 4,000 vehicles, or 22% of the Texas electric vehicle market, as well as over 15,000 plugins lie in Austin, meaning driving electric just got accessible.
"Austin, as you know, is a fast-growing modern city that is committed to protecting the long term health and viability of our communities and strategies that reduce greenhouse gases, mitigate the effects of climate change and improve the drone quality of life here in Central Texas for all of our residents," Spillar said.
And Ford's electric vehicles are putting up some steep competition for newly-Austin-based company Tesla. The new electric Mustang Mach-E and F-150 Lighting offer amenities that used to be exclusive to Musk's brand, such as the BlueCruise self-driving network. The cars also boast a 300-mile range on a single charge, assisted reverse technology and access to the biggest charging network outside of the home.
Plus, Ford's got affordability on its side. The F-150 Lightning starts at $39,974 and the Mustang Mach-E starts at $42,895, while the cheapest Tesla model, the Model 3, starts at $41,990 and averages 262 miles on a single charge.
Speaking of price, the numbers on the electric vehicles may look like a little more than you'd like to pay for your transport, but Palmer promises it will pay off. In addition to a $7,500 tax credit you can earn for your sustainability, you'll never have to buy a pricey tank of gas again.
"Personally, I have not found one customer ever, who would go back to gas so that says something," Palmer said. "I realized, at $51,000, that car outruns every childhood hero car I ever had."
Texas buyers: take note. The Ford Lightning can power your house for three to 10 days, just in case the statewide power grid fails. You can take it glamping with you, so you don't have to leave the comfort of modern life behind, and in a pinch, Palmer said he's even seen a wedding party powered by the truck.
Ford is investing $30 billion into the U.S. market to meet demand by 2025 and the new electric truck already has over 150,000 reservations.
"I think they're going to take off much faster than you expect—they're going to be extremely, extremely popular next year," Palmer said. "With the incentives that are available today, this is starting to become more mainstream and viable for more and more families. We couldn't have done that before, we didn't have the technology, or the technology at that price."
The event is ongoing through next weekend from 12-9 p.m. Monday-Friday and 9 a.m.- 8 p.m. Saturday and Sunday.
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