Kendra Scott steps down as CEO of Austin-based jewelry company

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.