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Exclusive: Amy Shecter out as C. Wonder president

May 30, 2013

FORTUNE -- Amy Shecter is no longer president of women's fashion retailer C. Wonder, Fortune has learned.

Her last day was today, and soon she'll be taking over as president of Electric Love Army, a sportswear label formed in 2011 by C. Wonder founder Chris Burch and fashion publicist Kelly Cutrone.

This would appear to be a demotion of sorts, and a source familiar with the situation says that the official decision was made yesterday during a C. Wonder board meeting. A company spokeswoman declined to comment when first contacted earlier this morning, but now has sent over the following statement from Chris Burch:

Over the last several years C. Wonder has grown from a concept to a vibrant retailer opening its first store a year and a half ago under the guidance of Amy Shecter who served as Brand President. Amy has made the decision to move to Electric Love Army (ELA) as its President effective Monday, June 10th. In partnership with Kelly Cutrone and under Amy’s leadership we are excited about the next chapter of bringing ELA to reality. Amy’s last day with C. Wonder will be today and then she will take a well-deserved vacation before starting in her new role.  An announcement regarding a new C. Wonder CEO will be forthcoming; in the meantime, I want to thank Amy for her dedication to the brand and all of her hard work in bringing C. Wonder to life.

I'd think Shecter had to swallow pretty hard before signing off on the "Amy has made the decision..." line.

All of this comes several months after Fidelity Investments pumped $35 million for a 10% stake in C. Wonder. That deal came in the wake of Chris Burch reaching a legal settlement with ex-wife Tory Burch, who runs her own eponymous retail brand (which the former couple launched together).

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