Yesterday, we brought up the teensy fact that Stephanie Winston Wolkoff, who's been in charge of the Costume Institute Gala for the past decade and built it into the spectacle it is today, has left Vogue. And that it was speculated that the fashion party of the year might be in jeopardy.

Today, we can report that Sylvana Soto-Ward, former Vogue accessories editor, has been named as Winston Wolkoff's replacement and will now handle the Met Ball. Soto-Ward joined Team Vogue in 2003 as Anna Wintour's assistant, according to The Cut, so we say it's not too shabby to earn a top position after only several years.

To add to the challenge of taking over the Oscars of the East Coast? Wintour wants to make this year's event a budget affair, but we assume she'll want it to look just as expensive. Damn recession! You're ruining everything.