The eternal game of musical chairs continues at Stride Rite.
Joanna Jacobson Resigns Post as President of The Keds Corporation
Accepts Position on Stride Rite Board
biz.yahoo.com
Monday June 21, 7:13 pm Eastern Time
Company Press Release
LEXINGTON, Mass.--(BUSINESS WIRE)--June 21, 1999--The Stride Rite Corporation (NYSE:SRR - news) announced today that Joanna M. Jacobson, President of The Keds Corporation, will leave her post in mid-July, 1999, but will remain active in the business. Today, she was also elected to the Stride Rite Board of Directors and has agreed to serve as a consultant to the Company. Jacobson, 39, who is leaving for personal reasons, oversaw a strong renewal of the Keds® brand, which was struggling when the she joined the Company in April 1996.
''Joanna and her team have done an extraordinary job in reinvigorating our Company,'' said Jim Eskridge, Chairman and Chief Executive Officer of The Stride Rite Corporation. ''While I'm extremely disappointed to lose her, I know that she wants and deserves to spend more time with her young children. However, she will continue to lend her expertise as a member of the Board and as a consultant.''
Jacobson built a compelling business strategy for Keds footwear, as well as a strong management team. The business turnaround was achieved through a series of successful new product launches, the most recent of which, Keds Stretch, appears to be the most successful introduction to date. The Spring 2000 Keds product line has been completed and has been very well received by retailers.
Jacobson said, ''For quite some time, I have been torn between my family and my career, and this decision was a difficult one. I'm proud of what we have accomplished over the past three years, and am confident that Keds is well-positioned for future growth. The Keds team is very capable of executing our business plan. Although I'll miss being there every day, I look forward to continuing to work closely with Jim and the Board.
The Company has scheduled a conference call for Tuesday, June 22, 1999 at 8:30AM Eastern Time to discuss this release and its second quarter results which were also released today. Interested parties may participate by calling in at (888) 868-9080.
The Stride Rite Corporation markets the leading brand of high quality children's shoes in the United States. Other footwear products for children and adults are marketed by the Company under several well-known brand names, including Keds, Sperry Top-Sider, Tommy Hilfiger, Nine West Kids, Grasshoppers and Street Hot.
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. The words ''expect'', ''estimate'', and other similar expressions which do not relate solely to historical matters identify forward-looking statements. Undue reliance should not be placed on forward-looking statements because they involve known and unknown risks and uncertainties which may cause actual results to differ materially from anticipated, projected or implied future results. Factors that may cause such a difference include, among others: revenues from new product lines may fall below expectations; the launch of new product lines may be delayed; and additional factors discussed in the Company's reports filed with the Securities and Exchange Commission and the exhibits thereto. The Company disclaims any responsibility to update these statements
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Contact:
Stride Rite Corporation
John M. Kelliher
(617)- 824-6028 |
