ceo is out. finally some clear minds are moving in. no quick miracles expected, just a slow recovery --hopefully!
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Tuesday February 15, 1:18 pm Eastern Time
Company Press Release
SOURCE: Gymboree Corporation
Gymboree Announces Senior Management Changes
Stuart Moldaw Assumes Chief Executive Duties; White and Cox Resign
BURLINGAME, Calif., Feb. 15 /PRNewswire/ -- The Gymboree Corporation (Nasdaq: GYMB - news) announced that it has appointed new executive management of the company. Chairman of the Board Stuart Moldaw has assumed the duties of Chief Executive Officer. Mr. Moldaw has been chairman since 1994.
Lisa Harper, currently Senior Vice President of Merchandising and Design, has taken on the added responsibility of General Merchandise Manager. Ms. Harper was Gymboree's Director of Design and Merchandising from 1992 to 1995, and rejoined Gymboree in 1999. Her background includes leadership on merchant and design teams at several other successful clothing retailers, including Limited Too, Esprit, GapKids, Mervyn's and Levi Strauss.
''The disappointing sales and the loss in our fourth quarter require us to take action in an effort to return Gymboree to its pre-eminent position as the quality brand for children. We look forward to combining the best practices of our new strategies and our historic position in the marketplace,'' said Mr. Moldaw.
Gary White, formerly Vice-Chair of the Board and Chief Executive Officer, and Melanie Cox, formerly the President, have resigned. Mr. White also resigned his seat on the Board of Directors.
Mr. Moldaw said, ''We are dedicated to Gymboree's success. We have true brand equity and high quality products. We believe that our heritage remains intact, and we are committed to reversing the current trends, rebuilding our market share and restoring profitability.''
The Gymboree Corporation designs, manufactures and retails unique, high-quality apparel and accessories for children. As of February 14, Gymboree operated 605 stores, including 555 stores in the United States, 19 stores in Canada and 31 in Europe, as well as an online store at www.gymboree.com. The company also offers directed parent-child developmental play programs at 420 franchised and company-operated centers in the United States and 14 foreign countries.
The foregoing paragraphs contain forward-looking statements within the meaning of the Federal Securities laws which reflect the Company's current view of future events and financial performance, including statements about updating the Company's brand, reversing current trends, building market share, restoring profitability and about the Company's future financial performance. Actual results could differ materially as a result of a number of factors, including general economic conditions, competitive market conditions, the Company's financing and working capital needs, the Company's success in updating our brand, the Company's ability to anticipate, gauge and respond to changes in fashion trends, the Company's ability to manage future growth, the Company's ability to develop new merchandise and to hire and train new employees, and consumer acceptance of the Company's product. Other factors that may cause actual results to differ materially include those set forth in the reports that the Company files from time to time with the Securities and Exchange Commission.
SOURCE: Gymboree Corporation
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