New CEO announced
Cost Plus, Inc. Names Murray Dashe, Chairman
andCEO and Ralph Dillon, Chairman Emeritus
Business Wire
02-17-98
04:30 PM EST
OAKLAND, Calif.--(BUSINESS WIRE)--Feb. 17, 1998--Cost Plus, Inc.
(NASDAQ:CPWM) announced today that Murray H. Dashe, 55, its Vice
Chairman and President, has been named Chairman of the Board, President and
Chief Executive Officer, effective immediately. Ralph D. Dillon, 57, previously
Chairman of the Board and Chief Executive Officer, will continue as a member
of the Board of Directors with the title of Chairman Emeritus. Dillon will also
serve as a consultant to the Board of Directors and management on strategic
issues involving Cost Plus.
Dillon stated, "Over the past several months, Murray has clearly demonstrated
his abilities to lead the Company, and I am very pleased to have him as our new
Chairman and Chief Executive Officer. The Board and I are confident that he
will successfully guide Cost Plus into the future as the Company continues its
growth."
"To continue Ralph's highly effective efforts in building Cost Plus into a
nationwide organization has got to be one of the best assignments in retailing,"
said Dashe. "I am pleased and the Company is fortunate to be able to benefit
from many more years of Ralph's strategic vision and counsel in his new role
with the Company."
Dashe joined Cost Plus in June, 1997 as Vice Chairman and was named to the
additional post of President in September 1997. He has 29 years of retail
experience and previously served as Chief Operating Officer and as a member
of the Board of Directors at Leslie's Poolmart. He also served as President and
Chief Executive Officer of Rogersound Labs and as Regional President of Silo,
Inc., and held executive positions in merchandising, marketing and store
management at Allied Stores Corporation (currently Federated Department
Stores).
Dillon joined Cost Plus in September, 1990 as President and Chief Executive
Officer. Mr. Dillon's leadership over the past eight years at Cost Plus has
contributed greatly to its exceptional growth from 35 stores to 70 stores with
annual sales exceeding $260 million. Dillon has over 30 years of retail
experience and is well known throughout the industry.
As part of this management transition, the Company has repurchased 150,000
shares of Cost Plus common stock from Mr. Dillon. This purchase represents
less than 38% of Mr. Dillon's total holdings in Cost Plus common stock and
options.
Cost Plus, Inc. is a leading specialty retailer of casual home living and
entertaining products. The Company operates 70 stores under the name "Cost
Plus World Market" in 12 states.
Copyright 1998 Business Wire.
c Copyright 1998
Morningstar, Inc.
All rights reserved.
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