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Tuesday May 19, 4:15 pm Eastern Time
Company Press Release
SOURCE: The North Face, Inc.
Jim Fifield Appointed New President and Chief Executive Officer of the North Face
Former CEO of EMI Music Also Invests $14 Million in TNFI Stock
SAN LEANDRO, Calif., May 19 /PRNewswire/ -- The North Face, Inc. (Nasdaq: TNFI - news) announced today the appointment of James G. Fifield, 56, as its President and Chief Executive Officer, effective immediately. Fifield, who has been an active member of The North Face's Board of Directors for the last two years, replaces William N. Simon, who moves to the position of Vice Chairman and will continue to work closely with the senior management team while he pursues new interests.
Fifield comes to The North Face from EMI Music where he served as its President and Chief Executive Officer. During his ten-year tenure, EMI Music became the third largest music company in the world with operations in over seventy countries, and sales in excess of $4 billion. Profits grew from $50 million in 1988 to over $550 million in 1998. Prior to joining EMI, Fifield was President and Chief Executive Officer of CBS/Fox Video, the leading worldwide home video company from 1985 to 1988. Fifield was also with General Mills for twenty years where his last position was Group Executive Vice President of all consumer non-food operations (toys, retailing and fashion).
Fifield stated, ''This is a very exciting day for me. As an avid skier and outdoor enthusiast, I firmly believe in the Company's philosophy of developing performance driven products, its culture and entrepreneurial spirit. The Company has significant growth opportunities that I feel I can help it achieve.''
To underscore his confidence in the future of the business, Fifield has purchased from the Company for his own investment account approximately $14 million worth of newly issued TNFI common stock at open market prices.
Simon, who is stepping down to pursue new interests, commented, ''Late last year, as the Company approached the $200 million sales mark, I felt it was time to look for a seasoned executive to replace me who understood the commitment and passion of The North Face. The appointment of Jim Fifield is a coup for our Company. He is a brilliant executive with a tremendous track record and exceptional leadership skills. His familiarity with the Company and his love of outdoor sports should enable him to hit the ground running.''
Marsden S. Cason, Company Chairman, stated, ''The appointment of Jim is a benchmark for the continued excellent growth of the Company. He fits well into The North Face culture and we look forward to his continued contributions to our growth in the future.''
The North Face, Inc. designs and distributes technically sophisticated outerwear, skiwear, functional sportswear, tents, sleeping bags, backpacks and daypacks under The North Face(R) name. The Company sells its products to select specialty retailers throughout the United States, Europe and Canada.
This press release contains certain forward-looking statements reflecting the Company's current expectations including statements regarding expected future growth and executive performance. Actual results may vary significantly from those estimated. Factors that could cause future performance to vary from current expectations include, but are not limited to, the problems associated with management transition, the Company's ability to attract, supply and retain Summit Shops, the Company's ability to retain existing preseason orders, the Company's ability to negotiate better pricing and terms if it grows, the Company's ability to achieve technological advances, the ability of the Company to grow, and to effectively manage growth in European markets, the ability of the Company to realize improvements in profitability associated with the changes being made to the international business, the ability of the Company to maintain and improve service levels, and other general economic conditions affecting consumer spending and other factors. Further information on potential factors that could affect the financial results of The North Face are included in the Company's Report on Form 10Q for the quarter ended March 31, 1998 which is on file with the SEC. Other factors that could cause future performance to vary from current expectations include those set forth in other filings made by the Company with the Securities and Exchange Commission.
SOURCE: The North Face, Inc. |
