Stride Rite Announces CEO Succession Plan; CEO David Chamberlain to Retire in 2007; Board Has Initiated Search for New CEO
07 March 2007 - 9:30AM
Business Wire
The Stride Rite Corporation (NYSE: SRR) today announced that David
M. Chamberlain, 63, has informed the Board of Directors that,
consistent with prior discussions, he plans to retire in 2007 from
his position as Chief Executive Officer. Mr. Chamberlain will
continue to serve as Chairman and CEO of the Company until a
replacement has taken office, and will remain on the Board after
his retirement. The Board has formed a search committee to identify
a new CEO and has retained Spencer Stuart, a leading executive
recruiting firm, to advise the Board. The search process, which is
already underway, will include a full review of both internal and
external candidates. Chamberlain, who has been Chairman and CEO
since November 1999, said, �I am extremely proud of our
accomplishments over the past seven years, and I believe now is the
appropriate time to put Stride Rite�s next generation of leadership
in place. The Company has made great progress in recent years. We
have strengthened Stride Rite�s existing portfolio of nationally
recognized footwear brands and significantly expanded our portfolio
with the acquisitions of Saucony and Robeez. We also have built
strong management teams. I intend to work closely with the Board
over the coming months to help identify, select, and successfully
integrate a new CEO. I look forward to continued growth of the
company under new leadership.� �We are grateful to David for his
extraordinary service to Stride Rite. He has guided the company
exceptionally well through a period of significant development and
we are confident that he is leaving Stride Rite with the right
strategy and team in place to ensure the Company�s continued
success,� said Frank Mori, lead independent director. �The search
to identify a new CEO is well underway and we will work diligently
to bring the process to a successful conclusion.� Chamberlain has
served as Chairman of the Board of Directors and Chief Executive
Officer of Stride Rite since joining the company in November 1999.
Prior to joining Stride Rite, Mr. Chamberlain was Chairman of the
Board of Genesco, Inc., a footwear company, from 1994 to 1999 and
also served as President and Chief Executive Officer of Genesco
from 1994 to 1996. About Stride Rite 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 well-known brand names, including
Keds, PRO-Keds, Sperry Top-Sider, Tommy Hilfiger Footwear, Saucony,
Robeez, Grasshoppers, Munchkin, and Spot-bilt. Apparel products are
marketed by the Company under the Saucony and Hind brand names.
Information about the Company is available on our website �
www.strideritecorp.com. Information about the Company�s brands and
product lines is available at www.striderite.com, www.keds.com,
www.sperrytopsider.com, www.saucony.com, www.robeez.com,
www.grasshoppers.com and www.hind.com.
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