LEXINGTON, MASS., March 6 /CNW/ - 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
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.
For further information:
For further information: Investors: Stride Rite Corporation Frank
Caruso, 617-824-6611 Chief Financial Officer email@example.com or
Media: Sard Verbinnen & Co. David Reno/Renee Soto, 212-687-8080