BJ's Wholesale Club, Inc. Announces Management Change.NATICK, Mass. -- BJ's Wholesale Club BJ's Wholesale Club, Inc. NYSE: BJ is a membership-only warehouse club chain operating in the East Coast of the United States, as well as in the state of Ohio. History , Inc. (NYSE NYSE See: New York Stock Exchange :BJ) today announced that Paul McDonough, executive vice president and chief financial officer since May 2005, has left the Company to return to the insurance industry. Prior to joining BJ's in September 2004, Mr. McDonough was vice president and treasurer of the St. Paul Travelers Companies, Inc. Frank Forward, executive vice president, chief administrative officer A chief administrative officer (CAO) is responsible for administrative management of private, public or governmental corporations. The CAO is one of the highest ranking members of an organization, managing daily operations and usually reporting directly to the chief executive , is now serving as BJ's interim chief financial officer. Mr. Forward previously served as BJ's CFO See Chief Financial Officer. from July 1997 until May 2005. Commenting on the management change, BJ's president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Mike Wedge, said, "Paul made a personal decision to return to the insurance industry. BJ's is very fortunate to have our former CFO and current CAO, Frank Forward, to lead BJ's finance organization as we commence our search for a permanent replacement. Frank's key role in BJ's growth and success for more than 20 years will ensure a seamless transition of leadership." Paul McDonough said, "I am very grateful for the opportunities made available to me and for the experience of working with BJ's strong management team. I believe that the Company is well-positioned for strong growth and I wish them every success." BJ's introduced the warehouse club concept to New England in 1984 and has since expanded to become a leading warehouse chain in the eastern United States. The Company currently operates 159 BJ's Wholesale clubs and two ProFoods Restaurant Supply clubs. BJ's press releases and filings with the SEC are available on the Internet at www.bjs.com. Forward Looking Statements Statements contained in this press release about future growth and all other statements that are not purely historical are forward-looking statements for purposes of the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions under The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Actual results may differ materially from those indicated by these forward-looking statements. Factors that may cause or contribute to such differences include, without limitation, levels of gasoline profitability, levels of customer demand, economic and weather conditions, state and local regulation in the Company's markets, and competitive conditions, credit and debit card debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. claims, and other factors discussed in the Company's Annual Report on SEC Form 10-K for the fiscal year ended January 29, 2005 and subsequent reports on Form 10-Q. Any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change. |
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