Bob Gray Announces Retirement.Business Editors IRVINE, Calif.--(BUSINESS WIRE)--June 7, 2001 Yesterday, Bob Gray, chairman of St. John Knits International Inc. announced that he would retire from active involvement with St. John at the end of the current calendar year. Effective Jan. 1, 2002, Hugh Mullins will add the title of chairman. Mullins joined St. John this past February when he was appointed chief executive officer. Prior to that he served as chairman and chief executive officer of Neiman Marcus Neiman Marcus U.S. department-store chain. It was founded in Dallas, Texas, in 1907 by Herbert Marcus, his sister Carrie Marcus Neiman, and her husband, A.L. Neiman. Stores. Commenting on the announcement, Gray said that he was very pleased with Hugh's ability to adapt to his new environment so quickly and that he felt comfortable turning over the reigns after only one year. Gray went on to say that he would remain on the board of directors and that his involvement with the company would continue in a consulting capacity. Marie Gray will continue in her role as chief designer and Kelly Gray Kelly Lawrence Kirmil Gray (born April 7, 1981 in Palo Alto, California) is an American soccer defender, who currently plays for Los Angeles of Major League Soccer. Gray played forward and midfielder at the University of Portland from 1999 to 2001. will continue as St. John's president and chief creative officer. No other changes are anticipated in the senior management team. The Gray family beneficially owns approximately 15 percent of the outstanding common stock of St. John. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Bob Gray, the Gray family has no current plans to decrease that ownership percent as a result of his retirement. The company, with headquarters in Irvine, is a leading designer, manufacturer and marketer of women's clothing and accessories, sold principally under the St. John and St. John Sport by Marie Gray trade names. In addition, the company's retail division operates 23 retail boutiques and 10 outlet stores An outlet store or factory outlet is a retail store in which manufacturers sell their stock directly to the public through their own branded stores. The stores can be can be brick and mortar or online. . Through a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , St. John Home, the company also operates four home furnishing stores. 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. STATEMENT 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: Certain statements in this news release may be deemed to be forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. under federal securities laws. The company intends that such forward-looking statements be subject to the safe harbor created thereby. There are many important factors that could cause the company's actual results to differ materially from expected results in the forward-looking statements, including without limitation, changes in consumer demand, increased competition from other manufacturers and retailers of women's clothing, and the other risks and uncertainties described in the company's filings with the Securities and Exchange Commission. |
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