Bob Gray of St. John Knits International Inc. Announces Retirement.Business Editors & Retail Writers IRVINE, Calif.--(BUSINESS WIRE)--Oct. 14, 2002 Today, Bob Gray, chief executive officer and chairman of St. John Knits knit v. knit or knit·ted, knit·ting, knits v.tr. 1. To make (a fabric or garment) by intertwining yarn or thread in a series of connected loops either by hand, with knitting needles, or on a International Inc., announced that he would retire from St. John, a company he and his wife co-founded 40 years ago this month, effective Nov. 3, 2002. At the request of the board of directors, he has agreed to remain as honorary chairman, as well as continue to serve as a member of the board of directors. In addition, he will become a consultant to the company. 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. , co-president and creative director, and Bruce Fetter, co-president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , will share the chief executive officer duties. Both will be appointed to co-chief executive officer upon Gray's retirement. Kelly Gray will remain a director and Fetter will be added to the board. Marie Gray, who co-founded the company together with her husband, will remain head designer. Roger Ruppert, senior vice president and chief financial officer, will be promoted to executive vice president and chief financial officer. Commenting on the announcement, Bob Gray said that he was very pleased with the way in which both Kelly Gray and Bruce Fetter had performed over the past 12 months as co-presidents, especially considering the continuing weak retail environment and unpredictable economic conditions that have existed. Gray went on to say: "Kelly began working at St. John in 1982, playing an ever-increasing role in all creative aspects of the company up through being promoted to executive vice president - creative director in December 1995. Commencing with her promotion to president in 1996, she has assumed increasing responsibility for the merchandising merchandising Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. and sale of our product lines. "Bruce joined St. John in January 1997 as vice president of distribution. He progressed quickly through the ranks, being promoted to chief operating officer in November 1997 and thereby assuming responsibility for all manufacturing. "In October 2001, he was promoted to co-president and chief operating officer, most recently assuming responsibility for all administrative functions. I am extremely pleased with the partnership that has developed between Kelly and Bruce, with each complementing the other." The Gray family teamed with Vestar Capital Partners in 1999 to take St. John private in a transaction valued at approximately $500 million. Today Vestar is the majority stockholder in St. John. Commenting on the management transition, Jim Kelley Jim Kelley is a professional sports news columnist whose 30-year career has focused primarily on the Buffalo Sabres of the National Hockey League, and the greater Buffalo area. , a Vestar co-founder and partner, said: "Bob Gray comes as close to being irreplaceable as any business leader I've ever met. He and Marie have created a truly unique luxury brand in women's apparel. While Bob will be missed, he has done a terrific job of grooming Combining, consolidating and segregating network traffic using devices such as digital cross-connects, add/drop multiplexers and SONET switches. Grooming is a telephone term that typically refers to managing high-capacity lines between central offices, carriers, ISPs and very large Kelly and Bruce to take the top job. "We're impressed im·press 1 tr.v. im·pressed, im·press·ing, im·press·es 1. To affect strongly, often favorably: with their partnership and confident of their abilities to take St. John to even greater heights. Of course, we and the company will continue to rely greatly on Marie and her leadership in design, as well as Bob's continuing role on the board of directors." Jim Kelley will assume the chairmanship from Bob Gray in November. 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 28 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. . 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 and the company intends such forward-looking statements to 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, a delay in building and opening new retail boutiques and the other risks and uncertainties described in the company's annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for fiscal 2001, as well as other filings made by the company with the Securities and Exchange Commission. The company's historical results are not necessarily indicative of future prospects of the company. The company assumes no obligation to update the forward-looking statements included in this news release. |
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