Donna Karan International Inc. names new senior executive vice president-chief administrative officer.NEW YORK--(BUSINESS WIRE)--November 19, 1996--Donna Karan International Inc. (NYSE NYSE See: New York Stock Exchange :DK) today announced the appointment of Dewey K. Shay shay n. Informal A chaise. [Back-formation from chaise (taken as pl. )] Noun 1. to the newly created position of Senior Executive Vice President and 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 . The corporate departments that will report to Mr. Shay are Strategic Planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. , Finance, Investor Relations Investor relations The process by which the corporation communicates with its investors. , Licensing, Legal and Human Resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. . Mr. Shay, age 38, was most recently a Principal in the Corporate Finance Department of Morgan Stanley & Co. Incorporated. He will report to Stephen L. Ruzow, the Company's 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. . The Company said that Mr. Shay will be nominated for appointment to the Board of Directors at the next meeting of the Board. Upon his appointment, the size of the Board would be increased to six members. Donna Karan, Chairman and Chief Executive Officer, commented, "We are very excited about the addition of Dewey Shay to the Donna Karan International management team. Dewey worked closely with us on our IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. , so we are well aware of his strong business background and his experience in advising some of the leading companies in our industry on strategic and financial issues. His skills and perspective will make a valuable contribution to the future of our Company." Stephen L. Ruzow, President and Chief Operating Officer, added, "The newly created position of Chief Administrative Officer will allow us to better coordinate the activities of several departments that are essential to our long-term growth plans. Dewey Shay also will play a key role in our strategic business planning and cost control efforts." Mr. Shay has spent the past 10 years at Morgan Stanley, and has been a member of the firm's Corporate Finance Department since 1990. There, he has worked with consumer-oriented companies in the apparel, retail and food industries. From 1986 to 1990, Mr. Shay served in Morgan Stanley's Mergers and Acquisitions department, in both execution and transaction development. Previously, Mr. Shay worked at Goldman, Sachs & Co. in International Corporate Finance. During his banking career, he has worked in Tokyo and London. Mr. Shay received his Masters of Business Administration in 1986 from the Wharton Graduate School of Business and received his Bachelor of Arts degree from Cornell University in 1980. Donna Karan International Inc. is one of the world's leading fashion design houses. The Company designs, markets and distributes "designer" and "bridge" collections of women's and men's apparel, sportswear, accessories and shoes under the Donna Karan New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and DKNY DKNY Donna Karan New York brand names, respectively. Its beauty division offers fragrance, bath and body and treatment products under the Donna Karan New York and DK MenTM brand names. The Company has selectively granted licenses for the manufacture and distribution of hosiery, intimate apparel, eyewear, children's apparel and jeanswear. CONTACT: Stephen L. Ruzow President and Chief Operating Officer Donna Karan International Inc. 212/789-1500 or Investor Contacts: Howard Zar/Shannon Moody Morgen-Walke Associates 212/850-5600 or Media Contacts: Terry Rooney/Stacy Berns Morgen-Walke Associates 212/850-5600 |
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