Donnkenny Inc. Announces Departure of Lynn Siemers and Staffing Reorganization.Business Editors NEW YORK--(BUSINESS WIRE)--April 17, 2003 Donnkenny, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:DNKY) today announced that Lynn Siemers, who serves as its 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. , has resigned for personal reasons and will be leaving the Company on or about June 30, 2003. Ms. Siemers has served as the Company's President and COO since April 1997. Daniel H. Levy, Chairman 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. of the Company stated that the Company would be re-assigning responsibilities performed by Ms. Siemers to other staff positions. Mr. Levy continued "While we will all miss Lynn and value her contributions to the Company, the reassignment of duties and the decision not to fill the position left by Ms. Siemers' resignation coincides with the Company's existing plans to reorganize certain staff functions and reduce operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. ." Following her departure, Ms. Siemers plans to relocate away from New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and to pursue plans outside of the Apparel Industry in which she has worked for most of her adult life. Donnkenny designs, manufactures, imports and markets a broad line of moderately priced women's sportswear. The Company's major labels include Pierre Cardin(R), Harve Benard(R), Donnkenny(R), Casey & Max(R) and Victoria Jones(R). Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to 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 of 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. Forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to differ materially from forecasted results. Those risks include a softening of retailer or consumer acceptance of the Company's products or pricing pressures and other competitive factors. These and other risks are more fully described in the Company's 10-K and 10-Q filings with the Securities and Exchange Commission. |
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