Valley Media Announces Management Restructuring.WOODLAND, Calif.--(BUSINESS WIRE)--Dec. 3, 1999-- Valley Media, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : VMIX), a recognized leader in the full-line distribution of music and video entertainment products, today announced a senior management restructuring. Melanie Cullen, Senior Vice President of Information Services See Information Systems. since March of 1998, will assume the newly created role of 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. , responsible for Operations, Purchasing and Information Services. Ron Phillips, Senior Vice President of Purchasing since March of 1998, will report to Ms. Cullen. John Kordic, Senior Vice President of Operations since March of 1998, also will report to Ms. Cullen. Randy Cerf, Senior Vice President of Finance since March of 1998 and Chief Financial Officer since October of 1994, has been offered the newly created position of Senior Vice President of New Media and Business Development. This position will report directly to Rob Cain, 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. . The company is currently seeking a new CFO See Chief Financial Officer. ; Mr. Cerf will remain at his post until a replacement is found. Valley has asked Ken Alterwitz, Senior Vice President of Sales and Marketing, to assume new responsibilities with Valley in pursuit of its digital and global distribution initiatives. The company is seeking a new Senior Vice President of Sales and Marketing. "I am confident that this new structure will help us refocus on our core competencies, improve our profitability and enable us to take full advantage of the opportunities we have," said CEO Rob Cain. "We've spent the last couple of months reviewing our infrastructure and decided some changes are in order. This decision is an overwhelmingly positive development for Valley Media. Challenging, but positive." About Valley Media: Valley Media (NASDAQ: VMIX) is a recognized leader in Internet fulfillment, the full-line distribution of music, video, and DVD DVD: see digital versatile disc. DVD in full digital video disc or digital versatile disc Type of optical disc. The DVD represents the second generation of compact-disc (CD) technology. product, independent distribution, publications and proprietary database products. Valley Media operates facilities in seven states with primary distribution facilities in Louisville, KY, and Woodland, CA, where its corporate headquarters are located. Additional information regarding Valley Media is available at www.valley-media.com. This press release contains forward-looking statements 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. These statements are identified by words such as "will," "expects," "anticipates," "plans," or "intends" and by other descriptions of future circumstances or conditions. Actual results may differ materially from those projected in these forward-looking statements. Factors that could affect Valley Media's actual results include, without limitation, risks and uncertainties related to the following factors: intense competition, customers' ability or preference to buy product direct, declining growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. of Internet sales, and new electronic delivery technologies. More information about these and other factors that could negatively affect Valley Media's financial performance and the value of its common stock is contained in Valley Media's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K. Readers of the 10-K should pay particular attention to the sections entitled "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations" and "Factors Affecting Operating Results." |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion