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PENOBSCOT SHOE CEO TO RETIRE AT YEAR-END

 OLD TOWN, Maine, Nov. 19 /PRNewswire/ -- Irving Kagan, chairman of the board and chief executive officer of Penobscot Shoe Company (AMEX: PSO), today announced his plans to retire from his position as chief executive officer at year-end, Dec. 31, 1993. Kagan, who will be 65 next month, will continue to play a lead role in the company's affairs as chairman of its board of directors.
 Paul Hansen, 53, who has been president and chief operating officer since 1988, has been named to succeed Kagan as chief executive officer. Hansen, a director of the company since 1989, began his employment with Penobscot in 1967. Hansen will be the third person to serve as chief executive officer of Penobscot, which was co-founded in 1935 by Max Kagan and Philip W. Lown.
 Penobscot Shoe Company, a manufacturer and importer of women's comfort, casual and dress footwear under the brand name TROTTERS(R), is an American Stock Exchange company with its headquarters in Old Town, Maine. Irving Kagan has been employed by the company since 1948, the year he graduated from the Massachusetts Institute of Technology. He was named president and chief operating officer in 1968, and succeeded co-founder Philip Lown as Penobscot's chairman and chief executive officer in 1973.
 -0- 11/19/93
 /CONTACT: David L. Keane, vice president, finance and administration of Penobscot Shoe, 207-827-4431/
 (PSO)


CO: Penobscot Shoe Company ST: Maine IN: TEX SU: PER

DJ-CM -- NE006 -- 4502 11/19/93 17:01 EST
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Publication:PR Newswire
Date:Nov 19, 1993
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