ROBERT GREENBERG RESIGNS AS L.A. GEAR CHAIRMAN & CHIEF EXECUTIVE OFFICER; SUCCEEDED BY STANLEY P. GOLD
ROBERT GREENBERG RESIGNS AS L.A. GEAR
CHAIRMAN & CHIEF EXECUTIVE OFFICER; SUCCEEDED BY STANLEY P. GOLD
LOS ANGELES, Jan. 27 /PRNewswire/ -- Robert Greenberg announced today that he has resigned from his positions as a director and as chairman of the board and chief executive officer of L.A. Gear (NYSE: LA), effective immediately.
Greenberg will be succeeded as chairman and chief executive officer by Stanley P. Gold, who was appointed to those positions by the board of directors. Gold is president and a managing director of Trefoil Investors, Inc., the general partner of Trefoil Capital Investors, L.P., as well as president and a managing director of Shamrock Capital Advisors, Inc., which provides management and consulting services to Trefoil and companies in which Trefoil invests, including L.A. Gear.
Gold has served as a member of the board of directors of the company since the consummation of Trefoil's $100 million investment in L.A. Gear in September 1991.
Greenberg said, "I fathered, nurtured and, with the help of a great many talented people, helped to develop L.A. Gear into one of America's premier lifestyle and athletic shoe companies. Last year, I recognized that we needed assistance in a number of areas. Fortunately, we were not only able to find financial partners in Trefoil, but executives who could bring to the company business acumen, accomplished track records and expertise as well. Mark Goldston, our new president, added another important dimension. With Mark's arrival and the building of the new team, I now know that my job is complete.
"I now look forward to taking some time off. After eight years of constant involvement with L.A. Gear, I can now devote more time to my family. As a major shareholder of the company, however, I think it's safe to say that L.A. Gear will never be very far from my mind."
Gold, newly appointed chairman and CEO, said, "In eight short years Robert built L.A. Gear from an idea into a worldwide lifestyle and athletic footwear brand. He has a great deal to be proud of, not the least of which is encouraging us to bring Mark Goldston to L.A. Gear. Mark Goldston and his team have our complete support in energizing the new L.A. Gear."
Goldston, president and chief operating officer of the company, said, "Robert Greenberg is a true pioneer in the lifestyle and athletic footwear industry. His contributions in building L.A. Gear and to the footwear industry in general are immeasurable."
The company also announced that Gil N. Schwartzberg has resigned as a director and as vice chairman of the company, effective immediately. Gold said that the company appreciates Schwartzberg's devotion to the company.
The board of directors of L.A. Gear also announced that the executive committee of the board of directors has been reconstituted to consist of Gold, R. Rudolph Reinfrank and Goldston. Reinfrank will serve as chairman of the executive committee. Gold and Reinfrank have been members of the executive committee since September 1991.
The nominating committee has also been reconstituted and now consists of Stephen A. Koffler, Robert G. Moskowitz and Goldston. Koffler will serve as chairman of the nominating committee. Moskowitz has been a member of the nominating committee since September 1991.
/CONTACT: Michael S. Sitrick or Steven D. Stern, both of Sitrick and Co., for L.A. Gear, 310-788-2850/
(LA) CO: L.A. Gear ST: California IN: RET SU: PER
JT-MA -- NY010 -- 3536 01/27/92 08:31 EST