Michael Archbold appointed to BoD of Express Inc
Express Inc., a specialty retail apparel chain operating over 600 stores, announced changes to its Board of Directors. Michael G. Archbold, President and Chief Operating Officer of Vitamin Shoppe, a leading specialty retailer and direct marketer of nutritional products, has been appointed to the Board as a Class I director effective January 3, 2012.
Michael Weiss, Chairman of the Board and the Company's President and Chief Executive Officer commented: "I am delighted to welcome Mike to the Board. Mike's notable financial expertise and extensive retail experience will be invaluable assets as we continue delivering on our four pillars of growth."
Mike Archbold currently serves as President and COO of the Vitamin Shoppe. Mr. Archbold joined the company in 2007 as Chief Financial Officer and Chief Operating Officer. He was promoted to President in 2011. Prior to this, Mr. Archbold was Executive Vice President/Chief Financial and Administrative officer of Saks Fifth Avenue from 2005 to 2007.
From 2002 to 2005 he served as Chief Financial Officer for AutoZone, originally as Senior Vice President and later as Executive Vice President. Mr. Archbold brings over 25 years of financial experience in the retail industry.
Along with being appointed to the Board as an independent director, Mr. Archbold will also serve on the Company's Audit Committee replacing Stefan Kaluzny, Co-founder of Sycamore Partners, who resigned in late 2011.
Mr. Archbold's appointment brings Express back into compliance with the New York Stock Exchange's listing rule that requires three independent directors on its Audit Committee.
In conjunction with Mr. Archbold's appointment, Sam Duncan will leave the Board. Mr. Duncan, as previously announced, shared his intentions to resign from the Board once a suitable independent director was identified to fill the vacancy resulting from his resignation.
Following the significant reduction of Golden Gate's ownership in Express as a result of the recently completed secondary offering, David C. Dominik, Co-founder and Managing Director of Golden Gate Capital, has elected to resign from the Board, effective immediately. Josh Olshansky, Managing Director of Golden Gate Capital, will leave the Board at Express' annual shareholder meeting in the Spring of 2012 when his term expires.
"We thank Sam for his contributions to the Board and wish him well," said Michael Weiss. "David and Josh's leadership and vision were instrumental in the evolution of Express leading us through our independence and helping Express regain its rightful place as one of the leading specialty retailers. Not only did they honor Express' legacy, but they helped us establish the framework for consistent growth, and we thank them for their partnership over the years," added Weiss.
Following this announcement, the Board will include five members, three of whom are independent, andeach of whom possesses significant professional experience, particularly in the financial, retail and business services sectors. The Company continues its search to add additional independent board members.
Express is a specialty apparel and accessories retailer of women's and men's merchandise, targeting the 20 to 30 year old customer.