Cache Inc., a specialty chain of women’s apparel stores, announced changes to its Board of Directors (“Board”). Michael F. Price, Managing Partner of MFP Partners, L.P., Cache’s largest shareholder, has joined the Board.
In addition, Charles J. Hinkaty, former President and Chief Executive Officer of Del Laboratories, Inc., has been appointed to the Board. In connection with their appointments, Michael F. Price and Charles J. Hinkaty have been appointed to the Nominating and Governance Committee and the Compensation and Plan Administration Committee of the Board. Charles J. Hinkaty has also been appointed to the Company’s Audit Committee.
MFP Partners is a family investment partnership established by Michael F. Price in 1998. MFP Partners uses a disciplined, research-driven process to invest in deeply undervalued stocks, focusing on long-term investing through a value investment approach. Prior to founding MFP Partners, Mr. Price was chairman of the board of Franklin Mutual Advisers and Franklin Mutual Series Fund.
He had been associated with both entities and their predecessor organizations (Heine Securities Corp and Mutual Shares Fund) since 1975. Mr. Price currently serves as a Director of Liquidnet Holdings, Inc.; an Investment Advisory Council Member to the Florida State Board of Administration; and on Boards for The Albert Einstein College of Medicine, Johns Hopkins School of Medicine, Johns Hopkins Berman Institute of Bioethics and Jazz at Lincoln Center.
Charles J. Hinkaty, was the President and Chief Executive Officer and a director of Del Laboratories, Inc. from August 2005 through his retirement in January 2008. From 1985 through August 2005 Mr. Hinkaty held various management positions at Del Laboratories, including Chief Operating Officer. Prior to joining Del Laboratories, Mr. Hinkaty served in a variety of executive positions with Bristol Myers Squibb from 1972 until 1984.
Mr. Hinkaty is a member of the board of directors of Prestige Brands Holding, Inc., Renfro Corporation and W.F. Young and serves as a Trustee of New York University. Mr. Hinkaty previously served as a member of the board of directors of Lornamead, Physicians Formula, Sterling InfoSystems, Inc. and FGX International. He also led the Consumer Healthcare Products Association from 1999 to 2001.
Jay Margolis, Chairman and CEO commented, “I am pleased to welcome Michael and Charles to our Board of Directors. Michael has a strong track record investing in value retail and knows our Company and business well. We look forward to Michael’s strategic counsel as we transition from turnaround to growth. I am also excited to have Charles join the Board given his strong leadership, strategic and financial experience as a Chief Executive Officer and Chief Operating Officer of Del Laboratories.”
In conjunction with Mr. Price and Mr. Hinkaty’s appointment, Arthur S. Mintz, a director since 2002, and Morton J. Schrader, a director since 1989 will leave the Board.
“We thank Arthur and Morton for their significant contributions to the Board and wish them well,” said Jay Margolis. “Their insight and support over the years has been highly valuable to our Company,” added Margolis.