Mr Matthias to continue as Non-Executive Chairman Mothers Work BoD
Mothers Work Inc the world's leading maternity apparel retailer, announced that Dan Matthias will retire as the Company's Chief Executive Officer on September 30, 2008.
Edward (Ed) Krell, the Company's current Chief Operating Officer, was named by the Board of Directors to succeed Mr. Matthias as Chief Executive Officer, effective October 1, 2008.
Mr. Krell has also been appointed to serve as a member of the Company's Board of Directors. Mr. Matthias will continue to serve as a director of the Company and serve as non- executive Chairman of the Board, and will remain available to management in an advisory capacity through September 30, 2012.
Rebecca Matthias, the Company's President and Chief Creative Officer, will continue in her current capacity and will report to Mr. Krell.
Mr. Krell has served as a senior executive of the Company for nearly seven years, having joined Mothers Work in January 2002.
Mr. Krell served as Senior Vice President- Chief Financial Officer from January 2002 until November 2003, and served as Executive Vice President- Chief Financial Officer from November 2003 until May 2007.
In May 2007, Mr. Krell was named Chief Operating Officer & Chief Financial Officer and he served in this role until July 2008, when he was named Chief Operating Officer of the Company.
Mr. Krell, on behalf of the Board of Directors, noted, "The Board greatly appreciates Dan's contributions to Mothers Work as a co-founder from its inception as a small catalog business 25 years ago to its current position as the leader in maternity apparel.
The entrepreneurial spirit instilled in the Company by Dan and our President and co-founder, Rebecca Matthias, has been immeasurably important to the Company's growth and success.
We are appreciative that Dan has agreed to serve as our non-executive Chairman of the Board and look forward to his continued contributions to the Company.
In addition, the Board and I greatly value Rebecca's service as President and Chief Creative Officer as she continues to drive our merchandising, creative and publicity initiatives.
Ms. Matthias, on behalf of the Board of Directors, commented, "We are very pleased to announce Ed Krell's promotion to Chief Executive Officer.
Since he joined us in 2002, Ed has continually taken on more and more operational responsibility and has played a key role in devising and implementing our strategic and operational initiatives to expand our leadership position in the maternity apparel business and increase shareholder value.
Ed was instrumental in developing our strategic restructuring, announced in July 2008, to streamline our merchandise brands and store nameplates, reduce our cost structure and improve the long-term profitability of our business.
Under Ed's leadership, we will be determined to increase profitability while continuing to maintain the keen focus ongenerating cash flow which Ed has been driving.