Interviews
News Flash
Mr Matthias to continue as Non-Executive Chairman Mothers Work BoD
30 Sep '08
3 min read
The Board and I are confident that Ed is the right person to succeed Dan and to lead the Company through these challenging economic times to a bright future for our Company and its stockholders."
Mr. Matthias commented, "I am looking forward to serving the Company in my new role and I enthusiastically support the Board's appointment of Ed as our new Chief Executive Officer."
In connection with the retirement of Mr. Matthias, the Company will increase by approximately 10% and fully accelerate Mr. Matthias' supplemental pension benefits under his Supplemental Retirement Agreement and, as a result, the Company expects to incur a pre-tax charge of approximately $2.5 million in the fourth quarter of fiscal 2008.
Cash payments related to the Supplemental Retirement Agreement will not begin until April 2009. Mr. Matthias will also receive an annual fee of $200,000 for Board and advisory services.
Mr. Matthias commented, "I am looking forward to serving the Company in my new role and I enthusiastically support the Board's appointment of Ed as our new Chief Executive Officer."
In connection with the retirement of Mr. Matthias, the Company will increase by approximately 10% and fully accelerate Mr. Matthias' supplemental pension benefits under his Supplemental Retirement Agreement and, as a result, the Company expects to incur a pre-tax charge of approximately $2.5 million in the fourth quarter of fiscal 2008.
Cash payments related to the Supplemental Retirement Agreement will not begin until April 2009. Mr. Matthias will also receive an annual fee of $200,000 for Board and advisory services.
Mothers Work Inc
Popular News
Leave your Comments
Editor’s Pick
Esteemed Clients
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
