Carter's provides update on customer accommodations review

24 Dec '09

5 min read

The Company anticipates that it will complete the restatement of its previously issued financial statements, including filing amended Forms 10-K and 10-Q with the Securities and Exchange Commission, and release its fiscal third quarter 2009 financial results as soon as practicable.

The Company has self-reported information concerning this investigation to the Securities and Exchange Commission. The Company has also been informed that the United States Attorney's Office is conducting an inquiry into this matter. The Company will continue to cooperate with these inquiries.

Management Changes:

The Company announced management changes, effective immediately. The Company has created two new leadership positions which report directly to Michael D. Casey, Chairman and Chief Executive Officer.

Brian J. Lynch has been promoted to Executive Vice President & Brand Leader for the Carter's brand. Mr. Lynch joined the Company in 2005 as Vice President of Merchandising and was named Senior Vice President of Merchandising and Brand Marketing in 2008. Prior to joining Carter's, Mr. Lynch worked for the Walt Disney Company holding several merchandising, product development, and strategy positions in the Disney Parks and Resorts division. Before Disney, Mr. Lynch spent nine years in various senior marketing and sales positions at Champion Products, Inc., a leading manufacturer of athletic apparel. In his new position, Mr. Lynch's scope of responsibility has been expanded to include the Company's Carter's brand sales, mass channel, and domestic licensing organizations.

Lisa A. Fitzgerald has been appointed Executive Vice President & Brand Leader for the OshKosh B'gosh brand. Ms. Fitzgerald joins the Company from Lands' End, Inc., a division of Sears Holdings Corporation, where she served as Executive Vice President of Merchandising, Design, and Creative. Ms. Fitzgerald held a variety of senior positions at Lands' End since joining the company in 2000. Prior to Lands' End, Ms. Fitzgerald spent four years at The Gymboree Corporation. Before Gymboree, Ms. Fitzgerald worked in various merchandising positions of increasing responsibility at Victoria's Secret, May Company, and Casual Corner.

“We are fortunate to have Brian and Lisa to help us further develop and grow our core businesses. Brian's success in leading the Carter's merchandising and design organizations positions him well for this broader leadership role within the Company,” noted Mr. Casey. “Lisa brings a wealth of experience in brand development and management, merchandising, and design, and she possesses an extensive background in retail and direct commerce. Lisa's leadership will help us in our efforts to strengthen the performance and potential of our OshKosh B'gosh brand.”

In addition to his responsibilities as Chairman and Chief Executive Officer, Mr. Casey has assumed the title and role of President effectively immediately.

Joseph Pacifico's employment with the Company and its affiliates ended on December 21, 2009. Mr. Pacifico was formerly President of the Company.

Carter's Inc

More Carter's Inc News... More Apparel/Garments News - United States Of America...