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Tandy Leather Factory CEO to resign in June
21
Feb '09
Tandy Leather Factory Inc., announced that Ron Morgan plans to resign as the company's Chief Executive Officer effective June 30, 2009.

In addition, Mr. Morgan is not expected to stand for re-election at the 2009 Annual Meeting of Stockholders on May 12, 2009. Mr. Morgan's determination to resign was not due to any disagreement with the company. Mr. Morgan cited retirement, after more than 30 years of service to the company which he co-founded, as grounds for his resignation. It is expected that the Board of Directors of the Company will elect Jon Thompson, the company's President and Chief Operating Officer, as Chief Executive Officer effective July 1, 2009.

Mr. Morgan commented, "I am fortunate to have co-founded and worked at this great company for many years and am confident that I leave it in qualified hands. Jon has 30 years of experience in this business and is extremely knowledgeable about what it takes to be successful. I am confident in Jon's ability to lead the company and believe it is time for me to step aside and enjoy the fruits of a lifetime of work."

Jon Thompson, President and Chief Operating Officer, has worked his entire career for Tandy Leather Factory.He oversees domestic and international store operations, as well as information technology and leather purchasing. Once the Board of Directors elects Mr. Thompson to the Chief Executive Officer position, he will assume the role of Chief Executive Officer upon Mr. Morgan's departure on June 30, 2009.

Mr. Thompson commented, "I have worked closely with Ron for many years. He has done a great job leading our company and has laid a solid foundation to move the company forward. With the management team we've assembled, I believe the company will perform well."

Tandy Leather Factory Inc


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