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Mr Thomas Ward to become Chairman of Maidenform Board
09 Jul '08
3 min read
Maidenform Brands Inc, a global branded marketer of intimate apparel, announced that the Company's Board of Directors has appointed Maurice S. Reznik, currently Maidenform's President, to succeed Thomas J. Ward as Chief Executive Officer effective July 28, 2008. Mr. Reznik, 54, has also been named to Maidenform's Board of Directors.
Mr. Ward, 61, will become the Company's Chairman of the Board of Directors from his previous role as Vice Chairman effective July 28, 2008 through Mr. Ward's planned retirement in January 2009.
Mr. Ward has served as the Company's CEO since July 2001 and was Chairman of the Board of Directors from May 2004 until April 2005. Maidenform's current Chairman of the Board, David B. Kaplan, Senior Partner at Ares Management LLC, will continue serving on the Company's Board of Directors.
"It gives me great pride that the implementation of our succession plan provides strong continuity for our Company as we focus on driving our brands to become global category leaders in each targeted opportunity that we pursue," said Mr. Ward.
"Maurice has been an invaluable partner since I came to the Company in 2001. Since joining Maidenform as President in April 1998, Maurice has been instrumental in leading our channel diversification strategy which included creating a mass merchant channel business that approached $100 million in annual net sales in 2007.
His relentless and focused effort to extend our distribution channel to the high-end department store arena resulted in our ability to acquire the exclusive license for Donna Karan and DKNY women's intimate apparel, which we previously announced on May 6, 2008.
Other achievements include working with our team to expand our leadership presence in the growing shapewear category and continuously identifying cost effective methods for us to be innovative leaders in the marketplace. With that, I truly believe Maurice and the Maidenform team will take the Company to new levels of success."
"I want to thank the Board for this opportunity," noted Mr. Reznik. "Tom's leadership at Maidenform has created a clear long-term growth path for the Company that we strive to maximize.
His accomplished career at Maidenform included helping us achieve from year-end 2001 through 2007 compounded net sales growth of 10.3%, consolidated gross margin expansion of 1,190 basis points as we moved to 100% sourcing and de-leveraging our balance sheet to a debt-to-EBITDA ratio of 1.3 to 1.
As we look forward, our team continues to shape our future and position our Company for long-term success that we believe will build and drive value."
Mr. Ward, 61, will become the Company's Chairman of the Board of Directors from his previous role as Vice Chairman effective July 28, 2008 through Mr. Ward's planned retirement in January 2009.
Mr. Ward has served as the Company's CEO since July 2001 and was Chairman of the Board of Directors from May 2004 until April 2005. Maidenform's current Chairman of the Board, David B. Kaplan, Senior Partner at Ares Management LLC, will continue serving on the Company's Board of Directors.
"It gives me great pride that the implementation of our succession plan provides strong continuity for our Company as we focus on driving our brands to become global category leaders in each targeted opportunity that we pursue," said Mr. Ward.
"Maurice has been an invaluable partner since I came to the Company in 2001. Since joining Maidenform as President in April 1998, Maurice has been instrumental in leading our channel diversification strategy which included creating a mass merchant channel business that approached $100 million in annual net sales in 2007.
His relentless and focused effort to extend our distribution channel to the high-end department store arena resulted in our ability to acquire the exclusive license for Donna Karan and DKNY women's intimate apparel, which we previously announced on May 6, 2008.
Other achievements include working with our team to expand our leadership presence in the growing shapewear category and continuously identifying cost effective methods for us to be innovative leaders in the marketplace. With that, I truly believe Maurice and the Maidenform team will take the Company to new levels of success."
"I want to thank the Board for this opportunity," noted Mr. Reznik. "Tom's leadership at Maidenform has created a clear long-term growth path for the Company that we strive to maximize.
His accomplished career at Maidenform included helping us achieve from year-end 2001 through 2007 compounded net sales growth of 10.3%, consolidated gross margin expansion of 1,190 basis points as we moved to 100% sourcing and de-leveraging our balance sheet to a debt-to-EBITDA ratio of 1.3 to 1.
As we look forward, our team continues to shape our future and position our Company for long-term success that we believe will build and drive value."
Maidenform Brands Inc
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