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Hancock Fabrics extends term of CEO Steve Morgan
22
Jul '14
Hancock Fabrics, Inc. announced that the Company has extended the employment agreement with Steve Morgan, the Company’s current President and Chief Executive Officer and a member of the Company’s Board of Directors. Additionally, Morgan will continue to serve as a member of the Company’s Board of Directors.

Morgan was appointed President and Chief Executive Officer in October 2011 after having served in that role on an interim basis since January 2011. The extension is for a four year period until October 17, 2018, on terms that are similar to the current contract, except with additional equity grants and different severance terms. Per Morgan’s request, there are no changes to salary or bonus structure.

Steven D. Scheiwe Chairman of the Board commented, “The last three years have seen a lot of positive changes at Hancock and we as the Board look forward to the next four years as the Company continues to drive the operating results. Steve has devoted a lot of time to building the management team and having consistency at the top will help us to expand upon the improvements made thus far. I am confident in the direction the Company is heading and am excited for the future as Steve helps the Company forge ahead.”

Hancock Fabrics, Inc. is committed to being the inspirational authority in fabric and sewing, serving creative enthusiasts with a complete selection of fashion and home decorating textiles, sewing accessories, needlecraft supplies and sewing machines. The Company currently operates 261 retail stores in 37 states and an Internet store

Hancock Fabrics

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