Payless ShoeSource to appoint Matthew E. Rubel as CEO

27 May '05

5 min read

the compensation, nominating and governance committee of the company's board of directors, chaired by mylle mangum, and assisted by the executive search firm spencer stuart, oversaw the search process that resulted in mr. rubel's appointment.

separately, the company announced that at its annual meeting of shareholders held today, shareholders re-elected steven j. douglass, howard k. fricke and judith k. hofer to its board of directors for three year terms, and ratified the appointment of deloitte & touche llp to serve as the company's independent registered public accountant for fiscal year 2005. mr. douglass will resign from the board of directors concurrent with his departure from the company. the board intends to elect mr. rubel to fill the board vacancy at that time.

at the meeting, mr. douglass told shareholders that payless shoesource remains committed to serving the interests of its shareowners by building long-term shareowner value and striving for continued improvements in 2005 operating results by:
-- maintaining a singular focus on its core business, the payless shoesource chain of family footwear stores;

-- accelerating customer acceptance of the merchandise authority positioning in value priced footwear and accessories, differentiating its product offering from other retailers;

-- continuing the efforts to build select athletic and casual lifestyle brands that provide styling and quality to a brores;

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