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Payless ShoeSource elects Matthew Rubel as CEO & President
19 Jul '05
3 min read
He served as Chief Executive Officer of Security Benefit from 1988 to January 2001. Mr. Fricke has served as a Director of Payless ShoeSource, Inc. since 1996, and has served as Lead Director since May 2002.
"I am excited to begin working to build on the strong foundation established by Steven and his team," said Mr. Rubel. "As the largest specialty family footwear retailer in the Western Hemisphere, Payless ShoeSource is a unique and powerful platform. The team will work to build growth strategies and initiatives that leverage the company's outstanding strengths in sourcing and distribution."
They will focus on building even stronger connections with the consumer by creating emotionally enticing product, brand communications and point of sale.
"The company's focus on its core business, and continued strong execution of its Merchandise Authority strategy, are powerful pillars to build upon as they strive to create long-term value for their shareowners."
Consistent with previous disclosures, Mr. Rubel has been awarded 214,250 shares of restricted stock and an option to purchase 720,000 shares as an "inducement grant," under New York Stock Exchange rules. The restricted shares will vest in July 2008.
The option is priced at $20.93 and will vest as follows: 120,000 shares on the first and fourth anniversary of the grant, 240,000 shares on the second and third anniversary of the grant. The option will expire in 2012. The company is required to register the resale by Mr. Rubel of the restricted shares and the shares underlying the option.
"I am excited to begin working to build on the strong foundation established by Steven and his team," said Mr. Rubel. "As the largest specialty family footwear retailer in the Western Hemisphere, Payless ShoeSource is a unique and powerful platform. The team will work to build growth strategies and initiatives that leverage the company's outstanding strengths in sourcing and distribution."
They will focus on building even stronger connections with the consumer by creating emotionally enticing product, brand communications and point of sale.
"The company's focus on its core business, and continued strong execution of its Merchandise Authority strategy, are powerful pillars to build upon as they strive to create long-term value for their shareowners."
Consistent with previous disclosures, Mr. Rubel has been awarded 214,250 shares of restricted stock and an option to purchase 720,000 shares as an "inducement grant," under New York Stock Exchange rules. The restricted shares will vest in July 2008.
The option is priced at $20.93 and will vest as follows: 120,000 shares on the first and fourth anniversary of the grant, 240,000 shares on the second and third anniversary of the grant. The option will expire in 2012. The company is required to register the resale by Mr. Rubel of the restricted shares and the shares underlying the option.
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