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Big 5 Sporting Goods to enhance Finance & Accounting Dept

Aug '05
A leading branded sporting goods and accessories retailer Big 5 Sporting Goods Corporation announced that it is enhancing its Finance and Accounting Department (Dept) in order to improve the Company's accounting and financial reporting, as well as the Company's internal controls.

Under this initiative, the Company will recruit and hire a new Chief Financial Officer, with a strong background in US generally accepted accounting principles and SEC financial reporting, to be the Company's principal financial and accounting officer.

The new CFO will report directly to the Company's Chief Executive Officer. The Company is undertaking these actions in light of the previously announced restatement of the Company's prior financial statements and the ongoing review of those financial statements, as well as the demands of the current regulatory environment.

As part of the Company's effort to strengthen its finance and accounting department, the Company and Charles P. Kirk have mutually agreed that he will resign his positions as Chief Financial Officer and Treasurer, effective today. Mr. Kirk will remain a Senior Vice President and a member of the Company's senior management team. The Company believes that Mr. Kirk will continue to add significant value to the Company.

The Company has retained a search firm and is actively engaged in the process of identifying and assessing appropriate candidates for the CFO position. The Company is committed to filling the CFO position expeditiously. Until a new CFO is hired, Elizabeth F. Chambers, the Company's Acting Controller, and Thomas L. Robershaw, the Company's Assistant Treasurer, jointly will fulfill the functions of the Company's principal financial and accounting officer.

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