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Mr Goldman resigns from Children's Place Retail
04 Mar '08
2 min read
The Children's Place Retail Stores Inc announced that James Goldman has resigned from the Company's Board of Directors, effective immediately, due to increased time commitments associated with his position as Worldwide President of Godiva Chocolatier Inc.
Godiva was recently acquired by Ulker Group, a diversified international food company based in Istanbul, Turkey. Given additional demands arising from the new circumstances of his position, Mr. Goldman advised the Company that he will no longer be able to play the active role expected of a member of the Company's Board. Mr. Goldman joined the Board of Directors in August 2006.
With this resignation, the Company has six directors, three of whom are independent. As a result, the Company acknowledges that it will no longer have the majority of independent directors generally required in accordance with Nasdaq's listing standards.
Under Nasdaq rules, the Company has a 180 day grace period to regain compliance with this requirement. The Board has a director search underway and expects to name an independent director to replace Mr. Goldman as soon as practicable.
"On behalf of the Company and its shareholders, I would like to thank Jim for his many contributions to the Board of Directors," stated Sally Frame Kasaks, Acting Chair of the Board of Directors of The Children's Place Retail Stores, Inc. "We appreciate the insight he has brought to the business and wish him continued success in hisbusiness endeavors."
Mr. Goldman added, "I have greatly enjoyed working with the directors and executive management team of The Children's Place Retail Stores Inc, and regret that due to changed circumstances in my career and required time commitments I am unable to remain on the Board."
Godiva was recently acquired by Ulker Group, a diversified international food company based in Istanbul, Turkey. Given additional demands arising from the new circumstances of his position, Mr. Goldman advised the Company that he will no longer be able to play the active role expected of a member of the Company's Board. Mr. Goldman joined the Board of Directors in August 2006.
With this resignation, the Company has six directors, three of whom are independent. As a result, the Company acknowledges that it will no longer have the majority of independent directors generally required in accordance with Nasdaq's listing standards.
Under Nasdaq rules, the Company has a 180 day grace period to regain compliance with this requirement. The Board has a director search underway and expects to name an independent director to replace Mr. Goldman as soon as practicable.
"On behalf of the Company and its shareholders, I would like to thank Jim for his many contributions to the Board of Directors," stated Sally Frame Kasaks, Acting Chair of the Board of Directors of The Children's Place Retail Stores, Inc. "We appreciate the insight he has brought to the business and wish him continued success in hisbusiness endeavors."
Mr. Goldman added, "I have greatly enjoyed working with the directors and executive management team of The Children's Place Retail Stores Inc, and regret that due to changed circumstances in my career and required time commitments I am unable to remain on the Board."
The Children's Place Retail Stores Inc
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