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JoS. A. Bank announces leadership succession plan

13
Sep '08
JoS. A. Bank Clothiers Inc (JOSB) announces the implementation of its leadership succession plan under which three top officials will remain with the Company and assume new roles. Effective December 21, 2008, Robert N. Wildrick will become Chairman of the Board; R. Neal Black will become Chief Executive Officer and a Director of the Company and Andrew A. Giordano will become Chairman Emeritus.

Mr. Black will remain President of the Company and Mr. Giordano will remain Lead Independent Director. As the transition process continues over the coming months, the Company expects to make future announcements of key promotions when appropriate. The Company also announced that James H. Ferstl and Henry Homes, III, have been elected to the Board of Directors.

The goals of the leadership succession plan are transition and continuity. Mr. Wildrick's retirement as CEO provides an opportunity for Mr. Black, Chief Merchandising Officer since 2000, to assume overall management responsibility for the Company. Following their respective tenures as CEO and Chairman of the Board through the last eight years of unprecedented growth, Mr. Wildrick and Mr. Giordano will continue to be available to provide direction and advice to Mr. Black.

Speaking on behalf of the Board, Mr. Giordano praised Mr. Wildrick for his work on behalf of the Company, stating: "Since the end of 1999 when Mr. Wildrick took over as Chief Executive Officer, annual net income has increased to $50.2 million from $1.4 million, sales have tripled, market cap has increased over $500 million and the number of stores has grown from approximately 100 to 450.

Under Mr. Wildrick's leadership, the Company has eliminated all of its term and revolving debt, while amassing over $82 million in cash as of the end of the last fiscal year. This is a truly remarkable record."

Mr. Giordano continued, "Having worked closely with Mr. Wildrick during that same period, Mr. Black is a seasoned executive capable of leading the Company. We are delighted that Mr. Wildrick and Mr. Black will be continuing their combined efforts to provide even more growth for the Company and value for the shareholders."

Mr. Ferstl brings to the Board over 30 years of experience in the retail industry, with a concentration in merchandising and marketing. Mr. Homes is a 20 year veteran of the commercial moving and storage industry, with extensive expertise in distribution and logistics.

JoS. A. Bank Clothiers Inc


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