Steven Madden, Ltd. Announces CEO Change
-Edward Rosenfeld Named Interim Chief Executive Officer-
-Walter Yetnikoff Named Non-Executive Chairman of the Board-
LONG ISLAND CITY, N.Y., March 24 /PRNewswire-FirstCall/ -- Steven Madden, Ltd. (Nasdaq: SHOO), a leading designer, wholesaler and marketer of fashion footwear and accessories for women, men and children, today announced that Edward Rosenfeld, Executive Vice President of Strategic Planning and Finance of the Company, has been named Interim Chief Executive Officer and Walter Yetnikoff, an independent Director of the Company, has been named Non- Executive Chairman of the Board. Both appointments are effective immediately. Jamieson Karson, Chairman and Chief Executive Officer, has resigned from both his management and Board positions in order to pursue other opportunities.
Walter Yetnikoff, Chairman of the Board, stated, "The Board of Directors believes that Ed's strong industry knowledge and proven track record at the Company make him the ideal person to serve as Interim CEO during this important time for our Company. We will continue to concentrate our efforts on further growing our core business as well as developing new opportunities in order to maximize the Company's potential. With our proven and diversified business model, we believe that Steven Madden, Ltd. has a solid foundation in place that positions us for sustained growth as economic and business trends improve.
"We thank Jamie for his hard work and dedication to Steven Madden, Ltd. over the past seven years. He made many important strategic contributions to the Company during his tenure, overseeing expansion of the retail footprint, diversification of the business, and the extension of the Steve Madden brand on a global scale. Further, Jamie successfully guided the Company through a challenging time in its history, and we are grateful for his leadership. We wish him the very best in his future endeavors."
Mr. Karson commented, "I have been privileged to work with the talented and dedicated people of Steven Madden, Ltd. and I am proud of what we have accomplished together. Our team has built one of the strongest brands in the market and I believe the Company is positioned for a long and successful future."
Edward Rosenfeld, formerly Executive Vice President of Strategic Planning and Finance, has been a member of the executive management team since joining the Company in May 2005. He has also served as a member of the Board of Directors since February 2008. Prior to joining the Company, Mr. Rosenfeld was a Vice President in the mergers and acquisitions group at Peter J. Solomon Company, an investment banking boutique where he focused on the retail and apparel industries. Mr. Rosenfeld graduated cum laude from Amherst College.
Walter Yetnikoff has served as an independent Director of Steven Madden, Ltd. since May 2005. He currently is a member of the Audit and Nominating/Corporate Governance Committees and will continue to serve on these committees. He previously served as Chief Executive Officer of Commotion Records, a company he co-founded in 2003. Mr. Yetnikoff served as President and Chief Executive Officer of CBS Records and Sony Music from 1975 to 1990 and served on the Board of Directors of CBS, Inc. from 1975 through 1988.
Steven Madden, Ltd. designs and markets fashion-forward footwear and accessories for women, men and children. The shoes and accessories are sold through company-owned retail stores, department stores, apparel and footwear specialty stores, and online at www.stevemadden.com. The Company has several licensees for its brands, including for outerwear, cold weather accessories, eyewear, and hosiery and owns and operates 100 retail stores, including its online store. Through its wholly-owned subsidiary, Daniel M. Friedman & Associates, the Company is the licensee for Betsey Johnson handbags and belts and Tracy Reese handbags and belts.
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties readers are urged to consider statements labeled with the terms "believes," "belief," "expects," "intends," "anticipates" or "plans" to be uncertain and forward-looking. The forward looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's reports and registration statements filed with the Securities and Exchange Commission.
SOURCE Steven Madden, Ltd.
CONTACT: Investors: Cara O'Brien or Leigh Parrish, Media: Diane Zappas,
both of FD, 1-212-850-5600
Web site: http://www.stevemadden.com
(SHOO)