CARTER : Carter's Announces Appointment of Michael D. Casey as Chief Executive Officer Effective August 1, 2008 as Frederick J. Rowan, II Announces His Retirement
06/11/2008| 07:38pm US/Eastern
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ATLANTA, June 11 /PRNewswire-FirstCall/ -- Carter's, Inc. (NYSE: CRI), the
largest branded marketer in the United States of apparel exclusively for
babies and young children, announced today that Frederick J. Rowan, II is
retiring as Chief Executive Officer and as a member of the Company's Board of
Directors, effective August 1, 2008. The Company also announced today that
Michael D. Casey, currently the Company's Chief Financial Officer, has been
appointed to succeed Mr. Rowan as the Chief Executive Officer effective that
same date.
"This succession in leadership is the result of planning that our Board
and I have been discussing over the last several years and provides Carter's
with strong leadership continuity," said Fred Rowan. "I am very proud of what
the Company has accomplished in building our industry-leading position over
the last 16 years. With the investments we have made in talent, our
repositioning of the OshKosh brand, and the significant improvements we've
made in our Retail segment, I believe the Company is well positioned for
future growth.
"Mike's leadership over the last 15 years and the breadth of his
understanding of our products, our business, and the financial markets has
earned him the full confidence of our Board, our employees, and our management
team. Mike is the right person to lead the next phase of our growth,"
continued Mr. Rowan.
Mr. Rowan joined Carter's in 1992 as President and Chief Executive Officer
and became Chairman of the Board of Directors in October 1996. During his
tenure, Mr. Rowan led the Company through the development of additional brands
and sub-brands, the acquisition of OshKosh B'Gosh, Inc., entry into the mass
channel, improvements in operational disciplines, a move to 100% global
sourcing, and significant investments in organizational capability.
"It has been my privilege to work with Fred Rowan over the past 15 years,
during which time he lead Carter's transformation into a multi-brand and
multi-channel industry leader," said Mr. Casey. "I am honored by the
opportunity which Fred and the Board have given me. We have great brands,
outstanding employees, and a rich heritage. I look forward to building on a
strong foundation and working with our very talented leadership team. I'm
grateful to Fred for his many years of leadership, mentoring, and friendship."
Mr. Casey joined Carter's in 1993 as the Vice President of Finance and was
named Chief Financial Officer in 1998. Since becoming CFO in 1998, Mr. Casey
has assumed additional leadership responsibility for the Company's Human
Resources, Information Technology, Investor Relations, and Legal functions and
has served on the Company's Executive Committee. The Company is currently
searching for a new CFO.
About Carter's
Carter's, Inc. is the largest branded marketer in the United States of
apparel exclusively for babies and young children. Carter's markets its
Carter's and OshKosh B'Gosh brands, two of the most recognized brands in the
marketplace. These brands are sold in nearly 450 department store, national
chain, and specialty store accounts, and through more than 390
Company-operated stores. The Company also markets its products in 16
countries through international licensing arrangements. Carter's Child of
Mine and Just One Year brands are available at Wal-Mart and Target,
respectively. OshKosh's Genuine Kids brand is sold at Target. Carter's is
headquartered in Atlanta, Georgia. Additional information is available at
www.carters.com.
Cautionary Language
Statements contained herein that relate to the Company's future
performance, including, without limitation, statements with respect to the
Company's anticipated results for fiscal 2008 or any other future period, are
forward-looking statements within the meaning of the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. Such statements are
based on current expectations only, and are subject to certain risks,
uncertainties, and assumptions. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those anticipated, estimated, or
projected. Factors that could cause actual results to materially differ
include: a decrease in sales to, or the loss of one or more of, the Company's
key customers; increased competition in the baby and young children's apparel
market; the acceptance of our products in the marketplace; deflationary
pressures on our prices; disruptions in foreign supply sources; negative
publicity; our leverage, which increases our exposure to interest rate risk
and could require us to dedicate a substantial portion of our cash flow to
repay principal; changes in consumer preference and fashion trends; a decrease
in the overall level of consumer spending; the impact of governmental
regulations and environmental risks applicable to the Company's business; our
ability to adequately forecast demand, which could create significant levels
of excess inventory; our ability to identify new retail store locations, and
negotiate appropriate lease terms for our retail stores; our ability to
improve the performance of our retail and OshKosh wholesale segments; our
ability to attract and retain key individuals within the organization; failure
to realize the revenue growth, cost savings and other benefits that we expect
from our acquisition of OshKosh B'Gosh, Inc., which could impact the carrying
value of our intangible assets; and seasonal fluctuations in the children's
apparel business. These risks are further described in our most recently filed
Annual Report on Form 10-K and other reports filed with the Securities and
Exchange Commission under the heading "Risk Factors" and "Forward-Looking
Statements." The Company undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new information,
future events, or otherwise.
Contact:
Eric Martin
Vice President of Investor Relations
(404) 745-2889
SOURCE Carter's, Inc.
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