Urban Outfitters, Inc. : Announces Resignation of Glen Senk and Appointment of Richard Hayne as Chief Executive Officer
01/10/2012| 04:49pm US/Eastern
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PHILADELPHIA, Jan. 10, 2012 (GLOBE NEWSWIRE) -- Urban
Outfitters, Inc. (Nasdaq:URBN), a leading lifestyle specialty
retail company operating under the Anthropologie, Free
People, BHLDN, Terrain and Urban Outfitters brands, today
announced that Glen T. Senk resigned as Chief Executive
Officer on January 9, 2012. Mr. Senk will be succeeded by
Richard A. Hayne, Chairman of the Board and President,
effective immediately. Mr. Senk, 55, joined the Company in
1994 as President of Anthropologie, became a director in 2004
and Chief Executive Officer in 2007. Mr. Senk indicated
that he plans to pursue another opportunity, but that he will
remain with the Company for a period of time to assist
management with the transition. He has also resigned from the
Board of Directors.
"Glen joined the company nearly 18 years ago when the
Anthropologie business was a single-store prototype. We are
forever grateful for his passion, creativity and leadership
in building the Anthropologie brand to what it is today. We
are also thankful for his countless contributions having
served as the URBN CEO since 2007," said Mr.
Hayne. "We wish Glen all the best in his future
endeavors."
The Board of Directors elected Mr. Hayne to serve as Chief
Executive Officer of the Company. Mr. Hayne, 64,
co-founded Urban Outfitters in 1970 and has been Chairman and
President since the Company's incorporation in
1976. A spokesperson for the Board stated that "the
entire Board is pleased to name Dick as the Company's
Chief Executive Officer. He brings over 40 years of
retail experience and strong leadership. Mr. Hayne has
been instrumental in the Company's historical success and
we are extremely fortunate to have an executive of Dick's
tenure and caliber in place and prepared to lead the
Company's continued growth."
Urban Outfitters, Inc. is an innovative specialty retail
company that offers a variety of lifestyle merchandise to
highly defined customer niches through 194 Urban Outfitters
stores in the United States, Canada and Europe, catalogs and
websites; 166 Anthropologie stores in the United States,
Canada and Europe, catalogs and websites; Free People
wholesale, which sells its product to approximately 1,400
specialty stores and select department stores; 60 Free People
stores, catalogs and websites, 1 Terrain garden center and
website and 1 BHLDN store and website as of December 31,
2011.
This news release is being made pursuant to the "safe
harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Certain matters contained in this release
may constitute forward-looking statements. When used in this
release, the words "project," "believe,"
"plan," "anticipate," "expect"
and similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. Any one, or all,
of the following factors could cause actual financial results
to differ materially from those financial results mentioned
in the forward-looking statements: the difficulty in
predicting and responding to shifts in fashion trends,
changes in the level of competitive pricing and promotional
activity and other industry factors, overall economic and
market conditions and the resultant impact on consumer
spending patterns, lowered levels of consumer confidence and
higher levels of unemployment, and continuation of lowered
levels of consumer spending resulting from the continuing
worldwide economic downturn, any effects of terrorist acts or
war, availability of suitable retail space for expansion,
timing of store openings, seasonal fluctuations in gross
sales, the departure of one or more key senior managers,
import risks, including potential disruptions and changes in
duties, tariffs and quotas, the closing of any of our
distribution centers, our ability to protect our intellectual
property rights, risks associated with internet sales,
response to new store concepts, potential difficulty
liquidating certain marketable security investments and other
risks identified in the Company's filings with the
Securities and Exchange Commission. The Company disclaims any
intent or obligation to update forward-looking statements
even if experience or future changes make it clear that
actual results may differ materially from any projected
results expressed or implied therein.
CONTACT: Eric Artz
Chief Financial Officer
(215) 454-4790
Urban Outfitters, Inc.
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