Lisbeth McNabb, a member of the Board of Directors of Tandy Brands Accessories, Inc. and the Chair of the Board's audit committee, resigned as a member of the Board of Directors of the company. The board further announced that Chuck Talley resigned from his position as Executive Vice President and Chief Financial Officer of the company and all positions held with any subsidiary of the company. The company entered into a consulting agreement, effective as of December 3, 2013, whereby the company would have certain access to Mr. Talley until the end of February 2014 on an hourly basis in order to provide continuity with respect to the company's operations.

Also, effective as of November 29, 2013, Lisbeth McNabb, a member of the company's Board and the Chair of the Board's audit committee, resigned as a member of the Board of Directors of the company. On December 3, 2013, the Board appointed Mr. Timothy D. Boates as its interim Chief Financial Officer and its Chief Restructuring Officer. Mr. Boates, age 52, is the President of RAS Management Advisors, LLC.

He has been employed by RAS for the past 13 years and has been President of that organization for 5 years. Mr. Boates will have full responsibility for all of the company's operations, including but not limited to day to day management, and will report directly to the Board. On December 3, 2013, the Board elevated Mr. John Lacy, the company's Executive Vice President Technology and Operations and Secretary, to the position of Executive Vice President and Chief Operating Officer.

On December 3, 2013, the Board also appointed Mr. Rob McCarten, the company's Executive Vice President and President Tandy Brands, and Mr. John Lacy to fill the two vacancies on the company's Board of Directors created by the prior resignations of Rod McGeachy and Lisbeth McNabb. Prior to joining the company, Mr. McCarten was employed with Randa Accessories. The Board determined that both Mr. McCarten and Mr. Lacy would be able to bring operational and industry experience to the Board.