RONKONKOMA, N.Y., July 23, 2015 /PRNewswire/ -- Lakeland
Industries, Inc. (NASDAQ: LAKE), a leading global manufacturer of
industrial protective clothing for industry, municipalities,
healthcare and to first responders on the federal, state and local
levels, today announced that Gary
Pokrassa has retired as Chief Financial Officer.
Teri W. Hunt, a 10 year veteran of
Lakeland and most recently serving as Vice President of Finance
based in the Company's Decatur,
Alabama offices, has been named as Acting Chief Financial
Officer, effective July 17, 2015, to
succeed Mr. Pokrassa. In order to facilitate a smooth
succession, Mr. Pokrassa has agreed to continue with the Company in
a consulting capacity for a period of one year.
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Christopher J. Ryan, President
and Chief Executive Officer of Lakeland Industries, commented, "We
are pleased that our CFO succession plan is being implemented
following the successful turnaround of the Company which is now
nearly complete following the announcement last month of our
definitive agreement to exit from Brazil. Gary has been a
dedicated member of our management team throughout this entire
process, which at times was very stressful and challenging,
particularly during the last year as we dealt with our Brazil operations, significantly reduced debt
and recapitalized through a capital raise and modified bank loan
facilities. We are grateful for Gary's contributions to the
Company for over a decade, and for his commitment to assist us as
we transition CFO responsibilities to Teri
Hunt. We wish Gary the best as he moves forward toward
retirement.
"Teri has been a senior member of Lakeland's management team for
many years and also played an integral role in our
turnaround. I am pleased that the Company's Board of
Directors and our management team have promoted from within and
appointed a very deserving executive in Teri. Throughout the
entire turnaround process we focused on enhancing our management
team so that we'd be well positioned to pursue profitable growth at
every level and market we serve. Teri's appointment
demonstrates the strength and depth of our collective management
team."
Ms. Hunt, 53, has served in increasingly important financial and
operational positions with Lakeland since joining the company in
2005. She has served as the Company's Vice President of
Finance since November 2010, before
which time she served as its Corporate Controller from May 2007 to November 2010. As VP of
Finance, she managed the accounting department, the IT department
and human resource functions, and played a pivotal role in finance
and reporting, including internal controls and computer system
processes, for the Company's 21 business units spanning 12
countries. Earlier, she was responsible for accounting
functions and special projects as the Company began its
international expansion. Prior to Lakeland, Ms. Hunt served
in accounting, audit and administrative capacities including the
position of Corporate Controller for Wellstone Mills (formerly TNS
Mills), a $400 million textile
company, from 1988-2005.
About Lakeland Industries, Inc.:
Lakeland Industries, Inc. (NASDAQ: LAKE) manufactures and sells
a comprehensive line of safety garments and accessories for the
industrial protective clothing market. The Company's products
are sold by a direct sales force and through independent sales
representatives to a network of over 1,000 safety and mill supply
distributors. These distributors in turn supply end user industrial
customers such as chemical/petrochemical, automobile, steel, glass,
construction, smelting, janitorial, pharmaceutical and high
technology electronics manufacturers, as well as hospitals and
laboratories. In addition, Lakeland supplies federal, state, and
local government agencies, fire and police departments, airport
crash rescue units, the Department of Defense, the Centers for
Disease Control and Prevention, and many other federal and state
agencies. For more information concerning Lakeland, please
visit the Company online at www.lakeland.com.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: Forward-looking statements involve risks,
uncertainties and assumptions as described from time to time in
Press Releases and Forms 8-K, registration statements, quarterly
and annual reports and other reports and filings filed with the
Securities and Exchange Commission or made by management. All
statements, other than statements of historical facts, which
address Lakeland's expectations of sources or uses for capital or
which express the Company's expectation for the future with respect
to financial performance or operating strategies can be identified
as forward-looking statements. As a result, there can be no
assurance that Lakeland's future results will not be materially
different from those described herein as "believed," "projected,"
"planned," "intended," "anticipated," "estimated" or "expected," or
other words which reflect the current view of the Company with
respect to future events. We caution readers that these
forward-looking statements speak only as of the date hereof.
The Company hereby expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
such statements to reflect any change in the Company's expectations
or any change in events conditions or circumstances on which such
statement is based.
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SOURCE Lakeland Industries, Inc.