The Talbots, Inc. Names Trudy F. Sullivan President and Chief Executive Officer
June 29 2007 - 7:30AM
Business Wire
The Talbots, Inc. (NYSE: TLB) today announced that its Board of
Directors has appointed Trudy F. Sullivan as the Company�s
President and Chief Executive Officer, effective August 6, 2007.
Ms. Sullivan will also become a member of Talbots Board of
Directors. Ms. Sullivan, 57, will lead Talbots with 35 years of
retail and merchandising experience and a strong knowledge of the
specialty retail sector from former leadership roles at both Liz
Claiborne, Inc. and J. Crew Group, Inc. As the former President of
Liz Claiborne, Inc., Ms. Sullivan was responsible for building and
leading multiple apparel and non-apparel men�s and women�s brands.
Her extensive merchandising career began in Boston, where she
started as a Buyer for Jordan Marsh and then Filene�s. Ms. Sullivan
will succeed Arnold B. Zetcher, who previously announced his
intention to retire after 20 years with the Company and will remain
Chairman of the Board through March 31, 2008. Commenting on the
announcement, Mr. Zetcher said, �Trudy is the perfect person to
build on Talbots legacy as the retail destination for the 35+
customer. She�s a highly experienced and well-respected retail
executive, and we are fortunate to have attracted someone of her
caliber to maximize the Company�s significant growth potential and
further develop both the Talbots and J. Jill brands. I look forward
to working closely with Trudy to ensure a seamless transition.� �We
are extremely pleased to welcome Trudy to the Company, and believe
she is the ideal leader to continue the efforts begun under Arnold
Zetcher and the management team to successfully grow Talbots
through its multiple retail channels,� said Gary M. Pfeiffer,
chairman of Talbots special search committee and presiding
director. �I am excited to join Talbots, as I�ve held a
longstanding respect for the brand, both as a loyal customer and a
retail executive,� said Ms. Sullivan. �Under Arnold Zetcher�s
leadership, Talbots has become one of the country�s best known
retail names, with two highly regarded brands serving the 35+
market. And I look forward to the tremendous opportunity to build
on this substantial foundation.� Ms. Sullivan has a B.A. from
Manhattanville College, Purchase NY, and completed graduate studies
in business at Simmons College in Boston. She currently resides in
New York, NY with her husband Michael, and daughters, Catherine and
Anne, and plans to relocate to the Boston area. Today�s appointment
is part of the Company�s previously announced succession plan. In
February 2007, Talbots Board of Directors appointed a special
search committee, which was chaired by Gary M. Pfeiffer, presiding
director and chairman of the Board�s Compensation Committee, and
included Mr. Zetcher and Mr. Motoya Okada, President and Chief
Executive Officer of AEON Co., Ltd., majority shareholder of
Talbots. Heidrick & Struggles was retained to assist the
special search committee and was supported by Korn Ferry
International. ABOUT TALBOTS The Talbots, Inc. is a leading
international specialty retailer and a cataloger of women�s,
children�s and men�s apparel, shoes and accessories. The Company
currently operates a total of 1,387 stores, in 47 states, the
District of Columbia, Canada and the U.K., with 1,135 stores under
the Talbots brand name and 252 stores under the J. Jill brand name.
Both brands target the age 35 plus customer population. Talbots
brand on-line shopping site is located at www.talbots.com and the
J. Jill brand on-line shopping site is located at www.jjill.com.
FORWARD LOOKING STATEMENT The foregoing contains forward-looking
information within the meaning of The Private Securities Litigation
Reform Act of 1995. These statements may be identified by such
forward-looking terminology as �expect,� �look,� �believe,�
�anticipate,� �outlook,� �will,� �would,� �would yield,� or similar
statements or variations of such terms. Our outlook and other
forward-looking statements are based on a series of expectations,
assumptions, estimates and projections about our Company which
involve substantial risks and uncertainty, including assumptions
and projections concerning integration costs, purchase-related
accounting adjustments, acquisition synergies and, for each of our
brands, store traffic, levels of store sales including meeting our
internal plan and budget for regular-price selling and markdown
selling for the indicated forward periods, and customer
preferences. All of our outlook information and other
forward-looking statements are as of the date of this release only.
The Company can give no assurance that such outlook or expectations
will prove to be correct and does not undertake or plan to update
or revise any �outlook� information or any other forward-looking
statements to reflect actual results, changes in assumptions,
estimates or projections, or other circumstances occurring after
the date of this release, even if such results, changes or
circumstances make it clear that any projected results will not be
realized. In each case, actual results may differ materially from
such forward-looking information. Any public statements or
disclosures by us following this release which modify or impact any
of the outlook or other forward-looking statements contained in or
accompanying this release will be deemed to modify or supersede
such outlook or statements in or accompanying this release. Certain
other factors that may cause actual results to differ from such
forward-looking statements are included in the Company�s periodic
reports filed with the Securities and Exchange Commission and
available on the Talbots website under �Investor Relations� and you
are urged to carefully consider all such factors.
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