Express, Inc. Announces Departure of Chief Executive Officer David Kornberg & Appointment of Matthew Moellering as Interim Ch...
January 22 2019 - 6:45AM
Business Wire
Express, Inc. (NYSE: EXPR), a leading fashion apparel retailer,
today announced the departure of Chief Executive Officer David
Kornberg. Effective January 22, 2019, Mr. Kornberg will no longer
serve as Chief Executive Officer, President or as a member of the
Board of Directors. Mr. Kornberg will remain employed by the
company through February 21, 2019. The Board of Directors has
appointed Matthew Moellering, age 52, as Interim Chief Executive
Officer and Interim President until a permanent Chief Executive
Officer and President is appointed.
Commenting on the announcement, the company’s Chairwoman of the
Board, Mylle Mangum, stated “On behalf of the Board of Directors,
we would like to thank David for his many years of service and
strong contributions to Express in multiple roles. We wish him the
best of luck in his future endeavors. During this time of
transition, we have every confidence that Matt’s proven leadership
will serve the company well.”
Mr. Moellering has served as the company’s Executive Vice
President and Chief Operating Officer since September 2011 and will
continue to serve as such during his tenure as Interim Chief
Executive Officer and Interim President. Mr. Moellering has served
in various roles with the company since 2006. Prior to his service
with the company, Mr. Moellering served in various roles with
Limited Brands (now known as L Brands), Procter & Gamble, and
as an officer in the United States Army. In addition, Mr.
Moellering serves on the board of directors of L.L. Bean, Inc.,
which is a privately held company. The Board of Directors of the
company has commenced a search for a new Chief Executive Officer
and President.
About Express, Inc.:
Express is a leading fashion destination and apparel brand for
both women and men. Since 1980, Express has provided the latest
apparel and accessories for work, casual, jeanswear, and going-out,
offering a distinct combination of fashion and quality at an
attractive value. The company operates more than 600 retail and
factory outlet stores in the United States and Puerto Rico, as well
as a best-in-class shopping experience through its website and
mobile app. In addition, Express merchandise is available at
franchise locations and online in Latin America. For more
information, please visit www.express.com.
Forward-Looking Statements:
Certain statements are “forward-looking statements” made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include
any statement that does not directly relate to any historical or
current fact and include, but are not limited to, guidance and
expectations for the fourth quarter and full year 2018, including
statements regarding expected comparable sales, net income, and
diluted earnings per share. Forward-looking statements are based on
our current expectations and assumptions, which may not prove to be
accurate. These statements are not guarantees and are subject to
risks, uncertainties, and changes in circumstances that are
difficult to predict, and significant contingencies, many of which
are beyond the company's control. Many factors could cause actual
results to differ materially and adversely from these
forward-looking statements. Among these factors are (1) changes in
consumer spending and general economic conditions; (2) our ability
to identify and respond to new and changing fashion trends,
customer preferences, and other related factors; (3) fluctuations
in our sales, results of operations, and cash levels on a seasonal
basis and due to a variety of other factors, including our product
offerings relative to customer demand, the mix of merchandise we
sell, promotions, and inventory levels; (4) competition from other
retailers; (5) customer traffic at malls, shopping centers, and at
our stores and online; (6) our dependence on a strong brand image;
(7) our ability to develop and maintain a relevant and reliable
omni-channel experience for our customers; (8) the failure or
breach of information systems upon which we rely; (9) our ability
to protect customer data from fraud and theft; (10) our dependence
upon third parties to manufacture all of our merchandise; (11)
changes in the cost of raw materials, labor, and freight; (12)
supply chain disruption; (13) our dependence upon key executive
management; (14) our growth strategy, including our ability to
improve the productivity of our existing stores, open new stores,
and grow our e-commerce business; (15) our substantial lease
obligations; (16) our reliance on third parties to provide us with
certain key services for our business; (17) claims made against us
resulting in litigation or changes in laws and regulations
applicable to our business; (18) our inability to protect our
trademarks or other intellectual property rights which may preclude
the use of our trademarks or other intellectual property around the
world; (19) restrictions imposed on us under the terms of our
asset-based loan facility, including restrictions on the ability to
effect share repurchases; (20) impairment charges on long-lived
assets; and (21) changes in tax requirements, results of tax
audits, and other factors that may cause fluctuations in our
effective tax rate. Additional information concerning these and
other factors can be found in Express, Inc.'s filings with the
Securities and Exchange Commission. We undertake no obligation to
publicly update or revise any forward-looking statement as a result
of new information, future events, or otherwise, except as required
by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20190122005275/en/
Investor Contact:Mark RupeExpress,
Inc.Vice President Investor Relations(614) 474-4465Media Contact:Alysa SpittleExpress, Inc.Director,
Communications(614) 474-4745
Express (NYSE:EXPR)
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