management positions in the intimate apparel industry, including President of Warners Intimate Apparel Group, a division of Warnaco, Inc. Mr. Reznik is also the founder of the For Love of Life Colon Cancer charity and serves on the Board of Directors of public company KapStone Paper and Packaging Corporation (whose board Mr. Reznik joined in July 2014) and not-for-profits Dignity U Wear and Queens College. He also serves on the Parent Leadership Council of Shatterproof, a 501(c)(3) organization dedicated to reducing the impact of addiction on families across America. With over 30 years of experience working in positions of increasing responsibility in the intimate apparel industry, and as the CEO of a public, consumer products company, Mr. Reznik has expertise in product design and sourcing, wholesale, retail, brand development and merchandising, as well as in core business areas such as strategy and business development, operations, brand management, finance, compliance and risk management, all of which make him well qualified to serve on the Board of Directors.
Stephen Sadove
has served as a founding partner of JW Levin Management Partners LLC, a private management and investment firm, since 2015. Mr. Sadove has also served since 2014 as principal of Stephen Sadove and Associates, which provides consulting services to retail and non-retail clients. From 2007 until 2013, Mr. Sadove served as Chairman and Chief Executive Officer of Saks Incorporated, having previously served Saks in the roles of Vice Chairman, Chief Operating Officer and Chief Executive Officer. Prior to his tenure with Saks, Mr. Sadove served Bristol-Myers Squibb Company (NYSE: BMY) from 1991 until 2001, most recently as Senior Vice President of Bristol-Myers Squibb and President, Worldwide Beauty Care. Mr. Sadove currently serves on the board of directors of Colgate-Palmolive Company (NYSE: CL), where he serves as the Lead Director; Aramark (NYSE: ARMK), where he serves as the Lead Director; and Park Hotels and Resorts Inc. (NYSE: PK). Mr. Sadove served on the board of directors of J.C. Penney Company, Inc. (NYSE: JCP) until May 2016 and Ruby Tuesday, Inc. (NYSE: RT) until December 2017. He currently serves as the Chairman of the board of trustees of Hamilton College. Mr. Sadoves operations and leadership expertise, extensive marketing experience at retail and consumer-products companies, and significant public company directorship experience make him well qualified to serve on the Board of Directors.
THE BOARD OF DIRECTORS AND CORPORATE GOVERNANCE
Board of Directors Leadership Structure
Prior to January 31, 2009, the positions of Chairman of the Board of Directors and Chief Executive Officer were held by two individuals. Following the retirement and passing of the Companys former Chairman, Mr. Gedalio Grinberg, the Board of Directors appointed Mr. Efraim Grinberg, who at that time was the Chief Executive Officer and a sitting member of the Board of Directors, to also serve as Chairman. In making the decision to combine the positions of the Chairman and Chief Executive Officer, the Board of Directors took into consideration Mr. E. Grinbergs almost 30 years of management, financial and administrative leadership at the Company and his extensive knowledge of, and experience with, other aspects of the Companys business.
In May 2011, upon the recommendation of the Nominating/Corporate Governance Committee, the Board of Directors established the position of lead director to help coordinate the activities of the other independent directors and to perform such other duties and responsibilities as the Board of Directors may determine from time to time. Mr. Howard was appointed by the Board of Directors as lead director at that time and currently continues to serve in that capacity, in addition to chairing the Compensation Committee. The primary duties of the lead director include providing advice on agendas for, and the scheduling of, Board of Directors meetings, advising the Chairman as to the quality, quantity and timeliness of the information submitted by the Companys management to the Board of Directors, serving as the principal liaison for consultation and communication between the independent directors of the Board of Directors and the Chairman, without inhibiting direct communication between the Chairman and the other directors, and presiding at meetings of the Board of Directors in the absence of, or upon the request of, the Chairman and presiding at all meetings of the independent directors.
The composition of the Board of Directors, the tenure of the directors with the Company, the overall experience of the directors and the experience that the directors have had with the Chairman, the lead director and the executive management group permit and encourage each member to take an active role in all discussions, and each member does actively participate in all substantive discussions. We believe that our current Board of Directors leadership structure is serving the Company well at this time.