Kid Brands, Inc. (NYSE: KID) today announced that the Company has
appointed James Christl as Senior Vice President and Chief
Financial Officer, effective immediately. Guy Paglinco has resigned
from his position as Chief Financial Officer to pursue other
opportunities. Mr. Paglinco has agreed to remain a full-time
employee of the Company through July 5, 2013 to support a smooth
transition and he will be available for up to 6 months thereafter
to provide additional assistance if requested.
Raphael Benaroya, President and CEO, commented, "Guy is a
top-rate financial professional with strong analytical skills who
was deeply involved in all aspects of finance and accounting for
the Company. On behalf of the Board of Directors and everyone at
Kid Brands, I recognize Guy for his many contributions and
dedication during his years with the Company. We appreciate his
agreement to remain with Kid Brands through a transition period to
ensure a seamless transition and we wish him all the best in his
future endeavors."
Mr. Paglinco stated, "I have truly enjoyed my experience at Kid
Brands and am grateful to have had the opportunity to work with
many talented individuals. I believe the Company is well positioned
to make continued progress on the initiatives we have been
implementing over the past year to transform the business."
Mr. Christl is a seasoned executive with 20 years of experience
in finance and accounting and has a proven track record in global
corporations across diverse industries including consumer goods,
retail, and manufacturing. Prior to joining Kid Brands, Mr. Christl
served for six years in two divisional Chief Financial Officer
positions at Warnaco Group, most recently of Heritage Brands, which
generated approximately $650 million in annual revenue. From 2003
to 2007, he held the position of Chief Financial Officer of a $400
million division of Technicolor, SA focusing on media, technology
and entertainment. Earlier in his career, Mr. Christl held roles of
increasing responsibility across all facets of finance and
accounting, including business development, treasury, tax, SEC
reporting, information technology, human resources, real estate,
planning, production, restructuring, as well as mergers and
acquisitions. He started his career in public accounting at
Deloitte & Touche LLP, and is a Certified Public Accountant.
Mr. Christl earned an M.B.A. in Finance from Loyola Marymount
University, and a B.A. in Business Economics with emphasis in
Accounting from the University of California Santa Barbara.
Kerry Carr, Chief Operating Officer, stated, "We are very
pleased that James has accepted the role of Chief Financial Officer
and welcome him to Kid Brands. He brings outstanding qualifications
and expertise in all aspects of finance and accounting, as well as
experience in the consumer goods industry. Additionally, James
possesses important leadership, process development and management
skills that I believe will help further enhance the Company's
financial disciplines. We are confident he will be a valuable
addition to our team."
Mr. Christl commented, "This is an exciting time to be joining
Kid Brands. The Company continues to progress on its sales and
operational initiatives aimed at transforming and improving the
business, and is guided by a talented leadership team. I look
forward to the opportunity to help the Company achieve long-term
success."
The terms of the employment arrangement between the Company and
Mr. Christl, as well as the terms of Mr. Paglinco's transition
agreement, will be described in a Current Report on Form 8-K to be
filed by the Company.
Kid Brands, Inc.
Kid Brands, Inc. and its subsidiaries are leaders in the design,
development and distribution of infant and juvenile branded
products. Its design-led products are primarily distributed through
mass market, baby super stores, specialty, food, drug, independent
and e-commerce retailers worldwide.
The Company's current operating subsidiaries consist of: Kids
Line, LLC; LaJobi, Inc; Sassy, Inc.; and CoCaLo, Inc. Through these
wholly-owned subsidiaries, the Company designs, manufactures
(through third parties) and markets branded infant and juvenile
products in a number of complementary categories including, among
others: infant bedding and related nursery accessories and décor
and nursery appliances (Kids Line® and CoCaLo®); nursery furniture
and related products (LaJobi®); and developmental toys and feeding,
bath and baby care items with features that address the various
stages of an infant's early years, including the recently acquired
Kokopax® line of baby gear products (Sassy®). In addition to the
Company's branded products, the Company also markets certain
categories of products under various licenses, including Carter's®,
Disney®, Graco® and Serta®. Additional information about the
Company is available at www.kidbrands.com.
Note: This press release contains certain forward-looking
statements. Additional written and oral forward-looking statements
may be made by the Company from time to time in Securities and
Exchange Commission (SEC) filings and otherwise. The Private
Securities Litigation Reform Act of 1995 provides a safe-harbor for
forward-looking statements. These forward-looking statements
include statements that are predictive in nature and depend upon or
refer to future events or conditions, and include, but are not
limited to, information regarding the status and progress of our
operating activities, the plans and objectives of our management
and assumptions regarding our future performance, operating
expenses, working capital needs, liquidity and capital
requirements, business trends and competitiveness. Forward-looking
statements include, but are not limited to, words such as
"believe", "plan", "anticipate", "estimate", "project", "may",
"planned", "potential", "should", "will", "would", "could",
"might", "possible", "contemplate", "continue", "expect", "intend",
"seek" or the negative of or other variations on these and other
similar expressions. In addition, any statements concerning future
financial performance, ongoing business strategies or prospects,
and possible future actions, are also forward-looking statements.
The Company cautions readers that results predicted by
forward-looking statements, including, without limitation, those
relating to our future business prospects, revenues, working
capital, liquidity, capital needs, interest costs and income are
subject to certain risks and uncertainties that could cause actual
results to differ materially from those indicated in the
forward-looking statements. Specific risks and uncertainties
include, but are not limited to, those set forth under Part I, Item
1A, Risk Factors, of the Company's most recent Annual Report on
Form 10-K and any subsequent Quarterly Reports on Form 10-Q, each
as filed with the SEC. Forward-looking statements are also based on
economic and market factors and the industry in which we do
business, among other things. These statements are not guarantees
of future performance. Forward-looking statements speak only as of
the date the statements are made. Except as required under the
federal securities laws and rules and regulations of the SEC, the
Company undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events or otherwise.
AT THE COMPANY Marc S. Goldfarb Senior Vice President
& General Counsel 201-405-2454 AT FTI CONSULTING
Jennifer Milan / Daniel Haykin General Information 212-850-5600
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