Former President of Liz Claiborne, Inc.
HINGHAM, Mass.--(BUSINESS WIRE)--June 29, 2007
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.
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
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
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.
The Talbots, Inc.
Julie Lorigan, 781-741-7775
Vice President, Investor Relations
Berns Communications Group
Stacy Berns/Melissa Jaffin, 212-994-4660
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