Tandy Brands Provides Update on Current Events
oAnnounces Resignation of Chairman, Chief Executive Officer and President
oAnnounces Transition Plan for Management Structure
DALLAS, Aug. 27, 2013 (GLOBE NEWSWIRE) -- Tandy Brands Accessories, Inc.
(Nasdaq:TBAC) today announced that Mr. N. Roderick McGeachy, III had submitted
his resignation as Chairman of the Board, Chief Executive Officer and
President and a director of the Company, effective September 6, 2013.
Mr. McGeachy's resignation was not a result of any disagreement with the
Company or other members of management. Mr. McGeachy is expected to return to
North Carolina to pursue other opportunities and to be closer to family.
The Company announced that Mr. Roger Hemminghaus, a director since June 2000
and the Company's lead independent director, has been appointed as the
Company's interim Chief Executive Officer and Chairman of the Board. Mr.
Hemminghaus has extensive knowledge of the Company's operations and
significant experience in leadership positions within publicly-traded
"The Board of Directors would like to thank Rod for his leadership over the
past five years", said Mr. Hemminghaus. "While we wish him well in the next
chapter of his life, we are pleased that we have a strong management team in
place to ensure a smooth transition."
The Company announced that certain of the duties undertaken by Mr. McGeachy
will be filled by existing members of the Company's executive team, all of
whom will report to Mr. Hemminghaus. This team consists of:
*Mr. John A. Lacy, who has been named Executive Vice President – Technology
*Mr. Robert J. McCarten, who has been named Executive Vice President and
President – Tandy Brands
*Mr. Joseph C. Talley, who has been named Executive Vice President and
Chief Financial Officer
"With new capital in place and our restructuring efforts complete, our
experienced team is focused on executing the key initiatives necessary to
return the company to profitability," said Mr. Hemminghaus.
About Tandy Brands
Tandy Brands is a leading designer and marketer of branded men's, women's and
children's accessories, including belts, gifts, small leather goods and bags.
Merchandise is marketed under various national as well as private brand names
through all major retail distribution channels.
Safe Harbor Language
Except for historical information contained herein, the statements in this
release are forward-looking and made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. The Company has based
these forward-looking statements on its current expectations about future
events, estimates and projections about the industry in which it operates.
Forward-looking statements are not guarantees of future performance. Actual
results may differ materially from those suggested by these forward-looking
statements as a result of a number of known and unknown risks and
uncertainties that are difficult to predict, including, without limitation,
our ability to successfully capitalize on our restructuring initiatives, the
Company's ability to service its debt, its ability to comply with the
covenants contained in its new financing arrangements, general economic and
business conditions, competition in the accessories and gifts markets,
acceptance of the Company's product offerings and designs, issues relating to
distribution, the termination or non-renewal of any material licenses, the
Company's ability to maintain proper inventory levels, and a significant
decrease in business from or loss of any major customers or programs. Those
and other risks are more fully described in the Company's filings with the
Securities and Exchange Commission. The forward-looking statements included in
this release are made only as of the date hereof. Except as required under
federal securities laws and the rules and regulations of the United States
Securities and Exchange Commission, the Company does not undertake, and
specifically declines, any obligation to update any of these statements or to
publicly announce the results of any revisions to any forward-looking
statements after the distribution of this release, whether as a result of new
information, future events, changes in assumptions, or otherwise.
CONTACT: Investor Relations
Chief Financial Officer
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