Visant Corporation, Visant Holding Corp., Visant Secondary Holdings Corp. and Jostens, Inc Announce Management Changes
Oct 15 14
Visant Corporation announced that Alexander Navab and George M.C. Fisher resigned as of October 10, 2014 as directors of Visant and its parent corporations, Visant Holding Corp. and Visant Secondary Holdings Corp. (collectively, the Visant Entities), and its Jostens, Inc. Mr. Navab served as a director of the Visant Entities since 2004, and Mr. Fisher served as a director of the Visant Entities since 2005. Mr. Navab was until 2014 a member of the Executive and Compensation Committees. Joining the board of directors effective as of October 13, 2014 by vote of the directors of the Visant Entities and in accordance with the applicable stockholder agreement are Mr. Charles W. Mooty, President and Chief Executive Officer of Jostens, and Mr. Webster Chua, Director, Principal Activities, at Kohlberg Kravis Roberts & Co. L.P. (KKR). Mr. Mooty has been the president and CEO of Jostens since January 2014 and prior to that served as Interim CEO and president of Fairview Health Services from 2012 to 2013 in addition to being a member of Fairview's board. Prior to his role at Fairview, Mr. Mooty held the position of CEO of Faribault Woolen Mill Co. from 2011 to 2013 and before that served as the Chairman, CEO and President of International Dairy Queen, Inc. from 2001 to 2008. He currently serves on the board of directors of each of Fairview Health Services and Faribault Woolen Mill Co. Neither Mooty or Chua has been appointed to any committees of the boards of directors. The members of the Visant Entities boards of directors, effective October 13, 2014, consist of Marc Reisch, Chuck Mooty, Tagar Olson, David Burgstahler and Webster Chua, and Ms. Susan Schnabel, all of who will also serve on the Board of Directors of Jostens. In addition, in view of the completions of the recent sales of the Lehigh Direct and Arcade businesses and the refinancing transaction completed in September, Ms. Hlavaty, who serves as the senior vice president, chief legal officer and secretary of the Visant Entities, announced on October 14, 2014 that she will be completing her tenure and resigning her position effective December 21, 2014. She will be transitioning her remaining duties prior to year end, and Ms. Hlavaty intends to remain available for consultation through the first quarter of 2015. Ms. Hlavaty has been affiliated with Visant and its subsidiaries since August 2004.