Fashion retailer Gottschalks declares retirement of Joseph Levy
29 Jun '06
3 min read
Gottschalks Inc announced the planned retirement of Mr. Joseph Levy, who has served as Chairman of the Board since the Company first went public in 1986.
Mr. Levy announced his retirement at the Company's annual shareholders meeting which was held yesterday at the Company's headquarters in Fresno. Mr. Levy, who is a member of Gottschalks founding family, will remain as Chairman through the balance of the year to ensure an orderly transition and, thereafter, will remain on the Company's Board of Directors.
Dr. Joseph Penbera, a member of the Company's Board of Directors, has been elected Lead Director effective immediately. In this newly created role, Dr. Penbera will succeed Mr. Levy in presiding over executive and special sessions of the Company's Board of Directors and will facilitate information flow and communication between the directors and the Chief Executive Officer and President, Jim Famalette. In addition, Dr. Penbera will coordinate the initiatives of the Board committees and will work with Mr. Famalette on other matters specified by the Board.
Mr. Levy commented, "I am very proud of what Gottschalks has accomplished over the last 50 years. Emil Gottschalks founded this Company in 1904 and I have every confidence that Joe and Jim will successfully lead Gottschalks into its next chapter as we continue to execute our long-term growth strategy and maximize shareholder value."
Dr. Penbera said, "We thank Mr. Levy for the significantcontributions he made to Gottschalks over the last twenty years. I am very pleased with the opportunities presented through this new position and look forward to meeting the challenges ahead."
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