Talbots' BoD appoints special search committee to select successor
13 Feb '07
2 min read
The Talbots Inc announced that Arnold B. Zetcher, Chairman, President and Chief Executive Officer, after 20 years leading the Company, plans to retire as CEO and President at the end of the current fiscal year ending February 2, 2008.
Earlier today, Mr. Zetcher informed the organization of his decision at Talbots annual gathering of store managers and management in Boston.
The Company's Board of Directors has appointed a special search committee to select a successor to Mr. Zetcher, including consideration of both internal and external candidates.
The committee is chaired by Gary M. Pfeiffer, an independent director and chairman of the Board's Compensation Committee, and includes Mr. Zetcher and Mr. Motoya Okada, President and Chief Executive Officer of AEON Co Ltd, majority shareholder of Talbots. The Board has retained Heidrick & Struggles to assist the special committee.
In accordance with his contract, Mr. Zetcher, 66, will continue to serve as CEO through the end of this fiscal year and as Board Chairman through March 2008.
Susan Swain, Presiding Director commented, "The Board, the Company and our shareholders are greatly indebted to Mr. Zetcher. He has guided Talbots transformation over the past 20 years from a small, privately held regional company with 109 stores to a $2.2 billion publicly traded, multi-channel, multi-brand retailer with over 1,360 stores throughout the U.S., Canada and the U.K.”
“We are fortunate that he will continue to lead the Company this year while also participating on the special committee to appoint a successor. Following the management succession planning process developed by the Board several years ago, the Committee will focus its efforts on finding a proven leader to build on the substantial foundation created during Arnold Zetcher's tenure."
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