NexCen Brands Inc announced planned changes to the composition of its Board of Directors.
David S. Oros, the current Chairman of the Board of NexCen plans to step down as Chairman by the end of the year, but will remain as a director. Mr. Oros will work closely with the Board to find a suitable replacement.
The Board expects to evaluate whether to replace Mr. Oros with an independent Chairman, or have Robert W. D'Loren, NexCen's President and Chief Executive Officer, assume the additional position of Chairman and appoint a lead director from among one of the existing independent directors or a newly named independent director.
The Company also announced that Truman T. Semans, who is turning 80 this year, has advised the Board that he plans to retire as a director within the next several months. The nominating committee of the Board has identified potential candidates for nomination to the Board, and is in discussions with one candidate who is considered a potentially suitable replacement for Mr. Semans. Mr. Semans has indicated that he will not resign until his replacement is designated to the Board by the remaining directors, and such person or one of the other eligible directors is designated as a member of the audit committee.
Mr. D'Loren stated: "We are grateful for the dedicated service and contributions of Mr. Oros and Mr. Semans. We look forward to Mr. Oros' continued involvement with the Company as a director."
Also, Mr. Oros has advised the Company that on March 23, 2007 he individually and through NexGen Technologies, L.L.C., a limited liability company controlled by him, will enter into Rule 10b5-1 trading plans with a broker, in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. Mr. Oros indicates that he is entering into the Plans as part of his overall financial planning strategy.
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