JoS. A. Bank Clothiers Inc (JOSB) is pleased to announce the promotion of Chief Merchandising Officer (CMO) R. Neal Black to President of the Company. As President, Mr. Black will continue his responsibilities as Chief Merchandising Officer and will continue to report to Chief Executive Officer Robert N. Wildrick, who will assume the additional title of Executive Chairman.
As Executive Chairman and Chief Executive Officer, Mr. Wildrick will continue to be the liaison between the management of the Company and the Board of Directors and have supervisory authority over all other officers of the Company.
Andrew A. Giordano, Lead Independent Director and Chairman of the Board, stated, "We are very proud of our executive management team. Since taking over management of the Company in late 1999, this team has increased sales over 180%; more than tripled the store base to 382 stores by opening over 270 new stores; significantly increased net income which was just $1.4 million in 1999; increased market cap to more than $596 million; enhanced the brand awareness throughout the country and made dramatic improvement in the liquidity of the Company. The Board views these management changes as another step in the evolution of the Company as we look forward to continued growth."
Market capitalization was calculated based on the April 13, 2007 closing price of the Company's Common Stock of $33.01, as reported by the NASDAQ Global Select Market, and 18,066,826 shares of Common Stock outstanding.
JoS. A. Bank Clothiers Inc
marketing@alchempro.com
