Blue Holdings appoints Glenn S. Palmer as President & CEO
25 Jul '07
3 min read
As an inducement material to Mr. Palmer's decision to enter into employment with Blue Holdings, the Company agreed to grant Mr. Palmer an option to purchase 625,000 shares of Blue Holdings' common stock.
The option will vest over a period of two and one-half years, with 125,000 shares vesting on the date of grant and 125,000 shares vesting on each subsequent six-month anniversary of the date of grant. All unexercised options outstanding as of the date of any termination of Mr. Palmer's employment with Blue Holdings will expire. The grant of the option was approved by the Compensation Committee of Blue Holdings' Board of Directors.
Prior to joining Blue Holdings, Mr. Palmer was at Cerberus Capital Management, a leading private investment firm, where he served as Chief Executive Officer and President of Rafaella Apparel Group, a $250 million apparel manufacturing company. In this position, he led a $172 million debt financing and effectively managed the company through the Federated/May Company acquisition.
Previously, Mr. Palmer was Chief Executive Officer and President of Amerex Group, Inc., where he implemented a turnaround plan to position the outerwear and apparel manufacturing company for growth by reorganizing and rightsizing the company. In addition, Mr. Palmer also successfully launched a $10 million licensed urban business and $15 million corporate/image business for the company.
Prior to joining Amerex Group, Inc., Mr. Palmer held senior management positions with various apparel companies including Best Manufacturing Group, LLC, Liz Claiborne, Bonaventure Textiles USA, Ellen Tracy, Foxmoor Specialty Stores Corp. and Bloomingdales. Mr. Palmer began his career at Macy's New York from 1978-1988, where he held various merchandising positions including buyer and division merchandise vice president.
Mr. Palmer graduated from the University of Rhode Island in 1975 with a degree in Organizational Management and Industrial Relations.
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