R.G. Barry Shareholders OK Board Change & Elect Two Directors
PICKERINGTON, Ohio, Nov. 5, 2010 /PRNewswire-FirstCall/ -- Shareholders of R.G. Barry Corporation (Nasdaq: DFZ), meeting Thursday at the Company's suburban Columbus headquarters, received a glimpse of the accessory footwear maker's long-term vision for its business and authorized changes that will allow the Company to eliminate one seat from its Board of Directors.
"Fiscal 2010 was a great year for our Company and capped off the most profitable five-year period in our 63-year history," R.G. Barry Corporation President and Chief Executive Officer Greg Tunney told those attending the Company's annual meeting of shareholders or listening via webcast. "In fiscal 2010, we continued a pattern of consistent year-over-year revenue growth and top-quartile performance. Since 2006, we have outpaced the annual goals set for nearly every measure of performance, productivity and profitability in our business despite some of the most difficult retail environments since the Great Depression."
Mr. Tunney told the gathering that the company's growth strategy will continue to focus on development of its existing accessory footwear business in the U.S. and expanding that business abroad; elimination of under-performing licenses and private brands; and on business extensions and acquisitions that will diversify the company's footprint within the accessory category.
"We envision a much broader R.G. Barry in terms of products, seasonality and customer/consumer demographics," he said. "We think we can achieve our goals by tightly focusing on growing successful elements of our current business, adding appropriate extensions and acquisitions, expanding internationally with our retailing partners and by adding additional efficiency to our expense structure."Shareholders Authorize Change and Elect Two Directors Changes to the Company's articles of incorporation approved by shareholders Thursday allowed the Company to reduce the size of its Board to eight members. The reduction in Board size is a continuation of a multi-year expense reduction effort begun in fiscal 2009. In conjunction with the changes, shareholders re-elected Director David Nichols to a one-year term and Director Nicholas DiPaolo to a two-year term. The Board is now aligned in two classes of four directors each. Mr. Nichols, a director since 2005, is the former President and Chief Operating Officer of the Macy's South Division of Federated Department Stores and the former Chairman and Chief Executive Officer of Mercantile Stores Company, Inc. Mr. DiPaolo, also a director since 2005, is the former Vice Chairman and Chief Operating Officer of Bernard Chaus Inc., a women's apparel marketer, and the former Chairman, President and Chief Executive Officer of Salant Corp., a diversified apparel company.
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