COLUMBUS, Ohio, Sept. 12, 2012 /PRNewswire/ -- DSW Inc. (NYSE: DSW), a leading branded footwear and accessories retailer, announced that its Board of Directors declared a special dividend of $2.00 per share, totaling approximately $91 million. The special dividend will be paid on October 26, 2012 to shareholders of record at the close of business on October 16, 2012. This special dividend is in addition to the Company's regular quarterly dividend of $0.18 per share that was declared on August 22, 2012. The regular dividend will be paid on September 28, 2012 to shareholders of record at the close of business on September 18, 2012.
DSW Inc.'s President and CEO Mike MacDonald stated, "The announcement of a special dividend recognizes our significant cash flow generation and demonstrates our focus in returning value to shareholders."
Separately, the Company announced that James O'Donnell was appointed to its Board of Directors. From 2002 through 2011, Mr. O'Donnell was the Chief Executive Officer of American Eagle Outfitters Inc., a clothing and accessories retailer based in Pittsburgh, Pennsylvania. He also served as the company's Chief Operating Officer and was a member of the Board of Directors from November of 2000 to March 2011. Prior to his time at American Eagle Outfitters, Mr. O'Donnell held senior executive positions at public and private companies, including The Gap, Inc. where he was a member of the Board of Directors from 1987 to 1992. Mr. O'Donnell is currently a strategic advisor for American Eagle Outfitters and also serves on the Board of Trustees for Villanova University."We are thrilled that Jim O'Donnell has accepted our invitation to join the DSW Board. Jim's wealth of experience and impressive track record make him an ideal candidate to contribute both tactically and strategically to DSW's future growth," Mr. MacDonald added.