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Announces Resignation of Chairman, Chief Executive Officer and President
Announces Transition Plan for Management Structure
DALLAS, Aug. 27, 2013 (GLOBE NEWSWIRE) -- Tandy Brands Accessories, Inc. (Nasdaq:TBAC) today announced that Mr. N. Roderick McGeachy, III had submitted his resignation as Chairman of the Board, Chief Executive Officer and President and a director of the Company, effective September 6, 2013.
Mr. McGeachy's resignation was not a result of any disagreement with the Company or other members of management. Mr. McGeachy is expected to return to North Carolina to pursue other opportunities and to be closer to family.
The Company announced that Mr. Roger Hemminghaus, a director since June 2000 and the Company's lead independent director, has been appointed as the Company's interim Chief Executive Officer and Chairman of the Board. Mr. Hemminghaus has extensive knowledge of the Company's operations and significant experience in leadership positions within publicly-traded companies.
"The Board of Directors would like to thank Rod for his leadership over the past five years", said Mr. Hemminghaus. "While we wish him well in the next chapter of his life, we are pleased that we have a strong management team in place to ensure a smooth transition."
The Company announced that certain of the duties undertaken by Mr. McGeachy will be filled by existing members of the Company's executive team, all of whom will report to Mr. Hemminghaus. This team consists of:
Mr. John A. Lacy, who has been named Executive Vice President – Technology & Operations
Mr. Robert J. McCarten, who has been named Executive Vice President and President – Tandy Brands
Mr. Joseph C. Talley, who has been named Executive Vice President and Chief Financial Officer
"With new capital in place and our restructuring efforts complete, our experienced team is focused on executing the key initiatives necessary to return the company to profitability," said Mr. Hemminghaus.