The Jones Group Inc. (ticker: JNY, exchange: New York Stock Exchange (.N))
News Release -
Peter Boneparth to Become Chief Executive Officer of Jones Apparel Group, Inc.
Wesley R. Card Promoted to Chief Operating and Financial Officer
Robert Kerrey Elected to the Board of Directors
NEW YORK, March 11 /PRNewswire-FirstCall/ -- Jones Apparel Group, Inc.
(NYSE: JNY) today announced that its Board of Directors has named Peter
Boneparth to the position of President of Jones Apparel Group, and that he
will become Chief Executive Officer effective May 22, 2002 at the Company's
Annual Shareholders Meeting. The Company also announced that Wesley R. Card
has been promoted to Chief Operating and Financial Officer and will report to
Peter Boneparth. The Company also announced the resignation of Jackwyn
Nemerov, former President and Chief Operating Officer, and a member of the
Board of Directors.
"Peter exhibits strategic vision and total commitment, and is a proven
leader who will be a powerful driver for the future direction and growth of
the Company," said Sidney Kimmel, founder of Jones and its Chairman and Chief
Executive Officer. "He has a demonstrated track record in generating
excellent growth and profitability in the women's apparel business. I believe
that our senior management team will provide the leadership and vision
required to take Jones Apparel Group to a new level of growth, diversification
Mr. Kimmel continued, "Wes Card has provided excellent financial and
operating direction over the Company's public tenure. I believe that he will
continue to be a tremendous asset to Jones Apparel and will support Peter in
the future development and growth of its businesses."
Mr. Kimmel added, "We are extremely confident that our experienced design
and merchandising teams will continue to produce and deliver superior products
under our portfolio of highly recognizable brand names."
Mr. Kimmel further added, "I would like to express our sincere gratitude
to Jacki Nemerov for many years of committed service and contribution to Jones
Apparel. We wish her the best in the future."
Mr. Kimmel noted, "We are also pleased to announce the addition of Robert
Kerrey to our Board of Directors. Mr. Kerrey is President of New School
University in New York City. Mr. Kerrey previously served as Governor and
U. S. Senator from the state of Nebraska. We welcome him to our Board of
Directors and look forward to his future contributions to the governance of
Jones Apparel Group."
Mr. Kimmel concluded, "I believe that these appointments provide the next
logical step in management succession for the Company. Peter has my full
support, along with the support of the Board of Directors, to lead Jones
Apparel Group toward our goal of becoming the largest and most profitable
Company in our industry."
The Company is determining the amount of its contractual obligation under
Ms. Nemerov's employment agreement. Once such amount is determined, it will
be announced and recorded as a one-time charge in the first quarter of 2002.
Jones Apparel Group, Inc. (www.jny.com) is a leading designer and marketer
of branded apparel, footwear and accessories. The Company's nationally
recognized brands include: Jones New York; Lauren by Ralph Lauren, Ralph by
Ralph Lauren, and Polo Jeans Company, which are licensed from Polo Ralph
Lauren Corporation; Evan-Picone, Rena Rowan, Norton McNaughton, Erika,
Energie, Currants, Jamie Scott, Todd Oldham, Nine West, Easy Spirit, Enzo
Angiolini, Bandolino, Napier and Judith Jack. The Company also markets costume
jewelry under the Tommy Hilfiger brand licensed from Tommy Hilfiger
Corporation and the Givenchy brand licensed from Givenchy Corporation.
Celebrating more than 30 years of service, the Company has built a reputation
for excellence in product quality and value, and in operational execution.
Certain statements herein are "forward-looking statements" made pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements represent the Company's expectations
or beliefs concerning future events that involve risks and uncertainties,
including the strength of the economy and the overall level of consumer
spending, the performance of the Company's products within the prevailing
retail environment, and other factors which are set forth in the Company's
2000 Form 10-K and in all filings with the SEC made by the Company subsequent
to the filing of the Form 10-K. The Company does not undertake to publicly
update or revise its forward-looking statements as a result of new
information, future events or otherwise.
MAKE YOUR OPINION COUNT - Click Here
SOURCE Jones Apparel Group, Inc.
Web site: http: //www.jny.com
CONTACT: Wesley R. Card, Chief Operating and Financial Officer, or Anita Britt, Senior Vice President, Finance and Investor Relations, both of Jones Apparel Group, +1-215-785-4000