The Jones Group Inc. (ticker: JNY, exchange: New York Stock Exchange (.N))
News Release -
Jones Apparel Group, Inc. Announces Executive Appointments
NEW YORK, March 9 /PRNewswire-FirstCall/ -- Jones Apparel Group, Inc.
(NYSE: JNY) today announced that Efthimios P. Sotos has been appointed to the
position of Chief Financial Officer, reporting to Peter Boneparth, Chief
Executive Officer. Wesley R. Card, who has held the dual position of Chief
Operating and Financial Officer since 2002, will continue in the role of Chief
Operating Officer, reporting to Peter Boneparth. In addition, Patrick M.
Farrell has been named Executive Vice President - Corporate Controller, and
will report to Thimio Sotos.
Peter Boneparth, Chief Executive Officer, stated, "I believe it is the
appropriate time to separate the position of Chief Operating and Financial
Officer. This change will allow Wes Card, as Chief Operating Officer, to
focus his complete and undivided attention on the critical strategic operating
initiatives we have underway, and to provide his continued support and
guidance to Thimio and the financial team."
Mr. Boneparth continued, "Thimio Sotos has been an integral part of the
financial management group and I am confident that he will provide outstanding
leadership and direction to executive management and our financial
organization. Further, I recognize the valuable contributions of Pat Farrell,
and welcome his continued involvement and efforts in the future."
Thimio Sotos most recently served as Executive Vice President - Treasurer,
Strategic and Financial Planning. Prior to September 2005, he held the
positions of Senior Vice President and Treasurer and Corporate Vice President
and Treasurer. Mr. Sotos joined Jones Apparel Group in 1999 as part of the
Company's acquisition of Nine West Group, where he was the Assistant
Pat Farrell was appointed Senior Vice President in September 1999. Prior
to that, he served as Vice President and Corporate Controller since November
Jones Apparel Group, Inc. (http://www.jny.com), a Fortune 500 company, is
a leading designer, marketer and wholesaler of branded apparel, footwear and
accessories. We also market directly to consumers through our chain of
specialty retail and value-based stores, and operate the Barneys New York
chain of luxury stores. Our nationally recognized brands include Jones New
York, Evan-Picone, Norton McNaughton, Gloria Vanderbilt, Erika, l.e.i.,
Energie, Nine West, Easy Spirit, Enzo Angiolini, Bandolino, Joan & David,
Mootsies Tootsies, Sam & Libby, Napier, Judith Jack, Kasper, Anne Klein,
Albert Nipon, Le Suit and Barneys New York. The Company also markets costume
jewelry under the Givenchy brand licensed from Givenchy Corporation and
footwear under the Dockers Women brand licensed from Levi Strauss & Co. Each
brand is differentiated by its own distinctive styling, pricing strategy,
distribution channel and target consumer. We primarily contract for the
manufacture of our products through a worldwide network of quality
manufacturers. We have capitalized on our nationally known brand names by
entering into various licenses for several of our trademarks, including Jones
New York, Evan-Picone, Anne Klein New York, Nine West, Gloria Vanderbilt and
l.e.i., with select manufacturers of women's and men's products which we do
not manufacture. For more than 30 years, we have built a reputation for
excellence in product quality and value, and in operational execution.
Certain statements contained herein are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995.
All statements regarding the Company's expected financial position, business
and financing plans are forward-looking statements. The words "believes,"
"expect," "plans," "intends," "anticipates" and similar expressions identify
forward-looking statements. Forward-looking statements also include
representations of the Company's expectations or beliefs concerning future
events that involves risks and uncertainties, including:
- those associated with the effect of national and regional economic
- lowered levels of consumer spending resulting from a general economic
downturn or lower levels of consumer confidence;
- the performance of the Company's products within the prevailing retail
- customer acceptance of both new designs and newly-introduced product
- the Company's reliance on a few department store groups for large
portions of the Company's business;
- consolidation of the Company's retail customers;
- financial difficulties encountered by customers;
- the effects of vigorous competition in the markets in which the
- the Company's ability to identify acquisition candidates and, in an
increasingly competitive environment for such acquisitions, acquire
such businesses on reasonable financial and other terms;
- the integration of the organizations and operations of any acquired
businesses into the Company's existing organization and operations;
- the Company's reliance on independent foreign manufacturers;
- changes in the costs of raw materials, labor and advertising;
- the general inability to obtain higher wholesale prices for the
Company's products that the Company has experienced for many years;
- the uncertainties of sourcing associated with the new environment in
which general quota has expired on apparel products (while China has
agreed to safeguard quota on certain classes of apparel products
through 2008, political pressure will likely continue for restraint on
importation of apparel);
- the Company's ability to successfully implement new operational and
financial computer systems; and
- the Company's ability to secure and protect trademarks and other
intellectual property rights.
A further description of these risks and uncertainties and other important
factors that could cause actual results to differ materially from the
Company's expectations can be found in the Company's Annual Report on Form
10-K for the fiscal year ended December 31, 2005, including, but not limited
to, the Statement Regarding Forward-Looking Disclosure and Item 1A - Risk
Factors therein, and in the Company's other filings with the Securities and
Exchange Commission. Although the Company believes that the expectations
reflected in such forward-looking statements are reasonable, such expectations
may prove to be incorrect. The Company does not undertake to publicly update
or revise its forward-looking statements as a result of new information,
future events or otherwise.
SOURCE Jones Apparel Group, Inc.
/CONTACT: Wesley R. Card, Chief Operating Officer of Jones Apparel Group,
/Web site: http://www.jny.com /