Enesco Makes Several Key Management Announcements
11 Maio 2006 - 6:00PM
Business Wire
Enesco Group, Inc. (NYSE:ENC), a leader in the giftware,
collectible and home decor industry, today made several key
management announcements: -- Enesco's Board of Directors and
Cynthia Passmore have mutually agreed that Ms. Passmore will no
longer serve as President, Chief Executive Officer, and director of
the Company, effective May 15, 2006. Ms. Passmore will continue as
a consultant to the Company during a transition period until
September 15, 2006. -- Enesco's Board of Directors has named Basil
Elliott, Executive Vice President of N.C. Cameron, Enesco's
Canadian subsidiary, as Interim Chief Executive Officer. Mr.
Elliott will begin his position as Interim CEO on Monday, May 15,
2006. -- The Board has appointed Marie Meisenbach Graul as Enesco's
Interim Chief Financial Officer, effective Monday, May 15, 2006.
Ms. Graul has served in an advisory capacity to Enesco's finance
team for the past six months. -- The Board has formed a search
committee to begin an immediate search for a permanent CEO. The
Board has not identified a specific timetable around the
identification of a permanent CEO, and plans to conduct the
appropriate due diligence required to identify an executive who
will be the right fit with Enesco on a long-term basis. The Board
will also continue its search for a permanent Executive Vice
President and Chief Financial Officer. "We are pleased to have
Basil Elliott, as well as Marie Graul, leading the Company's
efforts in implementing our operating improvement plan and
continuing the significant progress achieved to date," said
Anne-Lee Verville, Chairman of the Board of Enesco. "We are
confident in their ability to complete implementation of the plan.
Basil's long tenure with Enesco's Canadian subsidiary and deep
knowledge of our industry will help ensure a smooth transition.
Additionally, Marie's financial expertise as well as her experience
overseeing operations will be strong assets to the Company. "We
appreciate the contributions of Cynthia Passmore in helping to get
Enesco to this point. Cynthia has accomplished many important
things in her time at Enesco, including focusing the Company on the
gift and home decor market, eliminating the unprofitable U.S.
Precious Moments business, initiating the operating improvement
plan, and working effectively with Jim Shore to grow the Heartwood
Creek brand globally." Ms. Passmore stated, "Enesco has a strong
management team in place that, under Basil's experienced
leadership, can complete implementation of the operating
improvement plan and accelerate the Company's growth into 2007. I
am pleased to be able to work with Basil and Marie to transition
leadership so that our customers and key stakeholders continue to
see strong partnership and improved performance from Enesco." Basil
Elliott has served as Executive Vice President of Enesco's Canadian
subsidiary, N.C. Cameron, since 1982. From 1974 to 1981, Mr.
Elliott served as Vice President of Panhandler Shoppes Limited, a
gift retailer he helped grow from three to more than 90 stores in
Canada and the U.S. Previously, Mr. Elliott held a sales management
position for The Coca Cola Company. As Executive Vice President of
N.C. Cameron, Mr. Elliott has been responsible for product sourcing
and development, procurement, inventory management, and shipping
and distribution. Over the last several years he has developed a
successful mass market component to N.C. Cameron's business. He has
spearheaded the development of proprietary brands that have
increased to approximately 20% of N.C. Cameron's revenue. Mr.
Elliott holds an Honors B.A. with Distinction from York University.
Prior to joining Enesco, Marie Graul was President of MG Group, an
advisory accounting and finance consulting practice. As President
of MG Group, Ms. Graul served in an advisory capacity to Enesco's
finance team, specifically Tony Testolin, Chief Accounting Officer
and Controller, for the past six months. Ms. Graul has more than 20
years experience in finance and, prior to launching her own
business, most recently was Chief Financial Officer of SmartSignal
Corporation, a software start-up. Prior to that she served as Chief
Financial Officer at companies including Patron Systems, Inc., a
public security software company, NTE, Inc., an e-Commerce company,
Bernard Technologies, Inc., an international biotech development
stage company, and Schawk, Inc., an international public imaging
technology company. In her prior CFO positions, Ms. Graul has been
responsible for finance, accounting, tax, legal, operations, I.T.,
human resources, investor relations and administration, among other
areas. She has been involved in completing equity and debt
financing and has been responsible for the oversight of supply
chain and information technology improvements. Ms. Graul also
currently serves as Audit Chair on the Board of Directors of Tandem
Health Care and Pelican Products. She holds a B.A. from Michigan
State University and an M.B.A. from the University of Oklahoma.
First Quarter 2006 Earnings Announcement Date and Conference Call
Enesco will report first quarter 2006 financial results tomorrow,
May 12, 2006. The Company will hold a conference call to discuss
the management changes as well as first quarter results on Monday,
May 15, 2006 at 10:00 a.m. CT (11:00 a.m. ET). Investors interested
in participating on the live call can do so by calling
1-888-271-7222, and ask for the Enesco Quarterly Earnings
conference call. Investors also may listen to the live call via a
Webcast at http://www.enesco.com and click on "Investor Relations,"
or by logging onto http://www.streetevents.com. For a phone replay,
call 1-800-642-1687, Passcode: 9301961. The phone replay will be
available for one month following the conference call. About Enesco
Group, Inc. Enesco Group, Inc. is a world leader in the giftware,
and home and garden decor industries. Serving more than 44,000
customers worldwide, Enesco distributes products to a wide variety
of specialty card and gift retailers, home decor boutiques, as well
as mass-market chains and direct mail retailers. Internationally,
Enesco serves markets operating in the United Kingdom, Canada,
Europe, Mexico, Australia and Asia. With subsidiaries located in
Europe and Canada, and a business unit in Hong Kong, Enesco's
international distribution network is a leader in the industry.
Enesco's product lines include some of the world's most
recognizable brands, including Border Fine Arts, Bratz, Circle of
Love, Foundations, Halcyon Days, Jim Shore Designs, Lilliput Lane,
Pooh & Friends, Walt Disney Classics Collection, and Walt
Disney Company, among others. Further information is available on
Enesco's web site at www.enesco.com. This press release contains
forward-looking statements, which reflect management's current
assumptions and beliefs and are based on information currently
available to management. Enesco has tried to identify such
forward-looking statements by use of such words as "expects,"
"intends," "anticipates," "could," "estimates," "plans," and
"believes," and similar expressions, but these words are not the
exclusive means of identifying such statements. Such statements are
subject to various risks, uncertainties and other factors, which
could cause actual results to vary materially from those
anticipated, estimated, expected or projected. Important factors
that may cause actual future events or results to differ materially
and adversely from those described in the forward-looking
statements include, but are not limited to: Enesco's success in
implementing its comprehensive plan for operating improvement and
achieving its goals for cost savings and market share increases;
Enesco's ability to identify and hire a permanent CEO and Executive
Vice President and Chief Financial Officer; Enesco's success in
developing new products and consumer reaction to Enesco's new
products; Enesco's ability to secure, maintain and renew popular
licenses, particularly our Cherished Teddies, Disney and Jim Shore
Designs licenses; Enesco's ability to grow revenues in mass and
niche market channels; Enesco's ability to comply with covenants
contained in its credit facility; changes in general economic
conditions, as well as specific market conditions; fluctuations in
demand for our products; manufacturing lead times; the timing of
orders and shipments and our ability to predict customer demands;
inventory levels and purchase commitments exceeding requirements
based upon forecasts; collection of accounts receivable; changes in
the regulations and procedures affecting the importation of goods
into the United States; changes in foreign exchange rates; price
and product competition in the giftware industry; variations in
sales channels, product costs or mix of products sold; and,
possible future terrorist attacks, epidemics, or acts of war. In
addition, Enesco operates in a continually changing business
environment and does not intend to update or revise the
forward-looking statements contained herein, which speak only as of
the date hereof. Additional information regarding forward-looking
statement risk factors is contained in Enesco's reports and filings
with the Securities and Exchange Commission. In light of these
risks and uncertainties, the forward-looking statements contained
herein may not occur and actual results could differ materially
from those set forth herein. Accordingly, you should not rely on
these forward-looking statements as a prediction of actual future
results.
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