Falcon Products Names Phillip J. Pacey Vice President, Chief Financial Officer
01 Abril 2004 - 7:11PM
PR Newswire (US)
Falcon Products Names Phillip J. Pacey Vice President, Chief
Financial Officer ST. LOUIS, April 1 /PRNewswire-FirstCall/ --
Falcon Products, Inc. , a leading manufacturer of commercial
furniture, today announced the appointment of Phillip J. Pacey as
vice president and chief financial officer. Mr. Pacey will begin on
May 1, 2004. Mr. Pacey will oversee finance, treasury, investor
relations and tax functions and will report directly to Franklin A.
Jacobs, Falcon's chairman and chief executive officer. Mr. Pacey
most recently served as senior vice president and chief financial
officer of O'Sullivan Industries Holdings, Inc., a leading
manufacturer of ready-to-assemble furniture. While at O'Sullivan,
he oversaw all aspects of finance, treasury and information
technology. In addition, he played a key role in the financial and
operational initiatives that reduced expenses and improved working
capital. "We are pleased to have someone of Phillip's caliber," Mr.
Jacobs said. "He is an accomplished executive who will be an
excellent addition to our management team. We are confident that
Phillip's experience and demonstrated ability to control costs will
help drive Falcon's long-term growth and shareholder value." Mr.
Jacobs continued, "We are all doing what is necessary for this
company to succeed this quarter and into the future. We have taken
significant steps to restructure our costs and have meaningfully
reduced our breakeven point. In line with this, David Morley, our
president and chief operating officer, and I have been talking
about the duplication of our positions in these times of cost
reductions and downsizing. We determined that it did not make sense
at this time for both positions and David Morley offered to resign
his position as president and chief operating officer. He will
continue to consult with me on strategic alternatives as we move
forward. "We are very appreciative for all David Morley has done
these past three years," Mr. Jacobs concluded. "He hashelped us
strategically align our operations and drive efficiencies
throughout the organization. We wish him success in his future
endeavors." Falcon Products, Inc., is the leader in the commercial
furniture markets it serves, with well-known brands, the largest
manufacturing base and the largest sales force. Falcon and its
subsidiaries design, manufacture and market products for the
hospitality and lodging, food service, office, healthcare and
education segments of the commercial furniture market. Falcon,
headquartered in St. Louis, Missouri, currently operates 8
manufacturing facilities throughout the world and has approximately
2,100 employees. Safe harbor statement under the Private Securities
Litigation Reform Act of 1995: Statements contained in this news
release which are not historical fact, such as forward-looking
statements, involve risks and uncertainties which could impact
future financial performance, including, but not limited to, loss
of key customers or suppliers within specificindustries,
availability or cost of raw materials, increased competitive
pricing pressures reflecting industry conditions and general demand
for products. Additional cautionary statements regarding other risk
factors that could have an effect on futureperformance of the
Company are described in Falcon's periodic filings with the
Securities and Exchange Commission. Although Falcon believes the
expectations reflected in any forward-looking statements are based
on reasonable assumptions, Falcon can give no assurance that its
expectations will be attained. Any forward-looking statements
represent the best judgment of Falcon as of the date of this
release. Falcon disclaims any intent or obligation to update any
forward-looking statements. DATASOURCE:Falcon Products, Inc.
CONTACT: Franklin A. Jacobs, Chairman, Chief Executive Officer of
Falcon Products, Inc., +1-314-991-9200 Web site:
http://www.thefalconcompanies.com/
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