Hanover Direct, Inc. Announces Resignation of Tom Shull
May 06 2004 - 10:50AM
PR Newswire (US)
Hanover Direct, Inc. Announces Resignation of Tom Shull EDGEWATER,
N.J., May 6 /PRNewswire-FirstCall/ -- Hanover Direct, Inc. today
announced the resignation of Thomas C. Shull as Chairman of the
Board, President and Chief Executive Officer of the Company and the
election of William B. Wachtel as Chairman of the Board and Wayne
P. Garten as President and Chief Executive Officer of the Company
effective immediately. Mr. Wachtel has served as a member of the
Company's Board of Directors since November 18, 2003 while Mr.
Garten has served as director of the Company since September 29,
2003, each as a designee of the holder of the Company's Preferred
Stock, Chelsey Direct, LLC. Mr. Wachtel has been a managing partner
of Wachtel & Masyr, LLP, or its predecessor law firm (Gold
& Wachtel, LLP), since its founding in August 1984. He is the
co-founder of the Drum Major Institute, a not-for-profit
organization carrying forth the legacy of Dr. Martin Luther King,
Jr. Mr. Wachtel is the Manager of Chelsey Direct, LLC. Since
January 2004, Mr. Garten has served as the President of Caswell-
Massey Ltd., Inc., a retailer and direct marketer of fragrance and
other personal care products. Prior thereto, he was a financial
consultant specializing in the direct marketing industry. Mr.
Garten served as Chief Executive Officer and President of Popular
Club, Inc, a direct selling, catalog marketer of apparel and
general merchandise products, from 2001 to 2003. From 1997 to 2000,
he was Executive Vice President and Chief Financial Officer of
Micro Warehouse, Inc., an international catalog reseller of
computer products. From 1983 to 1996, Mr. Garten held various
financial positions at Hanover Direct and its predecessor, The Horn
and Hardart Company, including Executive Vice President and Chief
Financial Officer from 1989 to 1996. Mr. Garten is a Certified
Public Accountant. Mr. Garten will be transitioning to his new
position with the Company over the next three weeks. "I am looking
forward to the opportunity of rejoining Hanover and working with
the Company's management team and employees in the next phase of
its turnaround," stated Mr. Garten. "On behalf of the Board, I want
to express our gratitude to Tom for his significant contributions
to the Company over the past several years and we wish him well."
About Hanover Direct, Inc. Hanover Direct, Inc. (AMEX:HNV) and its
business units provide quality, branded merchandise through a
portfolio of catalogs and e-commerce platforms to consumers, as
well as a comprehensive range of Internet, e-commerce, and
fulfillment services to businesses. The Company's catalog and
Internet portfolio of home fashions, apparel and gift brands
include Domestications, The Company Store, Company Kids,
Silhouettes, International Male, Scandia Down, and Gump's By Mail.
The Company owns Gump's, a retail store based in San Francisco.
Each brand can be accessed on the Internet individually by name.
Keystone Internet Services, LLC (http://www.keystoneinternet.com/),
the Company's third party fulfillment operation, also provides the
logistical, IT and fulfillment needs of the Company's catalogs and
web sites. Information on Hanover Direct, including each of its
subsidiaries, can be accessed on the Internet at
http://www.hanoverdirect.com/. DATASOURCE: Hanover Direct, Inc.
CONTACT: Charles E. Blue, S.V.P & Chief Financial Officer of
Hanover Direct, Inc., +1-201-272-3412; Rich Tauberman of MWW Group,
+1-201-507-9500, for Hanover Direct, Inc. Web site:
http://www.hanoverdirect.com/
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