A veteran corporate finance and business operations executive, Mr. Melancon brings more than 20 years of experience in the field and a strong retail background. He most recently served as Senior Vice President and Chief Financial Officer of Hyper Entertainment Inc., a subsidiary of Sony Corp. of America. He reports to Fred Silny, the Company's Chief Financial Officer.
Carlos Alberini, President and Chief Operating Officer, said, "The appointment of Paul Melancon marks another key step in our efforts to expand and strengthen the Guess? management team. In the last eighteen months we have brought significant additional financial management expertise into the Company with very experienced executives in key positions, including the appointment of Fred Silny as Chief Financial Officer last November. We expect Paul's broad experience in financial and SEC reporting, treasury, planning and analysis, and retail accounting operations to be particularly valuable, and we look forward to his contributions as we build on the substantial progress we have made positioning Guess? for long-term growth."
Most recently, Mr. Melancon, 46, served as Senior Vice President and Chief Financial Officer of Hyper Entertainment Inc., a subsidiary of Sony Corp. of America, where he was responsible for all financial, accounting and administrative activities since 1998. Prior to that, Mr. Melancon spent nine years at Sears, Roebuck & Co., joining in 1989 as Manager of Accounting Research and Policy Implementation, and continuing to hold roles including Senior Manager of Financial Reporting and Analysis, Corporate Director of Accounting at Sears Corporate and Vice President of Finance of the Sears Tire Group, a leading tire retailer with total annual revenues in excess of $2.3 billion and over 1,100 locations. Mr. Melancon began his career as a Certified Public Accountant at PriceWaterhouseCoopers LLP in 1978. He later served as a Senior Manager of the firm's Dallas office and, from 1987 to 1989, Senior Manager in its SEC Services National Office. Mr. Melancon holds a Masters of Business Administration from the University of Chicago and a Bachelors degree in Accounting from the University of Texas at Austin.
Guess?, Inc. designs, markets, distributes and licenses one of the world's leading lifestyle collections of contemporary apparel, accessories and related consumer products.
Except for historical information contained herein, certain matters discussed in this press release including but not limited to the Company's expected results of operations and plans to reduce costs and estimated charges, are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are only expectations, and involve known and unknown risks and uncertainties, which may cause actual results in future periods and other future events to differ materially from what is currently anticipated. Factors which may cause actual results in future periods to differ from current expectations include, among other things, the continued availability of sufficient working capital, the successful integration of new stores into existing operations, the continued desirability and customer acceptance of existing and future product lines, possible cancellations of wholesale orders, the success of competitive products, the success of the Company's programs to strengthen its inventory cost accounting controls and procedures, and the availability of adequate sources of capital. In addition to these factors, the economic and other factors identified in the Company's most recent annual report on Form 10-K for the fiscal year ended December 31, 2000, including but not limited to the risk factors discussed therein, could affect the forward-looking statements contained herein and in the Company's other public documents.
CONTACT: Guess?, Inc.
Carlos Alberini, 213/765-3582
Frederick G. Silny, 213/765-3289
or
Kekst and Company
Wendi Kopsick/Molly Morse, 212/521-4867/4826
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