- Appoints Michael A. Schuler to the Board -
WARREN, Pa., April 15 -- Blair Corporation (AMEX:BL) , (www.blair.com), a national catalog and multi-channel direct marketer of women`s and men`s apparel and home products, today announced the appointments of Craig N. Johnson, an incumbent director, as the new Chairman of the Board, and Michael A. Schuler, President and Chief Executive Officer (CEO) of Donerail Investments, Ltd., as a new Director of the Board, at its annual meeting April 15, 2003.
A Director of Blair Corporation since 1997, Mr. Johnson succeeds Murray K. McComas as Chairman who has served on the Board for 26 years. Mr. McComas, who retired as President of the Company in 1999, will remain a Director of the Company.
Mr. Johnson, a former Managing Director and Partner of Glenthorne Capital in Philadelphia, Pa., now serves as Advisory Director for the investment banking company, which specializes in mergers and acquisitions, and in particular works with middle-market companies growing their businesses through acquisitions.
Mr. Johnson is a seasoned executive with over 34 years of experience including staff and consulting work, line management as Chief Operating Officer (COO) and CEO in the shipping business and investment banking, as well as a director of several profit and not-for-profit organizations.
Before becoming a partner of Glenthorne, Mr. Johnson held executive positions in the shipping industry. As a principal in a leverage buyout group that purchased Lavino Shipping Company in 1979, he served as President and subsequently CEO of the major, Philadelphia-based maritime services company before selling it in 1989. For the next four years he served as COO and President of, Maritrans, Inc., a New York Stock Exchange Company on whose Board he served for seven years. Maritrans is the largest independent marine transporter of petroleum products in the U.S.
Mr. Johnson has served on a number of boards throughout his business career and currently serves on the Boards of several organizations in the Philadelphia area including The Philadelphia Contributionship, a mutually-owned insurance company, the Academy of Natural Sciences, Chestnut Hill Health Care and Cathedral Village.
Michael A. Schuler of Bradford, Pa., is currently President and CEO of Donerail Investments, Ltd., a private investment partnership he formed in 2001 which targets acquisitions of companies primarily in the manufacturing and distribution business in a geographical area including western N.Y. and Pa., and northeast Ohio.
Mr. Schuler began his distinguished career as a Certified Public Accountant for Pricewaterhouse Coopers (formerly Coopers and Lybrand) of Pittsburgh, Pa. After four years with the firm, Mr. Schuler embarked on a 23-year management career with Zippo Manufacturing Company of Bradford, Pa., where he served as CFO for eight years and then as Chairman, President and CEO for 15 years.
Most recently, Mr. Schuler served as a member of the Board of Directors for National City Corporation from 1996-2002; his roles included Audit Committee Chairman and Public Policy Committee member. He also serves as Board Member, and former Chairman of Trustees, of Bradford Regional Medical Center, and is Chairman of the Bradford Hospital Foundation and Chairman and Co-Founder of the Bradford Area Alliance, an industry led, non-partisan, community enrichment and development organization.
The Company further announced the retirements of four Board members: David A. Blair, Robert W. Blair; Kent R. Sivillo and Blair T. Smoulder. Robert Blair and Blair Smoulder served on the Board of Directors for 41 and 17 years, respectively, and previously retired from active management with the Company. Mr. Kent Sivillo will also retire as an employee after 30 years with the Company effective May 30, 2003. Mr. David Blair, who has served as a director for 15 years, remains an employee of the Company.
ABOUT BLAIR
Headquartered in Warren, Pennsylvania, Blair Corporation sells a broad range of women`s and men`s apparel and home products through direct mail marketing and its Web site at www.blair.com, in addition to other Web sites. Blair Corporation employs over 2,700 people and operates facilities and retail outlets in Northwestern Pennsylvania as well as a catalog outlet in Wilmington, Delaware. The Company, which has annual sales of more than $560 million, is publicly traded on the American Stock Exchange (AMEX-BL).
This release contains statements relating to future results of the Company (including certain projections and business trends) that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to, changes in political and economic conditions, demand for and market acceptance of new and existing products, as well as other risks and uncertainties detailed in the most recent periodic filings of the Company with the Securities and Exchange Commission.
CONTACT:
Thomas McKeever, SVP of Operations & Admin,
Blair Corporation
+1-814-723-3600
Carl Hymans
G.S. Schwartz & Co.,
+1-212-725-4500
carlh@schwartz.com
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