Yankee Candle Names Bruce H. Besanko as Chief Financial Officer
SOUTH DEERFIELD, Mass.--March 28, 2005--The Yankee Candle Company, Inc. ("Yankee Candle" or the "Company") (NYSE:YCC), the leading designer, manufacturer, wholesaler and retailer of premium scented candles, today announced that Bruce H. Besanko has joined the Company as Senior Vice President, Finance and Chief Financial Officer.
Mr. Besanko joins Yankee Candle from Best Buy Company, Inc., an industry-leading international specialty retailer of consumer electronics and entertainment software, where he served as Vice President, Finance. Prior to joining Best Buy in 2002, Mr. Besanko held several financial leadership positions of increasing responsibility for Sears, Roebuck and Co. from 1996-2002. Prior to joining Sears, Mr. Besanko held various finance, accounting and treasury positions with the Atlantic Richfield Company from 1992-1996. He also served in the United States Air Force, holding a variety of leadership roles for more than eight years.
"We are very pleased to have Bruce join our leadership team," said Craig W. Rydin, Chief Executive Officer of Yankee Candle. "Bruce brings a strong track record of proven financial management and leadership skills. His senior leadership role with Best Buy, a Fortune 100 company and $27 billion retailer, and his experience as a senior financial executive with another leading retail company in Sears, make Bruce an ideal fit for Yankee Candle. In addition to his financial expertise and business management acumen, Bruce has had extensive experience with investor relations, board and audit committee relations, and internal controls and other corporate governance matters. Bruce has demonstrated a strong, results-oriented management style and proven technical, strategic planning and analytical skills. We very much look forward to his many contributions in helping Yankee Candle to continue its history of successful and profitable growth."
"Yankee Candle is an industry-leading company with a strong, recognized brand and a proven track record of successful growth," said Mr. Besanko. "I am excited about the opportunity to contribute to the Company`s growth efforts and to continue to build upon its many successes. I look forward to working with Craig and the entire management team to further build long-term shareholder value."
Mr. Besanko replaces Robert R. Spellman, who had previously announced his intention to retire from the Company early in 2005. Given his retirement, Mr. Spellman is also resigning from his position as a member of the Board of Directors of Yankee Candle, effective as of April 1, 2005. "Bob Spellman has been an extraordinary contributor to the Yankee Candle success story," said Mr. Rydin. "I know that I speak for the entire Board of Directors, senior management team and everyone else at Yankee Candle when I say that it has been a true privilege to work with Bob and to benefit from his wisdom and counsel. We wish him and his family all the best. Bob has very graciously agreed to assist and work closely with Bruce and the Company in an effort to insure a seamless transition."
About The Yankee Candle Company, Inc.
The Yankee Candle Company, Inc. is the leading designer, manufacturer, wholesaler and retailer of premium scented candles in the giftware industry. Yankee has a 35 year history of offering distinctive products and marketing them as affordable luxuries and consumable gifts. The Company sells its products through a North American wholesale customer network of approximately 15,600 store locations, a growing base of Company owned and operated retail stores (345 located in 43 states as of January 1, 2005), direct mail catalogs, its Internet website (www.yankeecandle.com), international distributors and to a European wholesale customer network of approximately 2,000 store locations (through its distribution center located in Bristol, England).
This press release may contain certain information constituting "forward-looking statements" for purposes of the safe harbor provisions of The Private Securities Litigation reform Act of 1995. Forward-looking statements include but are not limited to any statements concerning the Company`s or management`s plans, objectives, goals, strategies, expectations, estimates, beliefs or projections, or any other statements concerning future performance or events. Actual results could differ materially from those indicated by these forward-looking statements as a result of various risks and uncertainties, including but not limited to the following: the current economic conditions in the United States as a whole and the continuing weakness in the retail environment; the risk that we will be unable to maintain our historical growth rate; the effects of competition from others in the highly competitive giftware industry; our ability to anticipate and react to industry trends and changes in consumer demand; our dependence upon our senior executive officers; the risk of loss of our manufacturing and distribution facilities; the impact on our stock price of seasonal, quarterly and other fluctuations in our business; and other factors described or contained in the Company`s most recent Quarterly Report on Form 10-Q or Annual Report on Form 10-K on file with the Securities and Exchange Commission. Any forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. While we may elect to update certain forward-looking statements at some point in the future, we specifically disclaim any obligation to do so even if experience or future events may cause the views contained in any forward-looking statements to change.
CONTACT:
The Yankee Candle Company, Inc.
Susan Stockman, 413-665-8306
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