Cost Plus, Inc. Announces Organizational Changes
OAKLAND, Calif.----May 12, 2009-Cost Plus, Inc. (NASDAQ:CPWM) announced today that a member of its Board of Directors, Christopher Dodds, notified the Company on May 6, 2009 of his intention not to stand for re-election to the Board of Directors due to other time commitments, particularly his role as Senior Advisor with The Carlyle Group. Mr. Dodds served as Chairman of the Company’s Audit Committee. Ken Stevens, already a member of the Company’s Audit Committee, will replace Mr. Dodds as Chairman. During the past year, the Company added two members with significant financial experience to its Board of Directors and will not seek to replace Mr. Dodds.
Mr. Dodds commented: “I have enjoyed working with management and the Board of Directors during this challenging economic time. I wish the Company much success in the quarters and years ahead.”
The Company also announced today that Ray Whitley, Senior Vice President, Supply Chain, has left the company. Mr. Whitley’s position will not be replaced and his responsibilities have been assigned to other members of the executive team.
Cost Plus, Inc. is a leading specialty retailer of casual home living and entertaining products. As of today, May 12, 2009 the Company operates 270 stores in 30 states.