Quarterly report pursuant to Section 13 or 15(d)

Executive Transition

v2.3.0.15
Executive Transition
9 Months Ended
Oct. 02, 2011
Executive Transition  
Executive Transition

13.                Executive Transition

 

In June 2011, the Company announced the departure of its Chief Financial Officer and Chief Marketing Officer.  We appointed a new Chief Marketing Officer, effective as of August 2, 2011 and our new Chief Financial Officer was appointed, effective as of September 12, 2011.  Charges of $0.5 million and $1.4 million for the twelve and forty weeks ended October 2, 2011, respectively, related to executive transition were recorded in selling, general and administrative expense.

 

Stephen E. Carley was appointed as Chief Executive Officer of the Company and as a member of the board, effective as of September 13, 2010.  In connection with the appointment of Mr. Carley as the Company’s new Chief Executive Officer, the Company also announced the termination of the employment with the Company of Dennis B. Mullen, the former Chief Executive Officer.  The charges of $2.3 million related to executive transition were recorded in selling, general and administrative expense during the period ended October 3, 2010.