Summer Infant Appoints Robert Stebenne as Chief Executive Officer
May 06 2015 - 8:00AM
Stebenne Brings 30 Years of Juvenile Product
Strategic Marketing Experience
Alan J. Mustacchi Joins Board of Directors; Dan
Almagor Named Executive Chairman
Summer Infant, Inc. (Nasdaq:SUMR), a global leader in premium
juvenile products, today announced that Robert Stebenne, the
Company's President and Chief Operating Officer, has been named the
Company's new Chief Executive Officer, succeeding Carol Bramson,
who has resigned. Ms. Bramson will remain on the board of
directors. The Company also announced that Alan Mustacchi has
joined the board of directors and will replace Jason Macari who
will resign from the board on August 1, 2015. Dan Almagor was named
Executive Chairman.
CEO Succession
Stebenne, a board member since 2007, was appointed President and
Chief Operating Officer in March 2015. He has 30 years of juvenile
product marketing experience, including 20 years in positions of
increasing responsibility at Hasbro Industries.
"Summer Infant is at an important crossroads of opportunity, and
Bob Stebenne is the right leader to move the Company forward at
this time," said Almagor. "Bob has excellent leadership skills and
a deep understanding of Summer Infant and the markets that we
serve. His successful experience in developing new products, brands
and markets at leading juvenile companies will be a tremendous
asset as we expand our markets and capitalize on exciting
opportunities."
"I am excited to be taking the helm of Summer Infant as we
advance the Company to the next level of profitability," said
Stebenne. "We have great brands and a dedicated group of
highly talented employees and managers seeking to capitalize on the
numerous opportunities ahead. We have made good progress in
developing our growth engine and improving operations, but we have
much work to do in order to significantly enhance shareholder
value. I look forward to working with Dan, the board and the entire
Summer Infant team to accomplish this goal."
Robert Stebenne became a member of the board of directors in
2007 and served as the lead independent director from 2008 until
February 2013. Most recently he owned and managed a firm that
provides consulting services in brand development, product
development and strategic planning, among other areas. From
February 1999 to July 2002, Stebenne was the President of New
Business Development for Hasbro Industries. From 1991 to January
1999, he was President of Hasbro's FOB/LC division, where he
created a U.S. marketing, sales, product development, finance and
logistics group. From 1982 to 1991, he was President of Hasbro's
Playskool Baby division. Stebenne received a B.A. from Roger
Williams University.
Board of Directors
"We are delighted to welcome Alan Mustacchi to the Summer Infant
board of directors," said Almagor. "Alan offers significant
financial expertise with a particular focus on the retail and
consumer products market. We look forward to the in-depth and
relevant experience that he brings to the board. At the same
time, I would like to thank Jason Macari for his service to the
board and his dedication to Summer Infant since its
founding."
With more than 25 years of executive financial experience, Alan
Mustacchi is currently Executive Vice President, Capital Markets,
of GreenSky Credit. He previously was Managing Director of
Dresner Partners, where he headed Specialty Retail and Consumer
Products Investment Banking. He also has been Managing
Director, Investment Banking Group for Navigant Capital Advisors,
Managing Director, Merchant Banking Group, BNP Paribas, and Vice
President of The Bank of New York in its commercial finance group.
Earlier in his career, Mustacchi also spent six years as a
certified public accountant. He holds an M.B.A. in Finance and
International Business and a B.S. in Accounting and Economics from
New York University's Stern School of Business.
About Summer Infant, Inc.
Based in Woonsocket, Rhode Island, the Company is a global
leader of premium juvenile products for ages 0-3 years which are
sold principally to large North American and international
retailers. The Company currently sells proprietary products in a
number of different categories including nursery audio/video
monitors, safety gates, durable bath products, bed rails, nursery
products, strollers, booster and potty seats, swaddling blankets,
bouncers, travel accessories, highchairs, swings, and infant
feeding products. For more information about the Company, please
visit www.summerinfant.com.
Forward-Looking Statements
Certain statements in this release that are not historical fact
may be deemed "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, and the Company intends that such
forward-looking statements be subject to the safe harbor created
thereby. These statements are accompanied by words such as
"anticipate," "expect," "project," "will," "believes," "estimate"
and similar expressions, and include statements regarding the
Company's expectations relating to expanding its markets and
capitalizing on exciting growth opportunities, future profitability
and the ability to enhance shareholder value. The Company cautions
that these statements are qualified by important factors that could
cause actual results to differ materially from those reflected by
such forward-looking statements. Such factors include the
concentration of the Company's business with retail customers; the
ability of the Company to compete in its industry; the Company's
ability to continue to control costs and expenses; the Company's
dependence on key personnel; the Company's reliance on foreign
suppliers; the Company's ability to develop, market and launch new
products; the Company's ability to grow sales with existing and new
customers and in new channels; the Company's ability to meet
required financial covenants under its loan agreements; and other
risks as detailed in the Company's Annual Report on Form 10-K for
the fiscal year ended January 3, 2015, and subsequent filings with
the Securities and Exchange Commission. The Company assumes no
obligation to update the information contained in this release.
CONTACT: Chris Witty
Investor Relations
646-438-9385
cwitty@darrowir.com
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