Founding Chief Executive Officer to Leave After 46-Year Career; Board Announces Search for Successor
BERLIN, N.J., Nov. 28 /PRNewswire-FirstCall/ -- CEO John E. ("Jack") Parker today announced his intention to retire from A.C. Moore Arts & Crafts, Inc. (NASDAQ:ACMR) by December 31, 2006. Mr. Parker, 64, will complete a career that spans 46 years in the retail merchandise industry. He was A.C. Moore's co-founder and has been a director and the CEO since its inception. A.C. Moore's Board also announced today that it will begin a national search for a replacement immediately.
"The past four decades have been an incredible journey," Mr. Parker said. "It's a difficult decision to leave a Company and an industry that I have come to love, and a team of which I'm extremely proud. But this timing is in line with my career plans and I know I'll be leaving the Company in the hands of a capable management team.
"Since we founded A.C. Moore in 1984, we've made tremendous progress, becoming a NASDAQ National Market listed company operating 109 stores with a solid financial performance and a clear focus on operational excellence, customer service and shareholder value. Now, with the Company on a firm footing, it's time for A.C. Moore to transition to a new leader who can take this Company forward over the long term, and it's time for me to spend more time with my grandchildren and to fulfill one of my long-term objectives which is to give back to the community.
"I'm proud of what we've accomplished with a great team at A.C. Moore. I will leave with deep gratitude to the team members of A.C. Moore and great optimism about the Company's future." A.C. Moore's Board of Directors has engaged the firm of Korn/Ferry International to conduct a search for a successor. The search will include internal as well as external candidates.
"My timetable is flexible," Mr. Parker said. "The Board and I want to assure a smooth transition, and I will remain fully engaged with the management team until my successor is on board and up-to-speed." "A.C. Moore has made great progress during Jack's tenure, and the Board is extremely grateful for his many contributions," said William Kaplan, A.C. Moore's Chairman of the Board. "Jack worked closely with the Board as he finalized his decision, and we're pleased that he has agreed to make his knowledge and experience available to us through the transition. We also look forward to his continuing advice as he will remain as a member of our Board of Directors." Mr. Parker, A.C. Moore's co-founder, has been Chief Executive Officer and a Director of the Company since its inception and was the Company's President from inception until June 2001. From 1959 to 1984, Mr. Parker worked for the F.W. Woolworth Company, a general merchandise retailer, in various management positions, most recently as President and Chief Executive Officer of the United States General Merchandise Group, where he was responsible for more than 1,000 stores, including the entire domestic chain of Woolworth retail stores.
A.C. Moore operates arts and crafts stores that offer a vast assortment of traditional and contemporary arts and crafts merchandise for a wide range of customers. The Company operates 109 stores in the Eastern United States. For more information about the Company, visit our website at http://www.acmoore.com/.
This press release contains statements that are forward-looking within the meaning of applicable federal securities laws and are based on A.C. Moore's current expectations and assumptions as of this date. The Company undertakes no obligation to update or revise any forward-looking statement whether the result of new developments or otherwise. These statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. Factors that could cause actual results to differ from those anticipated include, but are not limited to, customer demand and trends in the arts and crafts industry, related inventory risks due to shifts in customer demand, the effect of economic conditions, the impact of weather conditions, the impact of competitors' locations or pricing, the availability of acceptable real estate locations for new stores, difficulties with respect to new system technologies, supply constraints or difficulties, the effectiveness of advertising strategies, the impact of the threat of terrorist attacks and war, the uncertainty of the final resolution of the insurance claim relating to the roof collapse, our ability to maintain an effective system of internal control over financial reporting, and other risks detailed in the Company's Securities and Exchange Commission filings. DATASOURCE: A.C. Moore Arts & Crafts, Inc.
CONTACT: Leslie Gordon, Chief Financial Officer, A.C. Moore Arts & Crafts, +1-856-768-4930, or Joe Crivelli, Gregory FCA Communications, +1-610-642-8253, for A.C. Moore Arts & Crafts Web site: http://www.acmoore.com/
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