ST. LOUIS, Feb. 9, 2012 /PRNewswire/ -- CPI Corp.
(NYSE: CPY; OTCQX: CPIC) today announced that its Board of
Directors has named James J. ("Jim") Abel as the company's interim
president and chief executive officer. Abel (65) has been an
independent director of the company since 2004.
"We appreciate Jim's willingness to step into this interim role
to help address our financial and operational challenges," said
David M. Meyer, executive chairman.
"He is a highly accomplished executive whose broad business
background and analytical strengths will be invaluable to CPI at
this critical juncture."
"Through my work on this Board over the years, I have gained a
deep appreciation for CPI's core strengths and growth potential,"
said Abel. "I look forward to working more closely with the
management team and our associates across the country to help
improve the Company's financial performance."
Abel chaired the company's Audit Committee and the Nominating
and Governance Committee, and served on the Compensation Committee
from 2004 until his appointment as interim president and CEO. From
2008 to 2009, Abel served as president and chief executive officer
of Financial Executives International (FEI), the preeminent
organization representing senior financial executives in dealing
with the regulatory agencies involved with corporate financial
reporting and internal controls. Prior to that, until 2007,
he served as executive vice president, secretary, treasurer, chief
financial officer and a director of The Lamson & Sessions Co.,
a diversified manufacturer and distributor of a broad line of
thermoplastic electrical, consumer, telecommunications and
engineered sewer products for domestic markets. Abel received a
bachelor's degree from Purdue
University and an MBA from St. John's
University.
Abel succeeds Renato Cataldo who
is leaving the Company to pursue other opportunities. Cataldo
joined CPI in 2005 as chief operating officer. He was named
president and chief executive officer in 2006.
"On behalf of my fellow Board members, I would like to thank
Renato for his contributions to CPI over many years," said Meyer.
"We wish him and his family all the best in the years to come."
About CPI Corp.
For more than 60 years, CPI Corp. has been dedicated to helping
customers conveniently create cherished photography portrait
keepsakes that capture a lifetime of memories. Headquartered
in St. Louis, Missouri, CPI Corp.
provides portrait photography services at approximately 3,000
locations in the United States,
Canada, Mexico and Puerto
Rico and offers on location wedding photography and
videography services through an extensive network of contract
photographers and videographers. CPI's digital format allows
its studios and on location business to offer unique posing
options, creative photography selections, a wide variety of sizes
and an unparalleled assortment of enhancements to customize each
portrait – all for an affordable price.
Forward-Looking Statements
The statements contained in this press release that are not
historical facts are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, and
involve risks and uncertainties. The Company identifies
forward-looking statements by using words such as "preliminary,"
"plan," "expect," "looking ahead," "anticipate," "estimate,"
"believe," "should," "intend" and other similar expressions.
Management wishes to caution the reader that these forward-looking
statements are only predictions or expectations; actual events or
results may differ materially as a result of risks facing the
Company. Such risks include, but are not limited to: the
Company's dependence on Walmart, Sears and Toys "R" Us, the
approval of the Company's business practices and operations by
Walmart, Sears and Toys "R" Us, the termination, breach, limitation
or increase of the Company's expenses by Walmart under the lease
and license agreements and Sears and Toys "R" Us under the license
agreements, the Company's ability to comply with its debt covenants
under its revolving credit facility, the Company's ability to
generate sufficient cash flow or raise additional capital to cover
its operating expenses, the inability of the Company to pay
dividends, the transfer of the trading of the Company's common
stock from the New York Stock Exchange to the OTCQX Marketplace,
the integration of the Bella Pictures® operations into the Company
and the continued development and operation of the Bella Pictures®
business, customer demand for the Company's products and services,
the development and operation of the Kiddie Kandids business, the
effect of litigation and other claims facing the Company, the
economic recession and resulting decrease in consumer spending,
manufacturing interruptions, dependence on certain suppliers,
competition, dependence on key personnel, fluctuations in operating
results, a significant increase in piracy of the Company's
photographs, widespread equipment failure, restrictions on the
Company's business imposed by agreements governing its debt,
implementation of marketing and operating strategies, impact
of declines in global equity markets to the pension plan and the
impact of foreign currency translation. The risks described
above do not include events that the Company does not currently
anticipate or that it currently deems immaterial, which may also
affect its results of operations and financial condition. The
Company undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
SOURCE CPI Corp.