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Gymboree Announces Management Transition

February 27, 2002 at 12:00 AM EST
Gymboree Announces Management Transition BURLINGAME, Calif. Feb. 27, 2002 - The Gymboree Corporation (Nasdaq: GYMB - news) announced that Alison May, chief operating officer, resigned after completing the implementation of the operational strategy critical to the company's continued success. Ms. May will assume the position of chief executive officer at another company.

"Alison instituted critical operational efficiencies that aided Gymboree's turnaround," said Lisa Harper, Gymboree's vice-chair and chief executive officer. "She also helped to build a talented team that is prepared to lead Gymboree as we continue to improve our productivity and prepare to grow. We thank Alison for her contributions and wish her well."

"I leave Gymboree with a great deal of pride in our accomplishments over the last year," said Alison May. "I am confident that the leadership team in place is well prepared to help Gymboree continue to thrive."

Myles McCormick, chief financial officer, will assume responsibility for the company's real estate and legal functions. Donald Hendricks, currently responsible for information systems, loss prevention and facilities, will add distribution, transportation and customs to his responsibilities as vice president of operations and technology. Mr. McCormick and Mr. Hendricks will report directly to Lisa Harper and Ms. May will not be replaced.

McCormick, 30, joined Gymboree in 2001 as vice president of finance and was recently promoted to the post of chief financial officer. Mr. Hendricks, 35 joined Gymboree in 1998 as director of application development and was most recently vice president of technology services.

About Gymboree
The Gymboree Corporation designs, manufactures and retails unique, high-quality apparel and accessories for children. As of February 1, 2002, Gymboree operated 580 stores, including 528 stores in the United States, 23 stores in Canada and 29 in Europe, as well as an online store at www.gymboree.com. The company also offers directed parent-child developmental play programs at more than 480 franchised and company-operated centers in the United States and 21 other countries.