Burlingame, CA, February 6, 2001. The Board of Directors of The Gymboree Corporation (Nasdaq: GYMB) has appointed Lisa Harper Chief Executive Officer and Vice Chair of the Board. Stuart Moldaw will remain as Chairman of the Board.
"Lisa earned this position with her leadership during our continuing turnaround. We are confident and excited about the future of Gymboree and Lisa Harper’s role as the Chief Executive Officer," said Mr. Moldaw.
Ms. Harper said, "In the last year, we have re-established the core businesses of Gymboree by developing products which have exceeded customer expectations. This success is due to our strong team at headquarters and in our stores. I am honored to lead such a talented group."
She added, "I will count on Stuart and the rest of the board for their counsel and advice. We are all looking forward to continuing to improve our performance."
Ms. Harper joined Gymboree in January, 1999, returning to the company after her tenure as Director of Design and Merchandising from 1992 to 1995. Her background includes leadership on merchant and design teams at several other successful clothing retailers, including Limited Too, Esprit, GapKids, Mervyn’s and Levi Strauss.
The Gymboree Corporation designs, manufactures and retails unique, high-quality apparel and accessories for children. As of February 3, Gymboree operated 599 stores, including 547 stores in the United States, 20 stores in Canada and 32 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 440 franchised and company-operated centers in the United States and 16 other countries.
The foregoing November and year-to-date sales figures are unaudited and subject to quarter-end and year-end adjustment and could differ materially from those indicated. The foregoing paragraphs contain forward-looking statements relating to Gymboree’s anticipated sales growth and future financial performance. These are forward looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results could differ materially as a result of a number of factors, including customer reactions to new merchandise and marketing activity, success in meeting our delivery targets, the level of our promotional activity, our ability to maintain appropriate inventory aging, general economic conditions, and competitive market conditions. Other factors that may cause actual results to differ materially include those set forth in the reports that we file from time to time with the Securities and Exchange Commission.