Perry Ellis Appoints New Lead Independent Director

5/20/2015
Perry Ellis International, Inc. announced that Jane E. DeFlorio, a director of Perry Ellis since Dec. 2014, has been appointed to serve as Perry Ellis' lead independent director, effective immediately. She succeeds Joseph P. Lacher, who has served as lead independent director since 2006 and is retiring from the Perry Ellis board after the 2015 Annual Meeting.

Pursuant to Perry Ellis' corporate governance guidelines, the role of lead independent director includes responsibilities such as: presiding at all meetings at which the chairman is not present including presiding at executive sessions of the board (without management present) at every regularly scheduled board meeting, serving as a liaison between the chairman (and management) and the independent directors, approving meeting agendas, time schedules and other information provided to the board, and being available for direct communication and consultation with major stockholders upon request. Perry Ellis' lead independent director also has the authority to call meetings of the independent directors.

"Jane is extremely well suited to serve as the board's lead independent director and I and the rest of the Perry Ellis board look forward to working with Jane in her new role," said George Feldenkreis, chairman of the board and CEO of Perry Ellis. "I also want to express my deep appreciation to Joe Lacher for his strong, engaged and dedicated leadership as our lead independent director for the past nine years."

DeFlorio noted, "I am pleased and honored to be appointed to serve as Perry Ellis' lead independent director. I look forward to serving Perry Ellis in this important leadership and corporate governance role as Perry Ellis continues its ongoing efforts to enhance its governance practices, which have included the adopting of a majority voting and resignation policy for directors, enhancing the stock ownership requirements under our stock ownership guidelines for directors and executive officers, placing restrictions on hedging and pledging of the company's common stock for directors and executive officers and implementing a compensation recoupment policy applicable to directors and executive officers."

DeFlorio, a seasoned investment banker and former managing director in the U.S. Retail and Consumer Group at Deutsche Bank Securities, is a respected business leader and a trusted advisor who brings to Perry Ellis extensive experience advising mid- and large-cap retail and fashion clients with respect to value enhancement strategies, mergers and acquisitions, divestitures and product and market expansion initiatives.

Since joining the Perry Ellis board in December 2014, DeFlorio has played a pivotal role at the company as it continues to execute on its previously announced plans to review and focus the Perry Ellis portfolio with a goal to exit underperforming, low growth brands and businesses. DeFlorio has also been instrumental in the board's process of identifying highly qualified and experienced director candidates who will bring new perspectives, insights, experiences and competencies that will enhance the depth and breadth of our board, as well as in the board's adoption of a number of shareholder-friendly corporate governance enhancements, as described above. In addition to serving as our lead independent director, DeFlorio serves on the audit and investment committees of the board.
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