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Non-Tech : BFCI - Braun's Fashions

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To: J. Lawson who wrote (80)3/2/1998 10:17:00 PM
From: J. Lawson  Read Replies (1) of 88
 
MANAGEMENT CHANGES<<<<<<<<
This info came out last friday, february 27th....i have been out-of-pocket for a week and just noticed it.....
William J. Prange, 43, is now CEO.
he joined Braun's in 1994 as senior v-p/general merchandising manager.
Joseph Pennington to executive v-p/chief operating officer.
Ralph C. Neal to executive v-p/store operations.
Kathryn Gangstee to senior v-p/general merch. manager.
Andrew Moller to v-p finance/chief financial officer.

Herbert D. Froemming, vice-chairman, has chosen to take early retirement; but will continue with braun's over the next few months to facilitate an orderly transition.

Nicholas H. Cook will relinquish his CEO title, but will continue as Chairman of the board.

comments by Cook, "It is very gratifying to see our long-term succession plan come to fruition with Bill Prange becoming CEO and the promotion of his top people to senior management positions. Bill and this new management team have been very instrumental in creating a new Braun's, with stronger merchandising, store identity and operating disciplines. This management team has already demonstrated the ability to lead the company and their new positions will give them even greater opportunities for success."

Braun's will take a 4th Q pretax charge of $775,000 (.13 cents/share) on its executive succssion plan. the charge is mostly non-cash and is related to vesting of previously issued stock options.
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well, the Prange team is the group that has resurrected BFCI, so this is good. however, Cook is still in the loop and this will still have negative undertones in the analysts' community. Cook is now the only pre-bankruptcy holdover in the top management group.

HAPPY SHOPPING!!!!!!!!!!!!!!!!!!!!!!!!!!!!

jl
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