Joseph B. Parsons to Retire in August 2017
LONDON--(BUSINESS WIRE)--
Michael Kors Holdings Limited (NYSE:KORS) (the “Company”), a global
luxury fashion brand, is pleased to announce that Thomas J. Edwards, Jr.
has been named Executive Vice President, Chief Financial Officer, Chief
Operating Officer and Treasurer effective immediately.
Mr. Edwards has extensive experience as a financial and operational
leader. He joins the Company from Brinker International, Inc., a leading
casual dining restaurant company, where he served as Executive Vice
President and Chief Financial Officer since March 2015. Prior to that,
he held numerous positions within finance at Wyndham Worldwide from 2007
to 2015, including having served as Executive Vice President and Chief
Financial Officer of the Wyndham Hotel Group from March 2013 to March
2015. Mr. Edwards has also held a number of financial and operational
leadership positions in the consumer goods industry, including as Vice
President, Consumer Innovation and Marketing Services at Kraft Foods and
Vice President, Finance at Nabisco Food Service Company.
“We are excited to have Tom join our organization and oversee
responsibilities for global finance, operations and IT,” said John D.
Idol, Chairman and Chief Executive Officer. “Tom is a veteran in the
global consumer goods industry and a proven financial and operational
leader. He will be instrumental to us as we continue to execute on our
key growth and operational initiatives as well as drive value for our
shareholders.”
“I am excited to join Michael Kors,” said Mr. Edwards. “The Company has
established itself as a leading global luxury fashion brand with a
strong track record of producing compelling financial results. I look
forward to working with John, Michael and the rest of the management
team as Michael Kors continues to execute on its long-term strategic
plan.”
Mr. Edwards is succeeding Joseph B. Parsons, who is retiring after 13
years with the Company. Mr. Parsons will remain with the Company through
August 1, 2017 in his current role.
“On behalf of Michael, the Board of Directors and our entire
organization, I’d like to express our sincere gratitude to Joe for his
significant contributions to our organization,” added Mr. Idol. “Over
the last 13 years, Joe has been an integral member of the management
team, helping to lead our company from approximately $17 million in
revenues in 2003 to more than $4 billion in revenues today, and to
become a leading global luxury fashion house. We wish him well in his
retirement.”
About Michael Kors
Michael Kors is a world-renowned, award-winning designer of luxury
accessories and ready-to-wear. His namesake company, established in
1981, currently produces a range of products under Michael Kors
Collection, MICHAEL Michael Kors and Michael Kors Mens, including
accessories, ready-to-wear, footwear, wearable technology, watches, and
a full line of fragrance products. Michael Kors stores are operated,
either directly or through licensing partners, in some of the most
prestigious cities in the world, including New York, Beverly Hills,
Chicago, London, Milan, Paris, Munich, Istanbul, Dubai, Seoul, Tokyo and
Hong Kong.
Forward-Looking Statements
This press release contains forward-looking statements. You should not
place undue reliance on such statements because they are subject to
numerous uncertainties and factors relating to the Company’s operations
and business environment, all of which are difficult to predict and many
of which are beyond the Company’s control. Forward-looking statements
include information concerning the Company’s possible or assumed future
results of operations, including descriptions of its business strategy.
These statements often include words such as “may,” “will,” “should,”
“believe,” “expect,” “seek,” “anticipate,” “intend,” “plan,” “estimate”
or similar expressions. The forward-looking statements contained in this
press release are based on assumptions that the Company has made in
light of management’s experience in the industry as well as its
perceptions of historical trends, current conditions, expected future
developments and other factors that it believes are appropriate under
the circumstances. You should understand that these statements are not
guarantees of performance or results. They involve known and unknown
risks, uncertainties and assumptions. Although the Company believes that
these forward-looking statements are based on reasonable assumptions,
you should be aware that many factors could affect its actual financial
results or results of operations and could cause actual results to
differ materially from those in these forward-looking statements. These
factors are more fully discussed in the “Risk Factors” section and
elsewhere in the Company’s Annual Report on Form 10-K for the fiscal
year ended April 2, 2016 (File No. 001-35368) and Quarterly Reports on
Form 10-Q (File No. 001-35368) for the fiscal quarters ended July 2,
2016 and December 31, 2016, filed with the U.S. Securities and Exchange
Commission.
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Source: Michael Kors Holdings Limited