Board To Initiate Succession Process; O'Donnell Will Continue as CEO
Until His Successor is In Place To Ensure A Smooth Transition
PITTSBURGH, Mar 09, 2011 (BUSINESS WIRE) --American Eagle Outfitters, Inc. (NYSE: AEO) announced today that James
V. O'Donnell, Chief Executive Officer, has informed the Board of
Directors of his intention to retire, and the Company has initiated a
succession process to be jointly led by Mr. O'Donnell and the Board. Mr.
O'Donnell will continue with the Company as CEO until a successor is
named and through an orderly transition period.
Mr. O'Donnell, 70, joined the Company as Chief Operating Officer in 2000
and was named Co-Chief Executive Officer in 2002 and the Company's CEO
in 2003.
"It's been a privilege to be part of American Eagle Outfitters, and I'm
proud of what our team has accomplished in building a world-class
company with iconic brands," Mr. O'Donnell said. "American Eagle
continues to leverage the strength of its preeminent brand, aerie is
making significant, positive strides, and 77kids is off to a great
start. With this solid foundation in place, it is an appropriate time
for the Company to make this transition. I look forward to working with
the Board to identify our next CEO. I am especially proud of the
employees we have brought together; it is an incredible team and my
opportunity to work with them made my decade here the highlight of my
business career. In the meantime, I will be continuing to work with our
management and associates to focus on implementing our strategic plans
and take advantage of the significant growth potential we see for the
Company."
Jay L. Schottenstein, Chairman of the Board, said, "We are extremely
grateful for Jim's many contributions to our Company, including
achieving a high level of operating and financial performance from which
we can continue to build, assembling a world-class management team, and
successfully expanding our retail footprint including entry into
international markets to leverage the global reach of the American Eagle
brand. Jim has led the growth and development of our Company for much of
the last ten years and will leave behind an organization that is well
positioned for the future."
About American Eagle Outfitters, Inc.
American Eagle Outfitters, Inc., through its subsidiaries, ("AEO, Inc.")offers high-quality, on-trend clothing, accessories and personal
care products at affordable prices. The American Eagle Outfitters(R)
brand targets 15 to 25 year old girls and guys, with 929 stores in the
U.S. and Canada and online at www.ae.com.
Aerie(R) by american eagle offers apparel and intimates
collections for the AE(R) girl, with 148 standalone stores in
the U.S. and Canada and online at www.aerie.com.
The latest brand, 77kids(R) by american eagle(R), is available
online at www.77kids.com,
as well as at nine stores across the nation. The 77kids brand offers
small sizes and great big style for kids 0-14. AE.COM(R), the
online home of the brands of AEO, Inc. ships to 76 countries worldwide.
"Safe Harbor" Statement under the Private Securities Litigation Reform
Act of 1995: This release contains forward-looking statements, which
represent our expectations or beliefs concerning future events,
specifically future earnings growth. All forward-looking statements made
by the company involve material risks and uncertainties and are subject
to change based on factors beyond the company's control. Such factors
include, but are not limited to the risk that the company's growth
strategies and profitability may not be achieved and those other risks
described in the Risk Factor Section of the company's Form 10-K and Form
10-Q filed with the Securities and Exchange Commission. Accordingly, the
company's future performance and financial results may differ materially
from those expressed or implied in any such forward-looking statements.
The company does not undertake to publicly update or revise its
forward-looking statements even if future changes make it clear that
projected results expressed or implied will not be realized.
SOURCE: American Eagle Outfitters, Inc.
American Eagle Outfitters, Inc.
Judy Meehan, 412-432-3300