MINNEAPOLIS--(BUSINESS WIRE)--March 28, 2008--Wilsons The Leather Experts Inc. (Nasdaq: WLSN) today announced that Michael Searles will leave his position as Chief Executive Officer on or about April 3, 2008 and will resign as a director of the Company at the same time. Searles will continue to be available to provide consulting services to the Company for six months from the date of his resignation. A search to replace Searles as Chief Executive Officer will be commenced and the Company expects to make an announcement regarding his successor within the next few months.
Searles, 58, who has been CEO of the Company since December 2004, said that for both personal and professional reasons the timing is now right for a leadership transition.
Michael Sweeney, Chairman of the Board, commented "The board of directors of Wilsons Leather thanks Mike Searles for his dedicated service to the Company during these difficult times."
About
Wilsons Leather is the leading specialty retailer of leather outerwear, accessories and apparel in the
Background on Michael Searles
From 1998 to 2002, Searles was Chairman and CEO of Factory 2-U Stores, Inc., where he led an aggressive restructuring, changing the corporate name, closing unprofitable stores and adding familiar brand names such as Nike, Oshkosh, Levi's, Lee and Adidas to the product mix.
Searles was President of Merchandising and Marketing at Montgomery Ward from 1996 to 1997. In that role, he was responsible for all marketing and merchandising operations for the $6 billion retail group that included 340 department stores, 36 Lechmere stores, 18 Electronic Avenue and More stores and seven Home Image stores. The company filed for bankruptcy protection in 1997.
From 1993 to 1995, Searles was President of Women's Specialty Retail Group, a $1.4 billion division of U.S. Shoe Corporation, where he was responsible for the specialty retail chain with 1,400 stores operated under the Casual Corner, Petite Sophisticate, August Max, Capezio, Pappagalo, and Karen Charles names and their respective outlet stores.
For nine years beginning in 1984, Searles served as President of Kids "R" Us, a division of Toys "R" Us, and led the division's expansion from four stores to more than 200 with approximately $800 million in annual sales. No longer operating independently.
From 1972 to 1984, Searles served in several positions at Howland Steinbach Hochschild Kohn, a northeast-based department store chain. In 1983, he was named President and Chief Operating Officer .
