Gary Pfeiffer has been named chairman of the board of The Talbots Inc. Pfeiffer had been Talbots independent lead director since July 2008. He will continue in that role, succeeding Tsutomu Kajita, who will continue as a director.
Kajita is a vice president at Aeon Co., Ltd, which holds a significant stake in Talbots.
“Aeon’s longstanding involvement with Talbots as majority shareholder has recently expanded and Aeon is now also a major creditor of the company,” Trudy Sullivan, Talbots President and CEO said in a statement.
“The Board has, in keeping with good corporate governance, named an independent director as its chair,” she added.
Motoya Okada, President of Aeon Co., Ltd. said,
“We would like to extend our congratulations to Gary on his appointment to chairman,” Aeon president Motoya Okada said in a statement. “During his time on the board, Gary has demonstrated proven leadership capabilities and a disciplined approach. We remain confident in Talbots management team’s ability to drive improved operating performance and shareholder value.”
Mr. Pfeiffer is also chair of the Board’s Executive Committee as well as the company’s compensation committee. He has been an independent director of the company since 2004. Pfeiffer recently served as Secretary of Finance for the State of Delaware. He was senior VP and CFO of E. I. du Pont de Nemours and Company from 1997 through 2006, when he retired.
The Talbots, Inc. is a leading specialty retailer and direct marketer of women’s apparel, shoes and accessories.
