Movie Star, Inc. has picked Peter Cole, currently one of the Company’s directors, to serve as the lead member of the company’s board of directors. Cole’s primary responsibility will be overseeing the Frederick’s of Hollywood merger. Cole will also serve as executive chairman of the combined company, pending approval by the Movie Star shareholders of the transactions.
Cole’s new role means he no longer qualifies as an independent director under American Stock Exchange rules. According to American Stock Exchange rules, the board of each listed company must be comprised of a majority of independent directors and its committees must be comprised solely of independent directors. In order for Movie Star to remain in compliance, COO Saul Pomerantz and CFO Thomas Rende have resigned from the board, and Cole has resigned from the nominating and compensation committees.
Pomerantz and Rende will continue to serve in their current positions through the closing of the merger. Once the merger is completed, both will remain in their positions, with Rende returning to the board.
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