GETTYSBURG, Pa.--(BUSINESS WIRE)--May 25, 2006--The Boyds Collection, Ltd., a leading designer and manufacturer of unique, whimsical and "Folksy With Attitude(SM)" gifts and collectibles, announced today the appointment of Robert Coccoluto as CEO, replacing Jan Murley. Ms. Murley, who is leaving to pursue other interests, will remain with the Company until June 30, 2006 or the Company's emergence from Chapter 11, to assist with the transition to new management.
"I am honored and excited to accept the opportunity to lead the Company forward as a stronger competitor in the marketplace," said Mr. Coccoluto, incoming chief executive officer. "The Board and the management team share my commitment to growing Boyds. I am confident that together we will build a stronger and invigorated Company that will be better able to serve our employees and all of our loyal customers. As we move forward, we are particularly focused on serving and retaining our retail and collector base, which has been and continues to be loyal and committed to the Company."
Mr. Coccoluto previously served as President and CFO of the Company from 1998 to 2000. In 2001, he founded Advanced Design Group, which designed and marketed unique garden decorations. In 2004, he joined Frost Associates where he has served as a management and M&A advisor to companies in the gift and home decor industries.
Ms. Murley has led the Company for the last three years. Before taking on responsibilities as CEO, she spent three years as group vice president for Hallmark Cards, the world's largest publisher of greeting cards and related gifts, which she joined following a more than 20-year tenure at Procter & Gamble.
The Company also announced today the appointment of Peter Frost as Chief Operating Officer. Mr. Frost previously served as VP of Finance and CFO of the Company from 1999-2002. In 2002, he joined Gotham Golf Partners, an owner/operator of 26 golf courses, as CFO. In 2003, he founded Frost Associates, where he serves as a management and M&A advisor to companies in the gift industry.
Michael A. Prager, who is Boyds' Group Vice President, Wholesale, will assume the position of President, effective immediately. A highly experienced executive, Mr. Prager's nearly 20-year career has been spent at industry-leading consumer products companies, including Procter & Gamble, Johnson & Johnson and The Timberland Company. Mr. Prager has been with Boyds since 2004.
" I am pleased by the confidence expressed by the Board in choosing me to take on the position of President. I believe my many years of experience will allow me to make a major contribution to the company's growth in the years to come."
The court has scheduled a confirmation hearing with respect to the Boyds Reorganization Plan for June 8, 2006. The proposed Plan has the support of both its largest secured lender and the Official Committee of Unsecured Creditors in its Chapter 11 cases. Boyds is on track to emerge from Chapter 11 in June.
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