Design Within Reach Names John Edelman as President and Chief Executive Officer
SAN FRANCISCO, Dec. 15 /PRNewswire-FirstCall/ -- Design Within Reach, Inc. (Pink Sheets: DWRI) announced today that John Edelman, former President and Chief Executive Officer of Edelman Leather, a division of Knoll, Inc. (NYSE: KNL), will join Design Within Reach as a Director, President and Chief Executive Officer, effective January 3, 2010.
Mr. Edelman, 42, has more than 20 years experience with consumer-focused, lifestyle brands. During his 14-year tenure at Edelman Leather, six years as President and CEO, he exponentially increased its brand awareness, sales and profits as the leading national provider of premium leather to the home furnishings industry. He was instrumental in leading the sale of his namesake company to Knoll, Inc. in October 2007. Prior to joining Edelman in 1995, Mr. Edelman spent seven years at Sam & Libby, Inc., where he was responsible for its U.S. business.
Simultaneous with the appointment of Mr. Edelman, the company has also hired John McPhee, 46, as Chief Operating Officer. Mr. McPhee was formerly Chief Operating Officer of Edelman Leather, which he joined in 2003. Previously he held senior management positions with Candie's, Inc. as President, and Sam & Libby, Inc. as Executive Vice President. In addition to his consumer experience, Mr. McPhee has extensive real estate development and management expertise.
Glenn Krevlin, Chairman of DWR, said, "During the search process, the Board met with many highly qualified candidates, but the search committee unanimously concluded that Edelman and McPhee were the perfect team to lead the future vision of DWR. John Edelman is a charismatic, creative and team-oriented executive with an approachable style. He has a strong knowledge of and affinity for the modern home furnishings aesthetic and is considered to be an industry expert in 'modern.'"
Mr. Krevlin added: "John McPhee is a seasoned operational executive who has a strong background in IT, logistics, real estate and finance. He will be an exceptional compliment and partner to John Edelman. My vision was to find leaders for DWR that foster a culture that is maniacally focused on servicing our clients and customers. This team will help us achieve these goals."
Mr. Edelman said, "I am thrilled to be joining Design Within Reach, a company that is so passionate about the products it sells. I have always been impressed with the enthusiasm and dedication that the store associates have for the products and vendors they work with. John McPhee and I look forward to helping shape the new future of DWR."
About Design Within Reach, Inc.
Design Within Reach, Inc., founded in 1998 and headquartered in San Francisco, California, is an integrated multi-channel provider of distinctive modern design furnishings and accessories. The Company markets and sells its products to both residential and contract customers through the internet, catalog, more than 67 retail locations in the United States and Canada, its San Francisco-based phone sales team at 800.944.2233 and www.dwr.com.
"Design Within Reach" is a registered trademark of Design Within Reach, Inc.
Forward Looking Statements
This press release includes forward-looking statements, including statements related to anticipated revenues, expenses, earnings, operating cash flows, the outlook for Design Within Reach's markets and the demand for its products. Factors that could cause Design Within Reach's actual results to differ materially from these forward-looking statements including the following: we have recently revised our corporate strategy and our new strategy may not be successful; if we fail to offer merchandise that our customers find attractive, the demand for our products may be limited; the expansion of our studio operations could result in increased expenses with no guarantee of increased revenues; we do not have long-term vendor contracts and as a result we may not have continued or exclusive access to products that we sell; our business depends, in part, on factors affecting consumer spending that are not within our control; recent turmoil in the credit markets and the financial services industry may negatively impact our business, results of operations, financial condition, liquidity or market price of our common stock; we are subject to various risks and uncertainties that might affect our ability to procure quality merchandise from our vendors or receive favorable payment terms from our vendors; we rely on catalog-based marketing, which could have significant cost increases and could have unpredictable results; we must manage our online business successfully or our business will be adversely affected; we have made and will continue to make certain systems changes that might disrupt our supply chain operations and delay financial results; management has identified material weaknesses in internal controls over financial reporting; our failure to implement and maintain effective internal controls in our business could have a material adverse effect on our business, financial condition, results of operations and stock price; we may need additional financing and may not be able to obtain additional financing on favorable terms or at all, which could increase our costs, limit our ability to grow and dilute the ownership interests of existing stockholders; we may not manage our inventory levels successfully; changes in the value of the U.S. dollar relative to foreign currencies and any failure by us to adopt and implement an effective hedging strategy could adversely affect our operating results; we rely on foreign sources of production, which subjects us to various risks; we may fail to timely and effectively obtain shipments of product from our vendors and deliver merchandise to our customers; we face intense competition and if we are unable to compete effectively, we may not be able to achieve and maintain profitability; and our operating and financial performance in any given period might not meet the guidance that we have provided to the public and other risks detailed in our reports and filings with the Securities and Exchange Commission, including our latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which is available at the SEC's website at www.sec.gov. You are urged to consider these factors carefully in evaluating the forward-looking statements herein, and we caution you not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date they were made or to reflect the occurrence of unanticipated events.
SOURCE Design Within Reach, Inc.
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