Unifi Announces Election of Paul R. Charron as a Director

Former Liz Claiborne Chief Executive Joins the Board

05 Feb, 2016, 13:09 ET from Unifi, Inc.

GREENSBORO, N.C., Feb. 5, 2016 /PRNewswire/ -- Unifi, Inc. (NYSE: UFI) today announced that it has elected Paul R. Charron to the Company's board of directors.  Mr. Charron is the former President, Chairman and Chief Executive Officer of Liz Claiborne Inc., where he held positions from 1994 until his retirement in Dec. 2006.  Mr. Charron has been an independent consultant since 2007, working with major publicly held companies and, from 2008 to 2012, as Senior Advisor to global private equity firm Warburg Pincus, in the areas of consumer products, fashion and retail. Mr. Charron's particular focus as a consultant has been on growth strategies, management structure and the mentoring of senior management teams.

Mr. Charron was elected to the Company's board on Feb. 4, 2016 by unanimous vote of the existing directors, following an extensive search to fill a recently established board position.  William L. Jasper, Chairman and Chief Executive Officer of the Company, stated: "We are excited that Paul has agreed to join our board, bringing his extensive experience and insights from years of working with leading companies on marketing and strategic growth planning and implementation.  Paul not only expands the skill sets of our board and its ability to provide strategic direction for the Company, he will also be an invaluable asset and resource for our entire management team.  Together with Jim Mead, who joined our board in December 2015, Paul will help provide guidance and mentoring to the management team as we continue our efforts to plot Unifi's future growth and sustained profitability that will enhance long-term shareholder value."

Mr. Charron was a member of the board of directors of Campbell Soup Company (from 2003 to 2015), serving as Non-Executive Chairman of the Board (from August 2009 to November 2015).

He is a member (since 2013) of the Administrative Board of Escada SE, which is a global fashion brand based in Munich, Germany.  Mr. Charron holds a BA degree from the University of Notre Dame (1964) and an MBA degree from Harvard University (1971).

Before joining Liz Claiborne Inc., Mr. Charron held executive positions with each of VF Corporation, Brown & Bigelow and Cannon Mills Company, after beginning his business career in brand management positions at Procter & Gamble and General Foods Corporation.

About Unifi, Inc.:

Unifi, Inc. (NYSE: UFI) is a multi-national manufacturing company that produces and sells textured and other processed yarns designed to meet customer specifications, and premier value-added ("PVA") yarns with enhanced performance characteristics.  Unifi maintains one of the textile industry's most comprehensive polyester and nylon product offerings.  Unifi enhances demand for its products, and helps others in creating a more effective textile industry supply chain, through the development and introduction of branded yarns that provide unique performance, comfort and aesthetic advantages.  In addition to its flagship REPREVE® products – a family of eco-friendly yarns made from recycled materials – key Unifi brands include: SORBTEK®, REFLEXX®, aio® - all-in-one performance yarns, SATURA®, AUGUSTA® A.M.Y.®, MYNX® UV, and MICROVISTA®.  Unifi's yarns are readily found in the products of major brands in the apparel, hosiery, automotive, home furnishings, industrial and other end-use markets.  For more information about Unifi, visit www.unifi.com; to learn more about REPREVE®, visit www.repreve.com.

CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS

Certain statements included herein contain forward-looking statements within the meaning of federal securities laws about the financial condition and results of operations of Unifi, Inc. (the "Company") that are based on management's beliefs, assumptions and expectations about our future economic performance, considering the information currently available to management.  The words "believe," "may," "could," "will," "should," "would," "anticipate," "estimate," "project," "expect," "intend," "seek," "strive," and words of similar import, or the negative of such words, identify or signal the presence of forward-looking statements.  These statements are not statements of historical fact; they involve risk and uncertainties that may cause our actual results, performance or financial condition to differ materially from the expectations of future results, performance or financial condition that we express or imply in any forward-looking statement.

Factors that could contribute to such differences include, but are not limited to:  the competitive nature of the textile industry and the impact of worldwide competition; changes in the trade regulatory environment and governmental policies and legislation; the availability, sourcing and pricing of raw materials; general domestic and international economic and industry conditions in markets where the Company competes, such as recession and other economic and political factors over which the Company has no control; changes in consumer spending, customer preferences, fashion trends and end-uses; the financial condition of the Company's customers; the loss of a significant customer; the success of the Company's strategic business initiatives; the continuity of the Company's leadership; volatility of financial and credit markets; the ability to service indebtedness and fund capital expenditures and strategic initiatives; availability of and access to credit on reasonable terms; changes in currency exchange, interest and inflation rates; the ability to reduce production costs; the ability to protect intellectual property; employee relations; the impact of environmental, health and safety regulations; the operating performance of joint ventures and other equity investments; and the accurate financial reporting of information from equity method investees.

All such factors are difficult to predict, contain uncertainties that may materially affect actual results and may be beyond our control.  New factors emerge from time to time, and it is not possible for management to predict all such factors or to assess the impact of each such factor on the Company.  Any forward-looking statement speaks only as of the date on which such statement is made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, except as may be required by federal securities law. The above and other risks and uncertainties are described in the Company's most recent annual report on Form 10-K, and additional risks or uncertainties may be described from time to time in other reports filed by the Company with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended.

 

SOURCE Unifi, Inc.



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