Stebenne Brings 30 Years of Juvenile Product Strategic Marketing Experience
Alan J. Mustacchi Joins Board of Directors; Dan Almagor Named Executive Chairman
WOONSOCKET, R.I., May 6, 2015 (GLOBE NEWSWIRE) -- Summer Infant, Inc. (Nasdaq:SUMR), a global leader in premium juvenile products, today announced that Robert Stebenne, the Company's President and Chief Operating Officer, has been named the Company's new Chief Executive Officer, succeeding Carol Bramson, who has resigned. Ms. Bramson will remain on the board of directors. The Company also announced that Alan Mustacchi has joined the board of directors and will replace Jason Macari who will resign from the board on August 1, 2015. Dan Almagor was named Executive Chairman.
Stebenne, a board member since 2007, was appointed President and Chief Operating Officer in March 2015. He has 30 years of juvenile product marketing experience, including 20 years in positions of increasing responsibility at Hasbro Industries.
"Summer Infant is at an important crossroads of opportunity, and Bob Stebenne is the right leader to move the Company forward at this time," said Almagor. "Bob has excellent leadership skills and a deep understanding of Summer Infant and the markets that we serve. His successful experience in developing new products, brands and markets at leading juvenile companies will be a tremendous asset as we expand our markets and capitalize on exciting opportunities."
"I am excited to be taking the helm of Summer Infant as we advance the Company to the next level of profitability," said Stebenne. "We have great brands and a dedicated group of highly talented employees and managers seeking to capitalize on the numerous opportunities ahead. We have made good progress in developing our growth engine and improving operations, but we have much work to do in order to significantly enhance shareholder value. I look forward to working with Dan, the board and the entire Summer Infant team to accomplish this goal."
Robert Stebenne became a member of the board of directors in 2007 and served as the lead independent director from 2008 until February 2013. Most recently he owned and managed a firm that provides consulting services in brand development, product development and strategic planning, among other areas. From February 1999 to July 2002, Stebenne was the President of New Business Development for Hasbro Industries. From 1991 to January 1999, he was President of Hasbro's FOB/LC division, where he created a U.S. marketing, sales, product development, finance and logistics group. From 1982 to 1991, he was President of Hasbro's Playskool Baby division. Stebenne received a B.A. from Roger Williams University.
Board of Directors
"We are delighted to welcome Alan Mustacchi to the Summer Infant board of directors," said Almagor. "Alan offers significant financial expertise with a particular focus on the retail and consumer products market. We look forward to the in-depth and relevant experience that he brings to the board. At the same time, I would like to thank Jason Macari for his service to the board and his dedication to Summer Infant since its founding."
With more than 25 years of executive financial experience, Alan Mustacchi is currently Executive Vice President, Capital Markets, of GreenSky Credit. He previously was Managing Director of Dresner Partners, where he headed Specialty Retail and Consumer Products Investment Banking. He also has been Managing Director, Investment Banking Group for Navigant Capital Advisors, Managing Director, Merchant Banking Group, BNP Paribas, and Vice President of The Bank of New York in its commercial finance group. Earlier in his career, Mustacchi also spent six years as a certified public accountant. He holds an M.B.A. in Finance and International Business and a B.S. in Accounting and Economics from New York University's Stern School of Business.
About Summer Infant, Inc.
Based in Woonsocket, Rhode Island, the Company is a global leader of premium juvenile products for ages 0-3 years which are sold principally to large North American and international retailers. The Company currently sells proprietary products in a number of different categories including nursery audio/video monitors, safety gates, durable bath products, bed rails, nursery products, strollers, booster and potty seats, swaddling blankets, bouncers, travel accessories, highchairs, swings, and infant feeding products. For more information about the Company, please visit www.summerinfant.com.
Certain statements in this release that are not historical fact may be deemed "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and the Company intends that such forward-looking statements be subject to the safe harbor created thereby. These statements are accompanied by words such as "anticipate," "expect," "project," "will," "believes," "estimate" and similar expressions, and include statements regarding the Company's expectations relating to expanding its markets and capitalizing on exciting growth opportunities, future profitability and the ability to enhance shareholder value. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by such forward-looking statements. Such factors include the concentration of the Company's business with retail customers; the ability of the Company to compete in its industry; the Company's ability to continue to control costs and expenses; the Company's dependence on key personnel; the Company's reliance on foreign suppliers; the Company's ability to develop, market and launch new products; the Company's ability to grow sales with existing and new customers and in new channels; the Company's ability to meet required financial covenants under its loan agreements; and other risks as detailed in the Company's Annual Report on Form 10-K for the fiscal year ended January 3, 2015, and subsequent filings with the Securities and Exchange Commission. The Company assumes no obligation to update the information contained in this release.
CONTACT: Chris Witty Investor Relations 646-438-9385 firstname.lastname@example.org