Design Within Reach Names John Edelman as President and Chief Executive Officer
December 15 2009 - 6:50PM
PR Newswire (US)
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 http://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 http://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. DATASOURCE: Design Within
Reach, Inc. CONTACT: Public Relations of Design Within Reach, Inc.,
Web Site: http://www.dwr.com/
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