Published: February 03, 2011
Regis Corporation Announces Senior Management Changes
MINNEAPOLIS - (BUSINESS WIRE) - Regis Corporation (NYSE: RGS), the global leader in the $160 billion
hair care industry, today announced that Randy L. Pearce, currently
Senior Executive Vice President, Chief Financial and Administrative
Officer, will replace Paul D. Finkelstein as President effective
immediately. Mr. Finkelstein will remain Chairman of the Board and Chief
Executive Officer through 2011. In 2012, Mr. Finkelstein will become
Executive Chairman.
"Having spent the last 23 years with Regis Corporation, I am proud of
the growth and development of our exceptional national and regional
brands as well as the Company's portfolio of affordably priced salons
located in prime retail locations," said Paul D. Finkelstein, Chairman
and Chief Executive Officer. "Randy has been an integral part of the
Company since he joined Regis over 25 years ago. I am confident that his
extensive knowledge of Regis and the hair care business makes Randy the
right choice to serve as the Company's President. This is an appropriate
time in the Company's history to begin looking towards the future by
taking the first step towards building out our bench and continuing the
succession process."
"I am honored to succeed Paul as President and I value the trust that
Paul and the Board have placed in me to assume this important
operational role at the Company," said Randy L. Pearce, President.
"Under Paul's leadership, Regis has experienced extraordinary growth and
has expanded its position as the global leader in the hair care
industry. I plan to leverage this strong foundation by sharpening our
vision and strategy in the context of the current economy, with
increased focus on the consumer and our stylists. We plan to implement
our current revenue enhancing initiatives with a sense of urgency and
deliver long-term value to Regis shareholders."
Regis also announced today a corporate organization restructuring that
will improve the Company's ability to adapt to the dynamic marketplace
and the current economy. David Bortnem, formerly head of operations of
the MasterCuts brand, has been appointed to the newly created position
of Corporate Chief Operating Officer. In this capacity, Mr. Bortnem will
oversee all Regis brands in North America and partner with and report to
Mr. Pearce.
"I've worked with Dave for a number of years and he has earned my
respect as a leader. He is highly qualified to take on these
responsibilities and I look forward to working closely with him in the
future," said Randy L. Pearce, President.
Regis also announced that Brent Moen, currently Vice President of
Finance and Corporate Controller, has been appointed to Senior Vice
President and Chief Financial Officer, replacing Mr. Pearce, effective
immediately.
"Brent Moen has proven to be an exceptional talent with a solid
understanding of our business. He will be a great addition to our senior
management team," said Randy L. Pearce, President.
About Paul D. Finkelstein
Paul D. Finkelstein, age 68, joined Regis Corporation in May 1987.
During his tenure with the Company, Regis has grown from 659 salons
operating in two divisions with annual sales of $172 million to seven
divisions with over 12,700 locations worldwide. Key concepts include
Jean Louis David, Supercuts, Regis Salons, SmartStyle, MasterCuts and
Cost Cutters, with system-wide revenues of $3.8 billion. During the last
five years, Finkelstein has broadened the Company to include the related
business of hair restoration. Last year, Regis and affiliate locations
recorded over 155 million customer visits worldwide.
Mr. Finkelstein has been in the salon industry throughout his 40-plus
year career. Previously he worked with Glemby International, Seligman &
Latz (S&L) and Turner Hall Corporation. Mr. Finkelstein served as a
senior vice president at Revlon before joining Regis. Mr. Finkelstein
earned a Bachelor of Science degree in Economics from the Wharton School
at the University of Pennsylvania, and obtained his Master of Business
Administration from the Harvard Business School. Mr. Finkelstein also
serves on the New York Stock Exchange Advisory Board.
About Randy L. Pearce
Mr. Pearce, age 56, joined Regis Corporation in 1985 after serving four
years with the international public accounting firm of Coopers &
Lybrand, and has moved through a variety of finance positions at Regis.
Mr. Pearce holds a Bachelor of Arts degree in Accounting from the
University of Northern Iowa. He is a graduate of the University of
Minnesota's Carlson School Executive Management program. He is a CPA and
an active member of the American Institute of Certified Public
Accountants, the Financial Executives Institute (FEI) and the
International Council of Shopping Centers (ICSC). He also serves on the
board of Ascena Retail Group (Nasdaq: ASNA) as well as the Boy Scouts of
America.
About David Bortnem
Mr. Bortnem, age 44, joined Regis in 1998 as Salon Director. In 2000,
Bortnem was promoted to VP of Operations for the Regis Division, and in
2003 he assumed the same position in MasterCuts. In 2006, he was
promoted to the role as Chief Operating Officer of the MasterCuts
division and approximately 700 Promenade salons.
Bortnem holds a Bachelor of Science degree in Economics from the
University of Minnesota and a Master of Business Administration from St.
Thomas University.
About Brent Moen
Mr. Moen, age 43, joined Regis in 2000 as Director of Finance. He was
named Vice President - Finance in June 2002 and has served as Vice
President, Corporate Controller since 2006.
Prior to joining Regis, Mr. Moen worked for the public accounting firm
of PriceWaterhouseCoopers, L.L.P., as well as other industry leading
companies, such as Carlson Companies and GlaxoSmithKline. Mr. Moen is a
certified public accountant and holds a Bachelor of Arts degree in
Accountancy from the University of North Dakota.
About Regis Corporation
Regis Corporation is the beauty industry's global leader in beauty
salons, hair restoration centers and cosmetology education. As of
December 31, 2010, the Company owned, franchised or held ownership
interests in over 12,700 worldwide locations. Regis' corporate and
franchised locations operate under concepts such as Supercuts, Sassoon
Salon, Regis Salons, MasterCuts, SmartStyle, Cost Cutters, Cool Cuts 4
Kids and Hair Club for Men and Women. In addition, Regis maintains an
ownership interest in Provalliance, which operates salons primarily in
Europe, under the brands of Jean Louis David, Franck Provost and Saint
Algue. Regis also maintains ownership interests in Empire Education
Group in the U.S. and the MY Style concepts in Japan. System-wide, these
and other concepts are located in the U.S. and in over 30 other
countries in North America, South America, Europe, Africa and Asia. For
additional information about the company, including a reconciliation of
certain non-GAAP financial information and certain supplemental
financial information, please visit the Investor Information section of
the corporate website at www.regiscorp.com.
To join Regis Corporation's email alert list, click on this link: http://www.b2i.us/irpass.asp?BzID=913&to=ea&Nav=1&S=0&L=1
This press release contains "forward-looking statements" within the
meaning of the federal securities laws, including statements concerning
anticipated future events and expectations that are not historical
facts. These forward-looking statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of
1995. The forward–looking statements in this document reflect
management's best judgment at the time they are made, but all such
statements are subject to numerous risks and uncertainties, which could
cause actual results to differ materially from those expressed in or
implied by the statements herein. Such forward-looking statements are
often identified herein by use of words including, but not limited to,
"may," "believe," "project," "forecast," "expect," "estimate,"
"anticipate" and "plan." In addition, the following factors could affect
the Company's actual results and cause such results to differ materially
from those expressed in forward-looking statements. These factors
include competition within the personal hair care industry, which
remains strong, both domestically and internationally; price
sensitivity; changes in economic conditions, and in particular,
continued weakness in the U.S. and global economies; changes in consumer
tastes and fashion trends; the ability of the Company to implement its
planned spending and cost reduction plan and to continue to maintain
compliance with the financial covenants in its credit agreements; labor
and benefit costs; legal claims; risk inherent to international
development (including currency fluctuations); the continued ability of
the Company and its franchisees to obtain suitable locations and
financing for new salon development and to maintain satisfactory
relationships with landlords and other licensors with respect to
existing locations; governmental initiatives such as minimum wage rates,
taxes and possible franchise legislation; the ability of the Company to
successfully identify, acquire and integrate salons that support its
growth objectives; the ability of the Company to maintain satisfactory
relationships with suppliers; the ability of the Company to consummate
the planned closure of salons and the related realization of the
anticipated costs, benefits and time frame; or other factors not listed
above. The ability of the Company to meet its expected revenue target is
dependent on salon acquisitions, new salon construction and same-store
sales increases, all of which are affected by many of the aforementioned
risks. Additional information concerning potential factors that could
affect future financial results is set forth in the Company's Annual
Report on Form 10-K for the year ended June 30, 2010 and the Company's
Quarterly Report on Form 10-Q for the quarter ended September 30, 2010.
We undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. However, your attention is directed to any
further disclosures made in our subsequent annual and periodic reports
filed or furnished with the SEC on Forms 10-K, 10-Q and 8-K and Proxy
Statements on Schedule 14A.
Regis Corporation
Mark Fosland, 952-806-1707
Vice President,
Finance
or
Joele Frank, Wilkinson Brimmer Katcher
Joele
Frank / Kelly Sullivan / Annabelle Rinehart
212-355-4449
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