Ashworth, Inc. announced the appointment of John W. Richardson, a new outside director, to the company's Board.
Mr. Richardson will stand for election at the company's Annual Meeting of Stockholders scheduled for March 2006. The company's Corporate Governance and Nominating Committee is in the process of searching for three or four directors who possess the desired skill sets designed to enhance the diversity of experience on the Company' Board of Directors. Mr. Richardson brings to the Board several of the desired skill sets. First, Mr. Richardson has extensive finance-related experience, qualifies as an “audit committee financial expert” and brings to the Board a wealth of knowledge in the area of Sarbanes-Oxley compliance in today's environment. Second, he has Fortune 500 public company experience, and third, he has international experience.
Mr. Richardson, 60, is the SVP, controller and CAO of Qwest Communications International, a world wide provider of a variety of telecommunications services. From October 2002 to April 2003, Mr. Richardson was an independent consultant. In October 2002 Mr. Richardson retired from Goodyear Tire & Rubber Company, a worldwide manufacturer of tires, engineered products and chemicals where he served as the VP of finance for its North American Tire business unit from 1999 to 2002. Mr. Richardson has a broad variety of international experience from his work with Goodyear where he held general management and financial positions within their operations in Great Britain and Ohio from 1967 to 1999. Mr. Richardson holds a CPA license from the State of Ohio and received a B.B.A. degree from Ohio University in 1967.
To accommodate the election of Mr. Richardson, the Board also adopted a resolution to increase the authorized number of directors on the Board. Effective as of December 12, 2005, the exact number of directors of the company was increased from five to six.
After the appointment of Mr. Richardson, the Board will have six directors comprised of five independent directors (as determined in accordance with NASDAQ's independence requirements) and one employee director.
There are no arrangements or understandings pursuant to which Mr. Richardson was selected as a director of the Company. Mr. Richardson does not have any relationship or related transaction with the company that would require disclosure pursuant to Item 404(a) of Securities and Exchange Commission Regulation S-K.
Mr. Richardson has not yet been appointed to serve on any Board committees and such appointment is expected to be made when he joins the Board for his first Board meeting in December.