Cutter & Buck Inc.'s president, CEO, and board member, John T. (Tom) Wyatt will be relinquishing his positions with the company on March 8, 2006, to become the president of GapBody, part of Gap, Inc.
“We are extremely grateful to Tom for his many contributions to Cutter & Buck over the past year, including implementing our strategic plan to deliver improved products and profitable growth to our company,” said Doug Southern, chairman. “He was approached to run GapBody, and given his background with similar divisions at Warnaco and VF Corporation, it's like going home for Tom. So we understand why he would view this as a 'can't refuse' opportunity. We are certainly pleased for Tom and will miss his extraordinary leadership. Tom's decision to resign is in no way due to a lack of progress in our strategic plan. We remain on track to begin experiencing top line growth in the second half of fiscal 2006, driven by our vastly improved product introductions in CB ProTec, Signature Collection and Classics, as well as the addition of the direct to consumer initiatives launched earlier this year.”
“I will miss Cutter & Buck a great deal and the decision to leave was very difficult,” said Wyatt. “I have found my time working with the Cutter & Buck leadership team and our directors, extremely rewarding. We have begun implementing many items that are designed to increase shareholder value. I am confident that Cutter & Buck is well positioned for the future. For me however, the prospect of a new and challenging role to head one of the leading intimate apparel brands is simply too great to pass up.”
Southern added, “We have a very dedicated and committed group of directors and I am confident they will make good use of the transition period to address this leadership change.”
