Heelys said it was backing in compliance with listing rules at the Nasdaq Stock Market after appointing an independent director who will serve on its audit committee.
The company had notified investors Jan. 23 that it was no longer compliant with a Nasdaq requirement that it have at least three independent members on its audit committee.
Heelys said it appointed Jerry R. Edwards to its board of directors, effective March 12, 2008. Edwards, former president and CEO of Pearl Izumi, a leading brand of hi-tech performance apparel and footwear for outdoor sports, will serve as a director of the board and as a member of the Audit Committee.
Edwards has more than 25 years of experience managing high performing apparel and information technology operations.
Currently, he is Managing Director of Great Circle Ventures, LLC, a private investment company, where he has been since 2005.
From 1998 to 2005, Edwards served as president and CEO of Pearl Izumi where he completed a business turnaround and increased sales revenue from $20 million to nearly $58 million in 2005. As a result, Pearl Izumi was sold to Nautilus, Inc. in July 2005 for $74 million. Natilus sold Peral Izumi last month to Japanese bicycle component maker Shimano for $69.5 million.
Prior to Pearl Izumi, Edwards served as president and CEO for Rodeer Systems, Inc., a $50 million transcription service business with an innovative electronic medical records system that he founded. Throughout his career, Edwards has held other notable roles, including an executive position with Lee Apparel, a division of VF Corporation.
“Jerry is a strategic visionary and has a proven track record of increasing core business and expanding global operations,” said Ralph Parks, interim CEO for Heelys. “His leadership of Pearl Izumi and other multi-million dollar national and global companies make him a strong addition to Heelys board and we look forward to his contributions.”
Edwards received his bachelor of science from East Carolina University and a master of science in Systems Management from The University of Southern California. He is a former United States Air Force Captain and is a recipient of the Edleman Award from The Institute of Management Science