Heelys, Inc. has expanded its board of directors to eight and has selected Gary L. Martin to join the board and serve as its non-executive Chairman. Mr. Martin, 61, is President and Chief Executive Officer of Capital Southwest Corporation, which is Heelys' largest shareholder, holding 9,317,310 shares of common stock, equivalent to a 34.4% equity interest.
Mr. Martin, who has been associated with Capital Southwest or its subsidiaries since 1972, has served on its board since 1988 and was named President and CEO in July 2007. Previously, he was CEO of The Whitmore Manufacturing Company of Rockwall, Texas, a producer of industrial lubricants and a key portfolio company of Capital Southwest. He earned a BBA in finance and accounting from the University of Oklahoma, is a Certified Public Accountant and is a graduate of Harvard Business School's Advanced Management Program. Mr. Martin is a director of Alamo Group, Inc. and Capital Southwest Corporation.
Mr. Martin stated, “The Heelys board of directors has established challenging goals for the growth of sales and earnings. To accomplish these goals, the company must market Heelys' present products more effectively and introduce new products which appeal to Heelys present customers and a new universe of potential customers.” Mr. Martin added “We are committed to sustaining Heelys' growth and producing results that will merit the confidence of our stockholders.”
Heelys, Inc. President and CEO Michael Staffaroni said, “We are delighted to have Gary join our board of directors as Chairman. We welcome his vast experience both as a successful business manager and director for other publicly traded companies. We indeed have both challenges and opportunities facing our dynamic business as we continue to grow and diversify our HEELYS brand into important strategic areas such as apparel, backpacks and our exciting new foray into 'non-wheeled' footwear through the introduction of our Gamer by Heelys collection that will be available in stores for holiday '07. This 'non-wheeled' initiative along with our growing assortment of wheeled footwear styles and evolving technology gives HEELYS the unique opportunity to become a world class kids' sports-lifestyle brand.”
Heelys' former Chairman, Patrick F. Hamner, will remain on the board and will serve as Senior Vice President of the company.