ICON Health & Fitness, Inc. announced that effective July 1, 2004, Scott Watterson and Gary Stevenson began their leave of absence to accept assignments from the Church of Jesus Christ of Latter Day Saints as Mission Presidents. In their absence, the daily operations of the Company are being managed by David J. Watterson, a 23-year ICON veteran who was recently elected Chairman and Chief Operating Officer. Fred Beck, ICON's Chief Financial Officer for 14 years, will continue in his current role.
Additionally, Matthew Allen, a 20-year ICON veteran has moved to the position of President and Chief Merchandising Officer, Joseph Brough, a 14-year ICON executive has become the Chief Operating Officer, and Jace Jergensen, a 9-year executive is now the Senior Vice President in addition to his responsibilities as President of ICON's JumpKing subsidiary.
Messrs. Watterson and Stevenson indicated that they expect to return to ICON in a management capacity upon completion of their church service. ICON and Messrs. Watterson and Stevenson are currently in discussions regarding the modification of their existing employment agreements to take into account their leave of absence.
