Paul Fireman, chairman and chief executive officer of Reebok International Ltd., announced Thursday that Jay Margolis has resigned as president and chief operating officer of Reebok, and as a director on the Reebok Board.
Fireman has committed to the Reebok Board of Directors to enter into a new long-term employment agreement. After a brief transition period, Fireman will assume day-to-day leadership responsibilities of the Company. There are no plans to replace Margolis' position. During the next several years, the Board and Fireman will work together to identify and develop an internal successor.
Margolis joined Reebok at a time when Fireman was experiencing some health problems, which resulted in coronary by-pass surgery two years ago. Fireman is now healthy and feeling extremely energized. “No one knows this business like Paul Fireman,” said Margolis. “Now that he has fully recovered, it is his leadership that will serve the company best at this time. It is the right thing for our shareholders that Paul be involved in the business as much as possible,” continued Margolis. “Paul is the heart and soul of Reebok. We have discussed the future of the Company and are in agreement that his stepping back in to directly run the business is the best decision for the Company and its shareholders at this time,” added Margolis.
“I want to take this opportunity to acknowledge Jay's accomplishments, which include launching Reebok's new retail flagship stores in London, Los Angeles, New York, Philadelphia, Tokyo and, most recently, China, and energizing Reebok's product and marketing programs,” said Fireman. “Prior to focusing primarily on the Reebok brand, Jay brought a sharper merchandising focus to our specialty businesses – Rockport, Greg Norman Collection and Ralph Lauren Footwear.”
While Margolis has not made any specific future plans at this time, he does intend to pursue a leadership opportunity and/or a Directorship role should an opportunity be available where his significant experience can add value.
“Jay leaves behind a great team in which I have the utmost confidence,” said Fireman. “I am proud of what we have accomplished during these past several years and look forward to working more closely with the entire Reebok team as we continue to drive our entire Corporation forward,” concluded Fireman.
