Phoenix Footwear Group, Inc. announced today the appointment of Ken Wolf as Chief Financial Officer, effective February 1, 2003.

Mr. Wolf, who replaces Bob Pereira, is a nine-year veteran of Callaway Golf Company, a NYSE premium consumer goods company, where he served as Interim Chief Financial Officer, and Senior Vice President of Finance and Controller. In addition, Phoenix Footwear announced that the company would be moving its administrative office to San Diego, CA.

Jim Riedman, Chairman and CEO of Phoenix Footwear, commented, “This appointment is a key step in the growth and development of our operations. As our company expands, both organically and through acquisitions, we are focused on upgrading our financial management resources. Having served at Callaway Golf during a period in which the company expanded its sales from $25 million to over $800 million, Ken brings us invaluable experience in handling acquisitions, budgeting and financial planning and analysis. As our strategy continues to take shape, he will also play an increasingly important role in serving as a liaison with Wall Street and the banking community. We look forward to working with Ken in taking Phoenix Footwear to the next level.”

Mr. Wolf commented, “Phoenix Footwear represents a unique and compelling growth vehicle within the footwear/apparel sector. The company’s focus on supporting sustainable brands and generating profitable results is a refreshing twist in an often volatile industry consumed with chasing fads. Phoenix Footwear has assembled two strong brands that have posted impressive sales growth, despite the difficult retail environment. I look forward to playing an instrumental role in helping the company to achieve its financial and operating goals, while creating long-term shareholder value.”

Mr. Riedman added, “I would also like to take this opportunity to thank Bob Pereira for his efforts and hard work at Phoenix Footwear. Bob was a key contributor to the development of this company and we wish him well.”