Reebok International announced that its Board of Directors declared a semi-annual cash dividend in the amount of $0.15 per share to all common stockholders of record as of August 19, 2003. The dividend, which would equate to $0.30 per share on an annual basis, is payable on September 3, 2003.
“Given the recent legislative changes regarding dividends, they are an effective way to create additional value for our shareholders,” said Paul Fireman, Chairman and Chief Executive Officer, Reebok International Ltd. “By instituting a dividend at this time, our Board of Directors has demonstrated its confidence in the current financial condition of the company.”
The company also announced today that its Board voted to declassify its Board of Directors. Reebok's Board is currently comprised of three classes of Directors who have been elected for staggered three-year terms. As a result of today's vote, the company's Board will be declassified over a period of three years, as the current Directors' terms expire. Beginning with the 2006 Annual Meeting of Shareholders, the entire Board of Directors will be nominated for one-year terms. A shareholders' resolution at Reebok's 2003 Annual Meeting asked the Board to consider declassifying itself.
