R.G. Barry Co., the parent of Dearfoams and Terrasoles, at its annual meeting last week received shareholder approval to reduce the size of its board to eight members from nine. It also outlined a growth strategy calling a continued focus on developing its existing accessory footwear
business in the U.S. and expanding that business abroad; eliminating
under-performing licenses and private brands.

It also plans business extensions
and acquisitions that will diversify the company's footprint within the
accessory category.

The company also holds the license for Levi's and Nautica slippers and also distributes the Superga canvas footwear line through another license.

“Fiscal 2010 was a great year for our company and capped off the most profitable five-year period in our 63-year history,” R.G. Barry Corporation President and Chief Executive Officer Greg Tunney told those attending the company's annual meeting of shareholders or listening via webcast. “In fiscal 2010, we continued a pattern of consistent year-over-year revenue growth and top-quartile performance. Since 2006, we have outpaced the annual goals set for nearly every measure of performance, productivity and profitability in our business despite some of the most difficult retail environments since the Great Depression.”

“We envision a much broader R.G. Barry in terms of products, seasonality and customer/consumer demographics,” he said. “We think we can achieve our goals by tightly focusing on growing successful elements of our current business, adding appropriate extensions and acquisitions, expanding internationally with our retailing partners and by adding additional efficiency to our expense structure.”

Meanwhile, the reduction in Board size is a continuation of
a multi-year expense reduction effort begun in fiscal 2009. In
conjunction with the changes, shareholders re-elected Director David
Nichols to a one-year term and Director Nicholas DiPaolo to a two-year
term. The Board is now aligned in two classes of four directors each.

Changes to the company's articles of incorporation approved by shareholders Thursday allowed the Company to reduce the size of its Board to eight members. The reduction in Board size is a continuation of a multi-year expense reduction effort begun in fiscal 2009. In conjunction with the changes, shareholders re-elected Director David Nichols to a one-year term and Director Nicholas DiPaolo to a two-year term. The Board is now aligned in two classes of four directors each.

Nichols, a director since 2005, is the former President and Chief Operating Officer of the Macy's South Division of Federated Department Stores and the former Chairman and Chief Executive Officer of Mercantile Stores Company, Inc. Mr. DiPaolo, also a director since 2005, is the former Vice Chairman and Chief Operating Officer of Bernard Chaus Inc., a women's apparel marketer, and the former Chairman, President and Chief Executive Officer of Salant Corp., a diversified apparel company.

Retiring Director Edward M. Stan, who ended a 60-year association with the Company at Thursday's meeting, was recognized for his service and awarded the honorary title Director Emeritus. Mr. Stan joined the fledgling R.G. Barry in 1950 and retired from his operational role as Executive Vice President in 1985. He has served continuously as a Director since 1971.

“It is impossible to catalog all that Ed Stan has done for R.G. Barry during the course of a lifetime of service,” said R.G. Barry Corporation Chairman Gordon Zacks. “His efforts first as an executive and then as a member of our Board of Directors have in some way benefitted every person touched by this company since 1950; that's millions of customers, consumers, employees, vendors and shareholders. We sincerely thank him.”

Shareholders also ratified the reappointment of KPMG LLP as the Company's independent registered public accounting firm for fiscal 2011.