Orange 21 Inc. disclosed that prAna Founder Jeffrey Theodosakis resigned from its board effective Aug. 7, 2008 for personal reasons.


On Aug. 7, 2008, the board appointed A. Stone Douglass to fill the vacancy created by Theodosakis’ departure. As of the date of this press release, Douglass has not been appointed to a committee of the Board. In connection with his appointment to the board, Mr. Douglass was granted options to purchase 15,000 shares of the company’s common stock under the company’s 2004 Stock Incentive Plan at a price per share of $3.23.

Douglass is currently president, CEO and secretary, of Steakhouse Partners, Inc. which operates 23 full-service steakhouse restaurants located in seven states. He is an experienced merchant banker and business management consultant. 


Douglass has over 30 years of experience in finance and managing public and private companies, including acting as director and/or interim chief executive officer of several companies. Douglass is a Managing Director of Compass Partners, L.L.C., a merchant bank specializing in restructuring activities. Additionally, he is a director of Home Director, Inc., a structural wiring company.

 

Theodosakis, one of the company’s founders, has served on the company’s board since April 2003. He served as the company’s “Brand Guardian” from January 2003 to December 2005, and from January 1999 to January 2003, he served as VP of marketing. From the company’s inception to January 1999, Theodosakis served as GM.

 

Since September 1992, Mr. Theodosakis has served as president and a member of the board of directors of Skylark Sports Marketing Corp., a manufacturer of rock climbing and yoga apparel and accessories. In January 1993, Theodosakis founded Prana, a yoga apparel company, which was purchased by Liz Claiborne Inc. in November 2005. From February 1984 to August 1992, Theodosakis served as president of Life’s A Beach.

 

Theodosakis

 

He currently serves as a director of the Outdoor Industry Association, which provides trade services for over 4,000 manufacturers, distributors, suppliers, sales representatives and retailers in the outdoor industry.