Lifetime Brands, Inc. (ticker: LCUT, exchange: NASDAQ Global Market (.O))
News Release -
Lifetime Hoan Announces Completion of Its Annual Meeting; Company Name Changed to Lifetime Brands, Inc.; All Nominees Elected to Board; Ronald Shiftan Appointed Chief Operating Officer
WESTBURY, N.Y.--(BUSINESS WIRE)--June 9, 2005--LIFETIME HOAN
CORPORATION (NASDAQ NM: LCUT), a leading designer, marketer and
distributor of nationally branded consumer products for the home,
today announced the completion of its Annual Meeting of Shareholders
for 2005. At the meeting, shareholders approved changing the Company's
name to Lifetime Brands, Inc.
Jeffrey Siegel, Chairman, President and Chief Executive Officer,
commented, "Lifetime owns or licenses some of the best known brands in
the housewares industry. In fact, our growing portfolio of
well-respected brands is one of our Company's key competitive
strengths, enabling us to differentiate our product lines in the eyes
of both our retail customer and consumers. Our new name reinforces one
of Lifetime's most successful business strategies."
Lifetime's stock symbol remains "LCUT." The Company's new website
will be www.lifetimebrands.com.
Also at the Annual Meeting, all of the nominees for director,
including Jeffrey Siegel, Ronald Shiftan, Bruce Cohen, Craig Philips,
Howard Bernstein, Sheldon Misher, Cherrie Nanninga, William
Westerfield and Michael Jeary, were elected. Mr. Jeary, a new addition
to the Board, is President and Chief Operating Officer of the
advertising agency Della Femina Rothschild Jeary and Partners. He is
also on the New York Board of the American Association of Advertising
In addition, Ronald Shiftan, Vice Chairman of the Company, was
appointed to the additional position of Chief Operating Officer. Mr.
Shiftan has been a director of the Company since 1991 and served as a
consultant to Lifetime from October 2002 to November 2004. He was
elected Vice Chairman in November 2004.
Mr. Siegel commented, "We are very privileged to add Michael Jeary
to our Board. He has had an impressive career in advertising, and his
in-depth marketing knowledge and experience ensure that he will be a
wonderful addition for Lifetime.
"We are also very pleased that Ron Shiftan is assuming an expanded
role at the Company. Ron has recently been instrumental in helping
establish Lifetime's strategic course as well as executing our recent
acquisitions. We look forward to leveraging his wide-ranging expertise
as we continue to build our business."
Following a 25-year career in the investment banking business, Mr.
Shiftan became Deputy Executive Director of The Port Authority of New
York & New Jersey in 1998. He served as Executive Director of the
bi-state agency following the terrorist attacks on the World Trade
Center in 2001.
Lifetime Brands is a leading designer, marketer and distributor of
kitchenware, cutlery & cutting boards, bakeware & cookware, pantryware
& spices, tabletop and bath accessories, marketing its products under
various trade names, including Farberware(R), KitchenAid(R),
Cuisinart(R), Hoffritz(R), Sabatier(R), DBK(TM)-Daniel Boulud Kitchen,
Joseph Abboud Environments(R), Roshco(R), Baker's Advantage(R),
Kamenstein(R), CasaModa(TM), Kathy Ireland(R), and :USE(R). Lifetime's
products are distributed through almost every major retailer in the
CONTACT: Lifetime Hoan Corporation
Robert McNally, 516-683-6000
Lippert/Heilshorn & Associates, Inc.
Harriet Fried, 212-838-3777
SOURCE: Lifetime Hoan Corporation