FOOTHILL RANCH, Calif., Sept. 20, 2005 (PRIMEZONE) -- Oakley, Inc. (NYSE:OO) today announced the appointment of Scott Olivet as chief executive officer and director effective October 10, 2005. Until such date, he will serve part-time in an advisory capacity as an employee of the company. Mr. Olivet will succeed Oakley, Inc. founder, Chairman and Chief Executive Officer Jim Jannard who will continue as chairman of the board of directors.
"We are extremely excited with the appointment of Scott Olivet as the new CEO and leader of Oakley's unique blend of 'science meets sculpture' philosophy," said Jannard. "Scott brings a broad base of exceptional business acumen including a well-demonstrated record of driving growth and profitability, strategic intuition, product development and retail experience that will strengthen and grow the Oakley brand."
"Oakley has shown tremendous growth in the last few years as the product diversification and retail expansion strategies continue to gain critical mass. I am honored to join this strong and experienced management team and build on the success and worldwide reputation that Jim has worked so diligently to create over the last 30 years," said Olivet. "Oakley is an exceptional brand that possesses an authenticity that can't be replicated; product that is unsurpassed in its performance innovation, design and quality; and dedicated consumers loyal in their passion for the 'O'."
"Scott has the ideal combination of skills, experience and background to lead Oakley into the next stages of our company's evolution," said Link Newcomb, chief operating officer, Oakley, Inc. "The management team is excited to benefit from his outstanding track record in strategic execution and results-oriented expansion as we work to turn consumer segments, product categories, geographies, and channels into complete business platforms."
Jannard concluded, "As our business continues to grow and gets more complex, it's apparent that my main passion lies in the chief mad scientist role. I am an inventor and entrepreneur at heart; I love electron beam gun vapor deposition machines and liquid laser prototypes - I see visions of the future when I sleep, not spreadsheets. In the near term, I will ensure an effective transition and then plan to focus on design, invention and continuing to punish mediocrity."
Since 2001, Mr. Olivet, 43, served as Nike, Inc.'s Vice President, Nike Subsidiaries and New Business Development where he led, developed and executed the company's multi-branding strategy including making three acquisitions. In Mr. Olivet's role as head of Nike's subsidiaries which included Cole Haan, Converse, Hurley, Starter and Bauer-Nike Hockey, the CEOs reported directly to him. These businesses grew collectively to represent $1.7 billion of wholesale revenue for the fiscal year ending May 31, 2005.
Prior to working at Nike, Mr. Olivet served as the Gap, Inc.'s Senior Vice President of Real Estate, Store Design, and Construction, responsible for the Gap, Banana Republic and Old Navy brands from 1998 to 2001. During this period he worked to increase the Gap, Inc.'s store count from 2,130 to 3,676 doors. He worked with Bain & Company, one of the world's leading management consulting firms, from 1984 to 1998, serving as a partner and head of the firm's worldwide practice in organizational effectiveness and change management from 1993 to 1998.
Mr. Olivet received his M.B.A. from the Graduate School of Business, Stanford University and his B.A. from Pomona College. He is an avid photographer, a collector of photography and contemporary art, and a supporter of arts/creativity in education programs.
Mr. Jannard founded Oakley, Inc. in 1975 and has successfully grown the company to more than $615 million in net sales, selling products in more than 100 countries worldwide. At Mr. Jannard's request, the nominating and corporate governance committee of Oakley's Board of Directors, led by outside director Tom Davin, initiated a process to identify potential successors for Mr. Jannard as chief executive officer. Mr. Olivet's appointment as CEO and board member of Oakley, Inc. was unanimously approved by Oakley's full board of directors.
About Oakley, Inc.
Oakley: a world brand, driven to ignite the imagination through the fusion of art and science. Building on its legacy of innovative, market-leading, premium sunglasses, the company offers a full array of products including performance apparel and accessories, prescription eyewear, footwear, watches and electronics to consumers in more than 100 countries. Trailing-12-month net sales through June 30, 2005 totaled $615.3 million and generated net income of $49.0 million. Oakley, Inc. press releases, SEC filings and the company's annual report are available at www.oakley.com.
The Oakley Inc. logo is available at: http://www.primezone.com/newsroom/prs/?pkgid=1533
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