Official Press Release
NEW YORK--(BUSINESS WIRE)--Dec. 11, 2002--Marvel Enterprises, Inc. announced today the appointment of Richard L. Solar, 63, to its Board of Directors.
The appointment, effective immediately, increases the size of Marvel's Board to eight members, including four independent directors.
Mr. Solar was Senior Vice President, Director and Chief Financial Officer of Gerber Childrenswear, Inc., a marketer of popular licensed brand apparel including Gerber, Baby Looney Tunes, Wilson, Converse and Coca-Cola. Gerber had revenues in excess of $200 million at the time it was acquired by the Kellwood Company (NYSE: KWD - News) in June 2002. At Gerber Childrenswear, Mr. Solar was responsible for all financial operations as well as overseeing the Company's IPO in 1998 and then its sale this year. Since the acquisition, he has been acting as a consultant for Gerber Childrenswear. Prior to joining Gerber Childrenswear in 1996, Mr. Solar served more than twenty years at Bankers Trust Company in both the commercial lending and investment banking divisions. He left Bankers Trust as a Managing Director in the investment banking division. Mr. Solar previously held a number of financial executive positions at other publicly-held companies.
Morton E. Handel, Chairman, stated: "We are pleased to have attracted Dick to the Board as his experience and skill set are an excellent fit. Dick possesses a vast amount of relevant expertise ranging from corporate finance and commercial banking to financial management and strong public company experience. Importantly, he is well versed in the dynamics of licensee/licensor relationships given his recent experience in licensed apparel, an important license category for Marvel. We have great confidence in his ability to contribute to Marvel's ongoing success."
Commenting on his appointment, Mr. Solar said: "Marvel is in the midst of an exciting growth period with a full pipeline of high profile entertainment events based on their characters and all of its operating divisions leveraging this success. I look forward to contributing to the Company's continued operational and financial success."