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Hancock board member to resign
Harry Schulman via the Baird Capital Partners' Web site
Baldwyn-based Hancock Fabrics has filed the following report with the SEC:
Harry D. Schulman, current member of the Board of Directors of Hancock Fabrics, Inc. (the “Company”), has notified the Company of his intent to resign from the Board of Directors and all associated committees, including the Audit Committee, Management Compensation and Review Committee and the Corporate Governance and Nominating Committee, effective June 8, 2010.
Mr. Schulman is retiring in order to devote additional time to his other business ventures. Mr. Schulman has no disagreements with the Company on any matter.
Harry D. Schulman joined Baird Capital Partners as an Operating Partner with more than 30 years experience in consumer products, including 20 years of Asian sourcing and manufacturing experience.
Harry was previously President and CEO of Applica, a then publicly traded company that markets and distributes a wide range of small appliances for use in and outside the home. Applica markets products under licensed brand names such as Black & Decker®, company-owned brand names such as LittermaidTM, a product targeting the pet industry, Belson Professional®, leading personal care products, and private label brand names.
Upon becoming Chairman and CEO, Harry increased shareholder value by over 100% within 2 years, and eventually executed an industry consolidation strategy which resulted in the sale of the company to a major private equity firm at 18 times EBITDA.
Harry brings extensive operations, consumer product and Asian manufacturing experience to the Baird portfolio. Harry received his bachelor's degree in Business Administration from University of Dayton and earned his MBA from the University of Miami.