Directors Carl Kirkland and Thomas Saunders Retire
BIRMINGHAM, Ala.--(BUSINESS WIRE)--
Hibbett Sports, Inc. (NASDAQ/GS: HIBB), an athletic specialty retailer,
today reported on its 2016 Annual Meeting of Stockholders. In formal
business conducted at the meeting, stockholders re-elected two directors
to three-year terms that expire with the 2019 annual meeting. They
include Michael J. Newsome and Alton E. Yother.
Carl Kirkland, a director since 1997, and Thomas A. Saunders III, a
director since 1995, chose not to stand for re-election in 2016.
Commenting on the retirement of Carl Kirkland and Tom Saunders from the
Board, Jeff Rosenthal, President and Chief Executive Officer, said, “On
behalf of Hibbett Sports, we want to thank Carl and Tom for their
significant contributions to the Company over the past two decades. Both
gentlemen have played important roles in the Company’s overall
development, prosperity and vision. Their extensive business experience,
sound judgment and faithful service have been invaluable to the
successful and continuous growth of the Company. We very much appreciate
all their years of service and wish them the very best in the future.”
Carl Kirkland added, “It is with mixed emotions that I have decided the
time is right for me to leave the Board of Hibbett Sports. I have
enjoyed the last 19 years immensely, including watching the Company take
great strides with expanding markets and future technology initiatives,
as well as the challenges we as a company have faced along the way. I
know the Company’s strategic direction and corporate governance remain
in very capable hands.”
Tom Saunders, a founding partner of Saunders Karp & Megrue, a New York
private equity firm, joined the Board at the time the firm acquired
Hibbett Sports. Commenting on his decision not to stand for re-election,
Mr. Saunders said, “During my 21 years of service, I have had the
privilege and honor of working with a talented management team and to
have played a role in shaping the vision and growth strategies adopted
by management. Through management’s tireless and excellent execution,
Hibbett has grown from about 80 stores concentrated in the Southeast to
a chain of more than 1,000 stores spanning 33 states. Although I will
greatly miss my association and involvement with Hibbett Sports, I leave
knowing the Company is in good hands and will continue to grow and
prosper in the years ahead.”
In other matters at the meeting, stockholders ratified the selection of
KPMG LLP as the Company’s independent registered public accounting firm
for Fiscal 2017, approved by non-binding advisory vote the compensation
of the Company’s executive officers, and approved the Company’s 2016
Executive Officer Cash Bonus Plan.
Hibbett Sports, Inc. operates athletic specialty stores in small to
mid-sized markets, predominately in the South, Southwest, Mid-Atlantic
and Midwest regions of the United States. The Company’s primary store
format is Hibbett Sports, a 5,000-square-foot store located in strip
centers and enclosed malls.
A WARNING ABOUT FORWARD LOOKING STATEMENTS: Certain matters
discussed in this press release are “forward looking statements” as that
term is used in the Private Securities Litigation Reform Act of 1995.
Forward looking statements address future events, developments or
results and typically use words such as believe, anticipate, expect,
intend, plan, forecast, guidance, outlook, or estimate. For
example, our forward looking statements include statements regarding
continued growth and prosperity. Such statements are subject to
risks and uncertainties that could cause actual results to differ
materially, including economic conditions, industry trends, merchandise
trends, vendor relationships, customer demand, and competition. For
a discussion of these factors, as well as others which could affect our
business, you should carefully review our Annual Report and other
reports filed from time to time with the Securities and Exchange
Commission, including the “Risk Factors,” “Business” and “MD&A” sections
in our Annual Report on Form 10-K filed on March 28, 2016. In light of
these risks and uncertainties, the future events, developments or
results described by our forward looking statements in this document
could be materially and adversely different from those we discuss or
imply. We are not obligated to release publicly any revisions to
any forward looking statements contained in this press release to
reflect events or circumstances occurring after the date of this report
and you should not expect us to do so.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160519006436/en/
Hibbett Sports, Inc.
Scott J. Bowman, 205-942-4292
Senior Vice
President & Chief Financial Officer
Source: Hibbett Sports, Inc.
