B5 Systems

Polartec CEO Andrew J Vecchione Announces He Is Stepping Down

Andrew J. Vecchione, President and CEO of Polartec, LLC, a leading supplier of performance fabrics sold under the Polartec brand, announced today that he has decided to step aside, effective upon the appointment of his successor. Mr. Vecchione will remain with the company as a senior adviser, board member and equity participant.

“After eight years with Polartec, including the last five at the helm, I’m proud of all that the team here and around the world has accomplished to enhance the Polartec brand and its reputation for innovative products,” said Vecchione. “The company has grown and prospered in the face of dramatic developments and trends affecting the apparel industry. Thanks to our world-class customers, our dedicated and loyal workforce, and a portfolio of industry leading products that continue to enhance the importance of the Polartec brand, I’m comfortable that we’re positioned for continued profitable growth.”

“When I took the reins five years ago, my goal was to put the Company on firm footing and to do so in a way that did justice to the brand and our people. Having accomplished that, this is the right time for me to step aside and make room for the next generation of leadership. I look forward to my new role supporting Polartec and its team and to working closely with the board and my successor to ensure a smooth and uninterrupted transition,” he concluded.

Board member Greg Segall, CEO of Polartec, LLC owner Versa Capital Management, LLC offered, “Under Andy Vecchione’s leadership these last five years, Polartec has achieved historic sales, earnings and customer satisfaction levels, along with market share growth and success in new product innovation. Not only has Andy guided the profitable growth of the company but he has also overseen growth into new markets such as industrial work wear and breathable waterproof with the launch of NeoShell.”

“Our investment in Polartec has been extremely successful, in large measure due to Andy’s efforts with the support of the management team and all Polartec employees worldwide. For this we are extremely grateful and we wish Andy the very best as he moves on to his next big challenge. We appreciate that Andy will continue his association and share the benefits of his years of experience with the company as an advisor and board member.

The company has retained the firm of Korn/Ferry International to conduct the executive search process and anticipates that a new President and CEO will be on board by the end of this year.

www.polartec.com

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