Lillian Vernon Stepping Down as CEO

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Lillian Vernon, founder, chairwoman and CEO of Lillian Vernon Corp., has asked the company's board of directors to start a search for a new CEO, the company said yesterday.

A formal search committee of the board has been named. Lillian Vernon, who founded the company in 1951, will remain as chairwoman of the board, but will relinquish day-to-day responsibilities for managing the company. The new CEO will report directly to the board of directors.

"We are definitely going to be making a major thrust into the licensing of the Lillian Vernon name," said David Hochberg, the company's vice president of public affairs. "That's a huge commitment of her time. We are in final negotiations with a licensing company. Experts in the licensing field that we will hire will help us in the licensing of the Lillian Vernon name."

Hochberg provided no time frame for the naming of a new CEO.


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