Yankee Candle Founder Resigns
Yankee Candle Company Inc., South Deerfield, MA, said Friday that CEO Craig W. Rydin was appointed chairman of the board of directors following company founder Michael J. Kittredge's resignation as chairman and member of the board.Rydin joined Yankee Candle as CEO in April 2001 and has led the company to what it described as "record financial results."
In a statement, Kittredge cited his schedule and personal circumstances in stepping down. He also said the move permits the company to continue moving toward a more independent board.
Rydin mentioned in the statement the "... move toward a more independent [board] in conformance with the new requirements, demands and expectations of the Sarbanes-Oxley Act." The act was intended to protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws.
Kittredge was named chairman emeritus and will continue to participate with and advise the board as well as the company's management team.
Michael F. Hines also was appointed to the board. He is chief financial officer and chief administrative officer at Dick's Sporting Goods Inc. Hines was also named to the company's Audit Committee.
