Blair Corp. Jan. 10 named Adelmo S. Lopez president/CEO and asked retiring president/CEO John Zawacki to serve as vice chairman of the board of directors until April 1.
The Warren, PA-based multichannel retailer reported last week that it had received a bid from minority shareholder Appleseed’s Topco Inc., a subsidiary of Golden Gate Capital, to purchase the company for $37.50 per share.
In addition, a group of shareholders led by private investment firm Golden Gate Capital and Appleseed’s Topco made a filing with the Securities and Exchange Commission indicating the group collectively owns 8.1 percent of Blair’s common stock. Blair said it has been in discussions with this group since receiving a bid letter on Jan. 3.
This week’s moves solidify the company’s upper management ranks.
“The company can ill afford to lose [Mr. Zawacki’s] talents and expertise at this juncture,” Craig Johnson, vice chairman of Blair’s board of directors, said in a statement.
Mr. Zawacki announced his retirement from the company last month. He had served as president/CEO since December 1999 and spent 34 years with the company.
Mr. Lopez, whose promotion takes effect immediately, is the current executive vice president, chief operating officer and chief financial officer.
Blair also said that Larry Pitorak, who was previously the company’s interim chief financial officer, will once again assume that role.