Hanover Direct Gets New CEO, Chairman

Hanover Direct Inc., Edgewater, NJ, announced top management changes yesterday. Thomas C. Shull resigned as board chairman, president and CEO, while William B. Wachtel becomes board chairman and Wayne P. Garten president/CEO effective immediately.

Wachtel has served on the board of directors since Nov. 18, 2003, while Garten has served as director of the company since Sept. 29, 2003, each as a designee of the holder of the company's preferred stock, Chelsey Direct LLC. Wachtel is the manager of Chelsey Direct LLC.

Wachtel has been a managing partner of Wachtel & Masyr LLP or its predecessor law firm (Gold & Wachtel LLP) since its founding in August 1984.

Since January, Garten has served as president of Caswell-Massey Ltd. Inc., a retailer and direct marketer of fragrances and other personal-care products. He served as CEO/president of Popular Club Inc., a catalog marketer of apparel and general merchandise products, from 2001 to 2003. From 1997 to 2000, he was executive vice president and chief financial officer of Micro Warehouse Inc., an international catalog reseller of computer products. From 1983 to 1996, Garten held financial positions at Hanover Direct and its predecessor, The Horn and Hardart Company, including executive vice president and chief financial officer from 1989 to 1996.

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