Pillowtex chairman and CEO resigns

Committee formed to search for new CEO

Charles M. Hansen Jr. has resigned as chairman, CEO, and director of Pillowtex Corp. (Dallas), effective immediately.

In Hansen's stead, the Pillowtex board of directors has named Ralph La Rovere, a Pillowtex director and former JCPenney executive, as chairman, and has formed a committee to find a new CEO, hopefully by early 2001.

Pillowtex has also named executive VP and CFO Anthony T. Williams to the position of chief operating officer. (Williams will retain his CFO responsibilities.) In addition, the company has formed a management committee—consisting of La Rovere, Williams, executive VP sales and marketing Scott Shimizu, and outside directors M. Joseph McHugh and Mark A. Petricoff—to guide the business going forward.

According to Williams, the management team's immediate priorities will be to develop a more competitive cost structure, enhance the company's manufacturing flexibility, and improve its economic profitability. "We are determined to make Pillowtex the undisputed leader in customer service," he stated.

Pillowtex manufactures and markets home furnishings for the bedroom and bathroom under such brand names as Royal Velvet, Cannon, Fieldcrest, Charisma, Touch of Class, Royal Family, and Royal Velvet Big and Soft.

For more information, contact Jaime Vasquez, VP and treasurer of Pillowtex Corp., at 214-333-3225 ext. 539.

Edited by Jim Pomager

Source: Pillowtex Corp.