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Friedman's Announces Changes to Board of Directors and Corporate
Governance
SAVANNAH, Ga., May 14 /PRNewswire-FirstCall/ -- Friedman's Inc. today
announced the appointment of two new directors to the Board of Directors of the
Company by the holder of Class B Common Stock: Norman Deep, Esq. and Sheldon
Whitehouse, Esq. The Board of Directors is currently set at eight members, with
seven seats filled by Robert W. Cruickshank, Peggy J. Brockschmidt, Allan M.
Edwards, Thaddeus S. Jaroszewicz, David B. Parshall and Messrs. Deep and
Whitehouse. Messrs. Cruickshank, Parshall, Deep and Whitehouse are qualified
as independent directors of the Company.
Friedman's Board of Directors has also taken the following actions:
* Elected Allan M. Edwards as the new Chairman of the Board of
Directors, replacing Robert W. Cruickshank. Mr. Edwards is the
President of Morgan Schiff & Co., Inc., an investment bank and
broker/dealer affiliated with and controlled by the holder of the
Class B Common Stock.
* Amended the Audit and Compensation Committee Charters so that the
Board of Directors may directly appoint members of the Audit and
Compensation Committees without being required to first obtain the
recommendations of the Nominating/Corporate Governance Committee; and
* Reconstituted its Audit, Nominating/Corporate Governance and
Compensation Committees to consist of Messrs. Parshall, Deep and
Whitehouse and designated Mr. Whitehouse as the Chairman of the Audit
Committee.
New Directors:
Norman P. Deep, Esq. Mr. Deep is a private practitioner in the State of New
York and Judge Advocate Lieutenant Colonel (Chief JAG Officer) of the New York
Guard Air Division. Mr. Deep specializes in the area of litigation including
civil, criminal, contract and corporation law. Mr. Deep received his B.A. and
M.A. from Syracuse University and his J.D. from the Syracuse University School
of Law.
Sheldon Whitehouse, Esq. Mr. Whitehouse is a Partner in the Providence, RI
office of Edwards & Angell, LLP, where he specializes in the areas of civil,
regulatory and appellate litigation, problem-solving and reform in government
and businesses for Fortune 1000 companies. Mr. Whitehouse is a former Attorney
General of the State of Rhode Island and United States District Attorney for
Rhode Island. Mr. Whitehouse received a B.A. from Yale University and a J.D.
from the University of Virginia Law School. The firm of Edwards & Angell, LLP
has no relation to Allan M. Edwards, Chairman of the Board of Director of
Friedman's.
Friedman's Inc. is a leading specialty retailer of fine jewelry based in
Savannah, Georgia. The Company is the leading operator of fine jewelry stores
located in power strip centers. At April 12, 2004, Friedman's Inc. operated a
total of 711 stores in 20 states, of which 224 were located in power strip
centers and 487 were located in regional malls.
DATASOURCE: Friedman's Inc.
CONTACT: Jeremy Jacobs or Sharon Goldstein, both of Joele Frank,
Wilkinson Brimmer Katcher, +1-212-355-4449, both for Friedman's Inc.