Stride Rite Announces CEO Succession Plan; CEO David Chamberlain to Retire in 2007; Board Has Initiated Search for New CEO

  
    
  
  
    
      The Stride Rite Corporation (NYSE: SRR) today announced that David M. 
      Chamberlain, 63, has informed the Board of Directors that, consistent 
      with prior discussions, he plans to retire in 2007 from his position as 
      Chief Executive Officer. Mr. Chamberlain will continue to serve as 
      Chairman and CEO of the Company until a replacement has taken office, 
      and will remain on the Board after his retirement.
    
    
      The Board has formed a search committee to identify a new CEO and has 
      retained Spencer Stuart, a leading executive recruiting firm, to advise 
      the Board. The search process, which is already underway, will include a 
      full review of both internal and external candidates.
    
    
      Chamberlain, who has been Chairman and CEO since November 1999, said, “I 
      am extremely proud of our accomplishments over the past seven years, and 
      I believe now is the appropriate time to put Stride Rite’s 
      next generation of leadership in place. The Company has made great 
      progress in recent years. We have strengthened Stride Rite’s 
      existing portfolio of nationally recognized footwear brands and 
      significantly expanded our portfolio with the acquisitions of Saucony 
      and Robeez. We also have built strong management teams. I intend to work 
      closely with the Board over the coming months to help identify, select, 
      and successfully integrate a new CEO. I look forward to continued growth 
      of the company under new leadership.”
    
    
      “We are grateful to David for his 
      extraordinary service to Stride Rite. He has guided the company 
      exceptionally well through a period of significant development and we 
      are confident that he is leaving Stride Rite with the right strategy and 
      team in place to ensure the Company’s 
      continued success,” said Frank Mori, lead 
      independent director. “The search to identify 
      a new CEO is well underway and we will work diligently to bring the 
      process to a successful conclusion.”
    
    
      Chamberlain has served as Chairman of the Board of Directors and Chief 
      Executive Officer of Stride Rite since joining the company in November 
      1999. Prior to joining Stride Rite, Mr. Chamberlain was Chairman of the 
      Board of Genesco, Inc., a footwear company, from 1994 to 1999 and also 
      served as President and Chief Executive Officer of Genesco from 1994 to 
      1996.
    
    
      About Stride Rite
    
    
      The Stride Rite Corporation markets the leading brand of high quality 
      children’s shoes in the United States. Other 
      footwear products for children and adults are marketed by the Company 
      under well-known brand names, including Keds, PRO-Keds, Sperry 
      Top-Sider, Tommy Hilfiger Footwear, Saucony, Robeez, Grasshoppers, 
      Munchkin, and Spot-bilt. Apparel products are marketed by the Company 
      under the Saucony and Hind brand names. Information about the Company is 
      available on our website – www.strideritecorp.com. 
      Information about the Company’s brands and 
      product lines is available at www.striderite.com, 
      www.keds.com, www.sperrytopsider.com, 
      www.saucony.com, www.robeez.com, 
      www.grasshoppers.com and www.hind.com.