Lillian Vernon to Step Down as Firm’s CEO
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Lillian Vernon, who got her start in 1951 selling purses and belts through a magazine ad and became a household name with 169 million copies of catalogs mailed each year, said that she plans to step aside as the day-to-day leader of her company.
Rye, N.Y.-based Lillian Vernon Corp. said its founder would relinquish her role as chief executive when a replacement is found. Vernon, 74, will continue as chairwoman of the company, known for its moderately priced house, garden and children’s products.
Vernon will turn her attention to licensing the Lillian Vernon name.
“Licensing is such a natural thing for us, when you think of how Martha Stewart has licensed her name,” said David Hochberg, Lillian Vernon vice president and son of the founder. “Our name is equally renowned to the consumers of America.”
The firm also said it will end its quarterly dividend, which already had been cut in half in December to 4 cents per quarter.
Shares in Lillian Vernon fell 15 cents to close at $6.70 on the American Stock Exchange.
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