Business Services Industry

Hanover Direct names Rakesh K. Kaul president and chief executive officer; Former Fingerhut vice chairman and COO to join Hanover Direct effective March 7

WEEHAWKEN, N.J.--(BUSINESS WIRE)--Feb. 13, 1996--Hanover Direct Inc. (AMEX: HNV), one of the nation's leading catalog companies, announced today that Rakesh K. Kaul, 44 years of age, has been named president and chief executive officer and elected to the board of directors effective March 7.

A highly experienced senior executive, Kaul has most recently served as vice chairman and chief operating officer of Fingerhut Companies Inc., where he was responsible for the operations of this $2.2 billion direct marketing company.

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Kaul joined Fingerhut in 1992 as executive vice president and chief administrative officer. During his tenure, he redesigned that company's key core processes and instilled cost and productivity improvements and bottom line management disciplines. In addition to achieving industry leading performance in 1995, he was instrumental in the creation of major new lines of business.

From 1987 to 1992, Kaul was a member of the board of directors and held the position of senior vice president, strategy and finance at Shaklee Corp., a multinational manufacturer and direct marketer of nutritional and personal care products. During his tenure his accomplishments included significant profitability improvements at that company's Harry and David/Jackson & Perkins subsidiary. He was also a member of the board of directors of Smith & Hawken.

Kaul began his career at Beatrice/Hunt Wesson Inc., where he served from 1976 to 1987 as director, corporate development and planning as well as in various financial positions.

Commenting on the appointment, Hanover Direct Chairman, Alan G. Quasha stated, "Rakesh Kaul is a strong, proven leader with a keen insight into the direct marketing business. His expertise extends to a broad range of critical functions, including financial, strategic planning and marketing. He also brings extensive experience and a solid background in brand development. Most importantly, he has clearly demonstrated both creative vision as well as the ability to successfully execute his strategies."

Quasha continued, "The appointment of Mr. Kaul reflects the board's continuing commitment to enable Hanover Direct to succeed. We are committed to creating shareholder value by achieving market leadership in the specialty catalog business. I am extremely confident in Mr. Kaul's abilities to achieve that goal."

Kaul received his undergraduate degree from the Indian Institute of Technology, New Delhi, India. He holds an M.S. degree from Brown University and an M.B.A. from the University of Chicago. In addition, he is a Certified Public Accountant.

Kaul will succeed Jack E. Rosenfeld, who resigned effective Jan. 1, 1996. In the interim period, chairman Alan G. Quasha is serving as acting president and chief executive officer.

Hanover Direct Inc., is a leading specialty retailer that publishes a portfolio of branded catalogs offering home furnishings, specialty hardlines and apparel, with 1994 total company revenues of $769 million. Hanover titles include Domestications, the nation's leading specialty home textiles catalog, The Company Store, a leading upscale direct marketer of down comforters and related products, Colonial Garden Kitchens, featuring work saving and lifestyle enhancing items for the kitchen and home, International Male, an authoritative source of unique men's fashions, Tweeds, a leader in European inspired women's fashions, Improvements, a source of unique home improvement products and Gump's the well-known San Francisco retailer and leading catalog marketer of exclusive gifts. The company has a venture with Sears in which it mails several of its catalogs under various names to Sears customers.

CONTACT: Hanover Direct Inc.

Debra A. Berliner, 201/319-3491

e-mail: 102521,1311@CompuServe.com

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Hanover Direct names Rakesh K. Kaul president and chief executive officer; Former Fingerhut vice chairman and COO to join Hanover Direct effective March 7

Business Wire, Feb 13, 1996

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