Stride Rite Names David Chamberlain as New Chairman and CEO

Business Wire, Nov 4, 1999

LEXINGTON, Mass.--(BUSINESS WIRE)--Nov. 4, 1999--

The Stride Rite Corporation (NYSE:SRR), a leading marketer of casual and active footwear for children and adults, today announced the appointment of David M. Chamberlain as its Chairman and Chief Executive Officer.

Mr. Chamberlain, 56, is Chairman of the Board of Genesco, Inc. From 1994 to 1996, Mr. Chamberlain served as Chairman, President and Chief Executive Officer of Genesco, leading a very successful turnaround and repositioning of the company. Genesco is a major branded retailer and wholesaler of footwear whose businesses include Johnston & Murphy, Journeys, Jarman, Nautica and Dockers.

From 1983 to 1993, Mr. Chamberlain was Chairman, President and CEO at Shaklee Corporation, a $625 million international marketer of natural products, including nutritional, personal and household items. He began his career in marketing in 1969 with The Quaker Oats Company. From 1975 to 1980, he ran Quaker Oats' frozen foods business. In 1980, he joined Nabisco Brands, Inc. as President of its Standard Brands Foods Division and later became a Senior Vice President and Group Executive responsible for Nabisco's Canadian food operations.

Mr. Chamberlain received a bachelor's degree in economics from the University of Pennsylvania in 1965 and earned his MBA from Harvard School of Business in 1969. From 1965 to 1967, he served as a First Lieutenant in the United States Army. Mr. Chamberlain is resigning today as Chairman of Genesco, Inc. and will begin his new role at Stride Rite on November 15, 1999. He and his wife, Karin, will relocate from their home in San Francisco to the Boston area over the next few months.

Myles J. Slosberg, who was named Stride Rite's interim Chairman and CEO in July 1999 and who headed the Board's search efforts along with fellow director Joanna M. Jacobson, commented, "We are excited to welcome David as Stride Rite's new Chairman and CEO. He is a respected business leader, knows the challenges of the footwear industry and also brings experiences from other branded industries. Our Board believes that the combination of David and Diane Sullivan, our recently appointed President and Chief Operating Officer, will form an effective team to lead Stride Rite in fiscal 2000 and beyond."

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, Sperry Top-Sider, Tommy Hilfiger, Nine West Kids, Grasshoppers and Street Hot. Information about the Company and its brands is available on its websites - www.strideritecorporation.com, www.keds.com, and www.sperrytopsider.com.

This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. The words "expect", "estimate", and other similar expressions which do not relate solely to historical matters identify forward-looking statements. Undue reliance should not be placed on forward-looking statements because they involve known and unknown risks and uncertainties which may cause actual results to differ materially from anticipated, projected or implied future results. Factors that may cause such a difference include, among others: revenues from new product lines may fall below expectations; the launch of new product lines may be delayed; and additional factors discussed in the Company's reports filed with the Securities and Exchange Commission and the exhibits thereto. The Company disclaims any responsibility to update these statements.