Express, Inc. Announces Departure of Chief Executive Officer David Kornberg and Appointment of Matthew
Moellering as Interim Chief Executive Officer
Express, Inc. (NYSE: EXPR), a leading fashion apparel retailer, today announced the departure of Chief Executive Officer David
Kornberg. Effective January 22, 2019, Mr. Kornberg will no longer serve as Chief Executive Officer, President or as a member of the
Board of Directors. Mr. Kornberg will remain employed by the company through February 21, 2019. The Board of Directors has
appointed Matthew Moellering, age 52, as Interim Chief Executive Officer and Interim President until a permanent Chief Executive
Officer and President is appointed.
Commenting on the announcement, the company’s Chairwoman of the Board, Mylle Mangum, stated “On behalf of the Board of
Directors, we would like to thank David for his many years of service and strong contributions to Express in multiple roles. We
wish him the best of luck in his future endeavors. During this time of transition, we have every confidence that Matt’s proven
leadership will serve the company well.”
Mr. Moellering has served as the company’s Executive Vice President and Chief Operating Officer since September 2011 and will
continue to serve as such during his tenure as Interim Chief Executive Officer and Interim President. Mr. Moellering has served in
various roles with the company since 2006. Prior to his service with the company, Mr. Moellering served in various roles with
Limited Brands (now known as L Brands), Procter & Gamble, and as an officer in the United States Army. In addition, Mr.
Moellering serves on the board of directors of L.L. Bean, Inc., which is a privately held company. The Board of Directors of the
company has commenced a search for a new Chief Executive Officer and President.
About Express, Inc.:
Express is a leading fashion destination and apparel brand for both women and men. Since 1980, Express has provided the latest
apparel and accessories for work, casual, jeanswear, and going-out, offering a distinct combination of fashion and quality at an
attractive value. The company operates more than 600 retail and factory outlet stores in the United States and Puerto Rico, as well
as a best-in-class shopping experience through its website and mobile app. In addition, Express merchandise is available at
franchise locations and online in Latin America. For more information, please visit
www.express.com.
Forward-Looking Statements:
Certain statements are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include any statement that does not directly relate to any historical or
current fact and include, but are not limited to, guidance and expectations for the fourth quarter and full year 2018, including
statements regarding expected comparable sales, net income, and diluted earnings per share. Forward-looking statements are based on
our current expectations and assumptions, which may not prove to be accurate. These statements are not guarantees and are subject
to risks, uncertainties, and changes in circumstances that are difficult to predict, and significant contingencies, many of which
are beyond the company's control. Many factors could cause actual results to differ materially and adversely from these
forward-looking statements. Among these factors are (1) changes in consumer spending and general economic conditions; (2) our
ability to identify and respond to new and changing fashion trends, customer preferences, and other related factors; (3)
fluctuations in our sales, results of operations, and cash levels on a seasonal basis and due to a variety of other factors,
including our product offerings relative to customer demand, the mix of merchandise we sell, promotions, and inventory levels; (4)
competition from other retailers; (5) customer traffic at malls, shopping centers, and at our stores and online; (6) our dependence
on a strong brand image; (7) our ability to develop and maintain a relevant and reliable omni-channel experience for our customers;
(8) the failure or breach of information systems upon which we rely; (9) our ability to protect customer data from fraud and theft;
(10) our dependence upon third parties to manufacture all of our merchandise; (11) changes in the cost of raw materials, labor, and
freight; (12) supply chain disruption; (13) our dependence upon key executive management; (14) our growth strategy, including our
ability to improve the productivity of our existing stores, open new stores, and grow our e-commerce business; (15) our substantial
lease obligations; (16) our reliance on third parties to provide us with certain key services for our business; (17) claims made
against us resulting in litigation or changes in laws and regulations applicable to our business; (18) our inability to protect our
trademarks or other intellectual property rights which may preclude the use of our trademarks or other intellectual property around
the world; (19) restrictions imposed on us under the terms of our asset-based loan facility, including restrictions on the ability
to effect share repurchases; (20) impairment charges on long-lived assets; and (21) changes in tax requirements, results of tax
audits, and other factors that may cause fluctuations in our effective tax rate. Additional information concerning these and other
factors can be found in Express, Inc.'s filings with the Securities and Exchange Commission. We undertake no obligation to publicly
update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as required by
law.
Investor Contact:
Mark Rupe
Express, Inc.
Vice President Investor Relations
(614) 474-4465
Media Contact:
Alysa Spittle
Express, Inc.
Director, Communications
(614) 474-4745
View source version on businesswire.com: https://www.businesswire.com/news/home/20190122005275/en/