TOPEKA, Kan., May 24 /PRNewswire-FirstCall/ -- Stockholders of Payless
ShoeSource, Inc. (NYSE: PSS) today approved all four of management's
proposals at the Company's annual meeting.
Stockholders re-elected three directors to the Payless Board of
Directors; ratified the reappointment of Deloitte & Touche LLP as the
company's independent registered public accountants for fiscal year 2007;
approved the amendments to and restatement of the Payless ShoeSource, Inc.
2006 Stock Incentive Plan; and approved the amendments to and restatement
of the Payless ShoeSource Inc. Incentive Compensation Plan.
Daniel Boggan Jr., Retired Senior Vice President of the National
Collegiate Association, Michael A. Weiss, former President and Chief
Executive Officer of Express, a subsidiary of Limited Brands, Inc., and
Robert C. Wheeler, President of Hill's Pet Nutrition were re-elected to the
Payless Board of Directors at the meeting. These board members were each
elected to a three-year term to expire at the Annual Meeting of
Stockholders in 2010.
Other board members whose terms continue are: Howard Fricke, Chairman
of the Board for Payless ShoeSource, Inc., and Retired Chairman of the
Board, The Security Benefit Group of Companies; Matthew E. Rubel, Chief
Executive Officer and President, Payless ShoeSource, Inc.; Mylle H. Mangum,
Chief Executive Officer of IBT Enterprises, LLC; Judith K. Hofer, Retail
Consultant; John F. McGovern, Partner, Aurora Capital LLC; Robert F. Moran,
President and Chief Operating Officer of PetSmart, Inc.; and D. Scott
Olivet, Chief Executive Officer and Director of Oakley, Inc.
Mr. Michael E. Murphy retired at the end of his current term, which
expired at today's meeting. Mr. Murphy is the Retired Vice Chairman and
Chief Administrative Officer, Sara Lee Corporation. Concurrent with Mr.
Murphy's retirement, the Board's size was decreased to ten directors.
Payless ShoeSource, Inc. is the largest specialty family footwear
retailer in the Western Hemisphere, dedicated to democratizing fashion and
design in footwear and accessories and inspiring fun, fashion possibilities
for the family at a great value. As of the end of fiscal 2006, the Company
operated a total of 4,572 stores. In addition, customers can buy shoes over
the Internet through Payless.com(R), at http://www.payless.com.
SOURCE Payless ShoeSource, Inc.
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Related links:
http://www.paylessinfo.com
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CONTACT:
James Grant of Payless ShoeSource, Inc.,
+1-785-559-5321
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