15.04.2005 13:01:00
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Yankee Candle Appoints Vijay Vishwanath of Bain & Company to Board of
Business Editors/Consumer Products Writers
SOUTH DEERFIELD, Mass.--(BUSINESS WIRE)--April 15, 2005--The Yankee Candle Company, Inc. ("Yankee Candle" or the "Company") (NYSE:YCC), the leading designer, manufacturer, wholesaler and retailer of premium scented candles, today announced that Vijay Vishwanath has been appointed to the Company's Board of Directors. Mr. Vishwanath is currently a Partner in the Boston office of Bain & Company, a global strategy consulting firm.
"We are both pleased and fortunate that Vijay Vishwanath has agreed to join our Board," said Craig W. Rydin, Chairman and Chief Executive Officer of Yankee Candle. "As the leader of Bain & Company's global consumer products practice, Vijay brings an unparalleled level of experience, knowledge and market awareness to our Board. He has worked extensively with many leading consumer products companies on issues including corporate and business strategy, product portfolio optimization, branding and marketing, and strategic financial management focusing on both growth and cost reduction. Vijay has first-hand experience in dealing with many of the opportunities facing Yankee Candle as we move forward and we look forward to his valuable counsel and guidance. His wide-ranging expertise and strategic perspective are a perfect complement to our already strong Board of Directors and will be extremely helpful as we work to continue to profitably grow the Yankee Candle brand."
Mr. Vishwanath joined Bain & Company in 1987, and has led Bain & Company's consumer products practice since 1996. Prior to joining Bain, Mr. Vishwanath was at Procter & Gamble from 1981 to 1984. Mr. Vishwanath has written extensively on a variety of consumer product issues and other marketing, branding and consumer-related matters. He is a regular contributor to The Harvard Business Review and other publications.
"I am excited about the opportunity to join the Board of Yankee Candle, a growing company with a strong brand and a history of innovation within its industry," said Mr. Vishwanath. "I look forward to working with Craig and my colleagues on the Board and to contributing in any way that I can to the Company's continued success."
Mr. Vishwanath's appointment fills the vacancy resulting from the recent resignation of Jamie C. Nicholls from the Board. With Mr. Vishwanath's appointment, Yankee Candle's Board of Directors is comprised of ten members, nine of whom are deemed "independent" as defined pursuant to applicable New York Stock Exchange rules.
About The Yankee Candle Company, Inc.
The Yankee Candle Company, Inc. is the leading designer, manufacturer, wholesaler and retailer of premium scented candles in the giftware industry. Yankee has a 35 year history of offering distinctive products and marketing them as affordable luxuries and consumable gifts. The Company sells its products through a North American wholesale customer network of approximately 15,600 store locations, a growing base of Company owned and operated retail stores (345 located in 43 states as of January 1, 2005), direct mail catalogs, its Internet website (www.yankeecandle.com), international distributors and to a European wholesale customer network of approximately 2,000 store locations (through its distribution center located in Bristol, England).
This press release may contain certain information constituting "forward-looking statements" for purposes of the safe harbor provisions of The Private Securities Litigation reform Act of 1995. Forward-looking statements include but are not limited to any statements concerning the Company's or management's plans, objectives, goals, strategies, expectations, estimates, beliefs or projections, or any other statements concerning future performance or events. Actual results could differ materially from those indicated by these forward-looking statements as a result of various risks and uncertainties, including but not limited to the following: the current economic conditions in the United States as a whole and the continuing weakness in the retail environment; the risk that we will be unable to maintain our historical growth rate; the effects of competition from others in the highly competitive giftware industry; our ability to anticipate and react to industry trends and changes in consumer demand; our dependence upon our senior executive officers; the risk of loss of our manufacturing and distribution facilities; the impact on our stock price of seasonal, quarterly and other fluctuations in our business; and other factors described or contained in the Company's most recent Quarterly Report on Form 10-Q or Annual Report on Form 10-K on file with the Securities and Exchange Commission. Any forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. While we may elect to update certain forward-looking statements at some point in the future, we specifically disclaim any obligation to do so even if experience or future events may cause the views contained in any forward-looking statements to change.
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CONTACT: The Yankee Candle Company, Inc. Susan Stockman, 413-665-8306
KEYWORD: MASSACHUSETTS INDUSTRY KEYWORD: CONSUMER/HOUSEHOLD RETAIL MANAGEMENT CHANGES SOURCE: The Yankee Candle Company, Inc.
Copyright Business Wire 2005
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