Russ Berrie & Co. Appoints New CEO
Staff -- Gifts & Decorative Accessories, 5/1/2004
Oakland, NJ — Russ Berrie & Co. Inc. elected Andrew R. Gatto to the board of directors, and appointed him president and chief executive. He will replace Angelica Berrie, who becomes vice chairman of the board. The appointments will take effect after the company's annual shareholders' meeting, May 5, and prior to June 1. Gatto comes from Toys "R" Us, where he served as senior vice president, product development, imports, and strategic sourcing. Josh Weston, chairman of the RUSS board, said, "We are very pleased to have Andy join us at this significant time in the company's development. We look forward to the benefit of his extensive industry leadership and experience as the company repositions itself in the changing retail environment." The company also decided to focus on its existing businesses, and terminated exploration of various strategic alternatives, including sale of the company.
