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SABI: Hail & Farewell
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Business New Haven
8/19/2002
By: BNH
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SHELTON - Swiss Army Brands Inc. (NASDAQ: SABI) announced July 29 that Chairman Peter Gilson and President A. Jeffrey Turner would resign in the near but indeterminate future.
A subsidiary of privately held Victorinox AG offered in June to buy the Swiss Army shares it doesn't already own for $9 a share. Victorinox and its affiliates own 67 percent of Swiss Army, which sells Victorinox's Swiss Army knives and other products in the U.S., Canada and the Caribbean.
Swiss Army said the executives intend to resign “in the immediate future,” but did not say when.
A SABI spokesperson said Gilson and Turner each intend to tender all their Swiss Army shares in the buyout offer. The company's special committee, which reviewed the buyout offer, recommended the deal.
Gilson has been a Swiss Army director since 1994, and chairman and chief executive since April 2001. Turner became president in April 2001.
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