Marvel - New Board of Directors


This is the official press relaeas from Toybiz, for those of you keeping score.

Marvel Enterprises Announces New Board of Directors and Search for New CEO

NEW YORK, Oct. 15 - Marvel Enterprises, Inc. (NYSE: MVL) (the "Company"), which acquired Marvel Entertainment Group, Inc. and changed its name from Toy Biz, Inc. on October 1, 1998, announced today its Board of Directors and new Chairman of the Board, Morton Handel.

The Company also announced that, to address the significant expansion in the breadth of its business resulting from the acquisition of Marvel Entertainment, and in particular its library of characters, the Company has retained the executive search firm Spencer Stuart to assist it in a search for a new chief executive officer. Joseph Ahearn is expected to step down as the Company's chief executive officer, but will remain the Company's chief executive officer until his successor is appointed.

Morton Handel, Chairman of the Board, commented that: "Joe Ahearn grew our company from a toy manufacturer with sales of only $45 million in 1991 to one with sales in excess of $220 million and a reputation as one of the most efficient toy makers in the country. In addition, Joe played a key role in the company's hard-fought acquisition of Marvel Entertainment."

Handel went on to note, "Our Board of Directors has both the financial background to allow us to revive Marvel's widely recognized youth entertainment business and the toy and entertainment industry experience to fully develop the potential of our combined product lines."

Mr. Ahearn commented that: "I am proud of our remarkable achievement in engineering the acquisition of Marvel Entertainment. It has been an exhausting yet rewarding two years. Now that this transaction is complete, I understand the board's desire to search for a new chief executive officer whose background more closely fits the board's long term vision for the company."

The new Marvel Enterprises Board of Directors includes:

  • Morton E. Handel, Chairman of the Board. Mr. Handel, age 63, is the President of S&H Consulting Ltd., a financial consulting group. Mr. Handel also serves as a director of CompUSA, Inc., Ithaca Industries, Inc. and Concurrent Computer Corp., and was previously Chairman of the Board of Directors and Chief Executive Officer of Coleco Industries, Inc. Mr. Handel was appointed as a director of the Company in June 1997.

  • Avi Arad. Mr. Arad, age 50, a founder of the Company, has served as a Director of and consultant to the Company since April 1993. Mr. Arad was previously the President and Chief Executive Officer of Marvel
    The copyright of the article Marvel - New Board of Directors in Comic Books is owned by Robert Smithers. Permission to republish Marvel - New Board of Directors in print or online must be granted by the author in writing.

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