EAST RUTHERFORD, NJ - Kid Brands Inc. has appointed Raphael Benaroya to president and CEO, effective immediately. In announcing the decision March 15, the company said Benaroya will continue to serve as chairman of the board until his successor is appointed.
Benaroya served as executive chairman of the board since Sept. 12, 2011, and has been a member of the board since 1993. In the past two years, Benaroya noted Kid Brands has worked actively to trim expenses while improving the quality of its products. "Further, we recently completed a refinancing intended to strengthen the company's financial position. We have rationalized our collection of brands and product lines, shifting our focus toward our own and meaningful licensed brands, and eliminated non-core, unprofitable product lines," he said in a statement.
Benaroya added, "We are now focused even more intently on product development and strengthening our sales organization. We have begun developing innovative new products and are working to increase our penetration across distribution channels that we believe present the greatest opportunity, spanning web, mass merchants and specialty. We will also continue to examine and improve our global sourcing, with several initiatives underway in the area of logistics.
"Overall, our team remains confident in the long-term prospects for Kid Brands, despite challenges in the marketplace. I am looking forward to meeting the challenge of leading our efforts in a more permanent role, as the Company continues to build a solid platform for future growth."
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