KARAN NAMES SPAINHOUR VP, FINANCE CHIEF

Byline: Valerie Seckler

NEW YORK--The Donna Karan Co. said Wednesday it has named J. Patrick Spainhour to the post of executive vice president and chief financial officer.
Spainhour, 44, will be responsible for all financial and treasury management functions, and will oversee several administrative and operational departments.
Most recently executive vice president of finance and operations at The Stride Rite Corp., Cambridge, Mass., Spainhour has more than 20 years experience in finance and operations functions in the apparel and footwear industries.
The appointment of Spainhour comes just three months after the Karan company's well-publicized May dismissal of David Golden, who was its chief financial officer for little more than a month. The action has moved into court, with the company suing Golden on charges of negligence, among other things. Golden countersued with a batch of charges about the firm's financial status, which the privately held firm has disclaimed--even to the point of releasing certain financial figures.
As reported, for its second quarter ended June 30, Karan this week cited a tripling of earnings--before interest, taxes, depreciation and amortization--to $1.85 million, and a sales gain of 27 percent to $88.9 million.
In joining Karan, Spainhour succeeds Lawrence P. Stern, who had been holding the financial post at Karan on an interim basis. Stern is chief financial officer of Takihyo Inc., which holds a 50 percent stake in the Karan company.
Spainhour reports to Stephen L. Ruzow, president and chief operating officer.
Before joining Stride Rite, Spainhour spent five years with The Gap Inc., San Francisco, as senior vice president of sourcing, where he established and headed the firm's worldwide sourcing division.
"The strongest asset he brings is his apparel background and his knowledge of sourcing capabilities and other operations," said Stephan Weiss, co-chief executive of Karan. "We looked at a number of people, and Patrick's background and personality seemed to fit in best with our corporate culture."
Stern is expected to remain at Karan through Aug. 26, said Weiss, to help Spainhour with his transition into the firm.
Spainhour also has been executive vice president and chief operating officer of Seminole Manufacturing, a trouser maker. He began his career with the apparel group of the Kellwood Co., where he held several posts, which included vice president of finance and administration.
-- Fairchild News Service

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