The President of Thunderbird, the World's #1 International Business School, Becomes the Fifth Independent Director on the Board of Action Performance
PHOENIX--Nov. 21, 2002--Action Performance Companies Inc. appointed Dr. Roy A. Herberger Jr., 59, to be the newest member of the company's board of directors.Dr. Herberger, president of Thunderbird, the American Graduate School of International Management, offers a breadth of expertise in academia, corporate consultancies and international business.
With this appointment, Action's board increases from eight to nine members, five of whom will be independent directors. Action added the outside director to adhere to the spirit and the letter of the New York Stock Exchange's proposed rule requiring an independent majority, which is widely expected to be adopted with other NYSE and regulatory reforms in 2003.
"We are delighted to have Dr. Herberger join the board, particularly in light of his prominence among the leaders of the world's top business schools," Action Chairman and Chief Executive Officer Fred Wagenhals said. "His appointment also demonstrates the Board's commitment to the highest standards of corporate governance at Action Performance and is in the long term interest of our shareholders, employees and other stakeholders."
Dr. Herberger has served as Thunderbird's president since 1989, during which time the program achieved tremendous distinction. The school has been ranked the "#1 Graduate Program in International Business" by U.S. News & World Report for seven consecutive years and is ranked "#1 in Global Business" by The Wall Street Journal.
Previously, Herberger served as Dean of the Edwin L. Cox School of Business at Southern Methodist University, which is consistently ranked among the top business schools in the United States. Dr. Herberger is currently a director of Pinnacle West Capital Corporation, among other companies.
Action's other independent directors are:
| -- | Herbert M. Baum, Chairman, President, and CEO of the Dial Corporation and Director of Midas Inc., Meredith Corporation, Fleming Companies Inc. and Pepsi Americas Inc. |
| -- | Edward J. Bauman, Chairman of Anderson Bauman Tourtellor Ves & Co. and a Director of Elk River Development Corp., Jay Garment Company, Precision Fabrics Group Inc. and American Emergency Vehicles |
| -- | Robert L. Matthews, retired Vice Chairman of the Board of Bank One, Arizona |
| -- | Lowell L. Robertson, retired senior partner, Deloitte & Touche |
Adhering to the spirit of best practice in corporate governance, Action's board of director committees are comprised solely of independent directors. Action's Audit committee will be comprised of Lowell L. Robertson, Chair; Dr. Roy A. Herberger, Jr.; Robert L. Matthews; and Edward J. Bauman. The Compensation committee is comprised of Herbert M. Baum, Chair; Lowell L. Robertson; and Robert L. Matthews. The Nominating committee is comprised of Robert L. Matthews, Chair; Herbert M. Baum; and Lowell L. Robertson.
About Action Performance
Action Performance Companies Inc. is the leader in the design, promotion, marketing and distribution of licensed motorsports merchandise. The company's products include a broad range of motorsports-related die-cast replica collectibles, apparel, souvenirs and other memorabilia.
Action Performance markets and distributes products through a variety of channels including the Action Racing Collectables network of wholesale distributors, the Racing Collectables Club of America, QVC, goracing.com, trackside at racing events, direct corporate promotions, mass retail and department stores and specialty dealers. Additional information about Action Performance can be found at www.action-performance.com.