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Movie Gallery CFO to Resign; Company Announces Senior-Level Promotions

4 Feb, 2004 By: Holly J. Wagner

Movie Gallery EVP and CFO J. Steven Roy plans to resign from the company at the end of March to pursue private business interests, the company announced today.

“I have immensely enjoyed my years at Movie Gallery and am very proud of our accomplishments during this time. However, after nearly nine very intensive years at the company and 11 years at Ernst & Young before that, I am ready to take up new challenges,” Roy said.

The announcement came amid a flurry of senior level promotions. VP-controller Ivy M. Jernigan will become SVP and CFO in Roy's wake. EVP of operations Jeffrey S. Stubbs will become COO; EVP and general counsel S. Page Todd will assume the responsibilities of chief compliance officer; and Mark S. (Bo) Loyd, EVP of product and distribution, will take on chief administrative officer duties. SVP of development Keith A. Cousins has been promoted to EVP of development; and VP-finance Michelle K. Lewis will assume the responsibilities of SVP-Treasurer. All changes take effect with Roy's departure.

“I have every confidence in Keith, Ivy, Michelle and the remainder of our executive team and their ability to handle my responsibilities thoroughly and effectively. Each of them has been with our company for a minimum of seven years and understands extremely well the dynamics of our industry and the strategies accountable for Movie Gallery's successful growth,” Roy said. “While we will work together on this transition throughout the next two months, the timing of my departure will enable me to fulfill all of my responsibilities as chief financial officer with regard to the filing of the company's annual report on Form 10-K for Fiscal 2003.”

Chairman and CEO Joe Malugen praised Roy's work and expressed confidence in the remaining executive staff.

“Steve Roy has been an integral part of our company since before its 1994 initial public offering, first as its independent auditor and then as an executive officer since 1995,”he said. “He has made a tremendous contribution to the growth of this organization and the expansion of its shareholder value. We wish him every success in his future endeavors."Our management team, the most experienced in our industry, is fully dedicated to continuing the growth of both our business and our shareholder value. Each of these individuals has played a significant role in our company's past successes, and they are prepared for their new challenges.”

Movie Gallery owns and operates 2,178 video specialty stores in North American rural and secondary markets.

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