Parrish To Leave Movie Gallery Post11 Dec, 2001 By: Hive News
Movie Gallery cofounder Harrison Parrish has announced he will resign as president of the chain effective on Jan. 4, the end of the company's fiscal year. Joe Malugen, Movie Gallery's chairman and c.e.o., will assume the title of president, and p Parrish will remain a member of the company's board of directors.
``Movie Gallery has a great management team and a great business model. I am very confident in its future. However, it is time for me to slow down and pursue some other interests," Parrish said.
``Harrison was a cofounder of Movie Gallery and has played an invaluable role in its growth and success. We wish him well as he assumes a lesser role in the company, which will reduce his day-to-day responsibilities," Malugen said. "Fortunately we have very capable managers who will assume his other duties.''
At the same time, Parrish filed a Form 144 with the Securities and Exchange Commission in connection with a variable forward sale for up to 800,000 shares of the Company's common stock, or approximately 21 percent of his holdings. Mr. Malugen also filed a Form 144 with the Securities and Exchange Commission in connection with a variable forward sale for up to 400,000 shares, or approximately 10 percent of his holdings.
``Movie Gallery is performing very well, and I am very optimistic about 2002 and beyond. The variable forward sale gives Harrison and me some diversification of our estates and allows us to participate in further appreciation of those shares," Malugen said.
Movie Gallery owns and operates 1,087 video specialty stores in 31 states.