The Jones Group’s Founder and Chairman,
Sidney Kimmel, will serve as the Company’s non-executive Chairman, effective January 1, 2011. This transition from executive Chairman will mark the end of the fortieth year since Kimmel founded the Company.
On behalf of the Board of Directors, Wesley R. Card, Director and Chief Executive Officer of The Jones Group, and Robert L. Mettler, the Board's Presiding Director, said: "Kimmel built Jones from the ground up to become a leading multi-brand fashion company. “
In recognition of Kimmel's contributions to the Company, the Board of Directors has determined that Jones will donate $8 million. The Company will donate $6 million to the Sidney Kimmel Comprehensive Cancer Center at Johns Hopkins Medicine, in Baltimore, Maryland. In addition, Jones will establish a $2 million trust for post-secondary educational assistance for qualifying children of Company associates, based on, among other things, academic achievements.
The Jones Group Inc. is a leading global designer, marketer and wholesaler of over 35 brands with best-in-class product expertise across five divisions: apparel, footwear, jeanswear, jewelry and handbags. The Company's nationally recognized brands and licensing agreements include: Nine West, Jones New York, Anne Klein, Robert Rodriguez, Stuart Weitzman and Jessica Simpson.