EAST RUTHERFORD, N.J. — Kid Brands' board is going to see some changes, following Hugh Rovit's announcement that he will not be seeking re-election as a director at the company's annual shareholders meeting.
Rovit, who joined Ellery Homestyles on May 20, has been tapped to succeed founder Budd Goldman as CEO at the end of 2013. His decision to not stand for re-election is the result of anticipated demands at Ellery Homestyles, and not, according to the Kid Brands board, the result of any disagreement with the company. Rovit will continue to serve as a director until the annual meeting July 18.
To fill the spot that Rovit is vacating, the board, following the recommendation of the company's nominating and governance committee, has nominated Jan H. Loeb. According to the board, Loeb has recently expressed interest in coming aboard, and has consented to stand for election as a director at the shareholders meeting.
Since 2007, Loeb has been the managing member of Leap Tide Capital Management, a private Maryland-based capital investment firm. From 2005 to 2007, Loeb was president of Leap Tide's predecessor, Leap Tide Capital Management, which was formerly known as AmTrust Capital Management.
Kid Brands and its subsidiaries design, develop and distribute infant and juvenile branded products. Its products are primarily distributed through mass market, baby super stores, specialty, food, drug, independent and e-commerce retailers worldwide.