4Kids Entertainment Chairman and CEO, Alfred R Kahn, Retires
Director Michael Goldstein Named Interim Chairman
January 11, 2011 09:18 AM Eastern Time
NEW YORK–(EON: Enhanced Online News)--4Kids Entertainment, Inc. (Pink Sheets: KIDE), the global children’s entertainment and merchandise licensing company, announced today that its long time Chairman and Chief Executive Officer, Alfred R. Kahn has retired and will be leaving the company today.
“We have an exciting year ahead with a Yu-Gi-Oh! 3-D movie scheduled for release in the U.S. in late February 2011. We are encouraged by the performance of our five-hour Saturday morning block of Japanese animation, called Toonzai”
The Board of Directors has appointed Director Michael Goldstein as the interim Chairman of 4Kids. The company will be conducting a search for a new CEO.
“I want to thank Al Kahn for his years of service at 4Kids as its Chairman and Chief Executive Officer” said Michael Goldstein. “Under his leadership, 4Kids served as the merchandise licensing agent for some of the most successful properties of the last two decades such as Nintendo, Pokémon, Yu-Gi-Oh!, Teenage Mutant Ninja Turtles and Cabbage Patch Kids. We wish Al success in his future endeavors".
“After almost 25 years, I have reached the point in my career where I want to relinquish my responsibilities at 4Kids. The last several years have been particularly difficult and demanding with the business of 4Kids being buffeted by the financial crisis. After helping steer the company through challenging times, I have decided that it is the right moment for me to retire. I believe that going forward, Michael Goldstein and the team of experienced 4Kids executives will do an excellent job for our clients and for our shareholders".
Michael Goldstein, 69, has been a Director of 4Kids since March 2003. Mr. Goldstein has extensive experience in the toy and merchandise licensing business. He served as Chairman of the Board of Directors of Toys “R” Us, Inc., a global toy retailer, from 1997 to 2001, and Vice Chairman and Chief Executive Officer of Toys “R” Us, Inc from 1994 to 1998.
“We have an exciting year ahead with a Yu-Gi-Oh! 3-D movie scheduled for release in the U.S. in late February 2011. We are encouraged by the performance of our five-hour Saturday morning block of Japanese animation, called "Toonzai on CW 4Kids", our website 4Kids.tv and our new video portal "Toonzaki". 4Kids is also negotiating for merchandise licensing rights and television broadcast rights to a number of promising new properties which we hope will create future revenue streams for the company," said Mr. Goldstein.
4Kids is also continuing to explore a variety of strategic alternatives, including a review of the capital structure of the business and a possible sale of all or a portion of the company’s stock or business. There can be no assurance that any such transaction will occur.
This is Huge….Or not. Since 4kids has had nothing to do with One Piece in years.
But it is good to know Toonzai and Toonzaki are doing okay. They are the baby steps 4kids needed to fix their mistakes.