PHOENIX — Action Performance Companies, Inc., announced that Herbert M. Baum has been appointed executive chairman. He will also remain on the Board of Directors. Fred Wagenhals will remain Chairman of the Board and chief executive officer.
From August 2000 to May 2005, Herb Baum served as chairman, president and chief executive officer of the Dial Corporation, which develops and markets a diversified line of consumer products under various major brand names. Baum’s previous experience includes president and chief operating officer of Hasbro Inc., a multi-billion dollar designer and manufacturer of toys, games and interactive software, chairman and chief executive officer of Quaker State Corporation and president of Campbell Soup Company-North and South America. Baum serves on the boards of directors of America West Holdings Corporation, Meredith Corporation, Playtex Products, Inc. and Pepsi Americas, Inc., all public companies.
While the terms of Mr. Baum’s compensation are being finalized, it is anticipated he will receive a combination of cash and stock-based compensation. Wagenhals, chairman and chief executive officer states: “I am pleased to have Herb take a leading role with my management team. We are anxious to tap into his expertise regarding our financial agenda, present a stronger face on Wall Street, changing our distribution model, revitalize our product lines, and assist our operations and alternatives.”
Baum stated: “Fred has been the driving force behind motorsports licensing, and I look forward to working with him and his entire management team to best utilize the significant licensing assets he has acquired for Action. I intend to support the “new fresh look” that management has put in place to maximize Action’s assets and stockholder value.”
Baum will remain on Action’s Board of Directors, where he has served since 2000 and, most recently, as the Lead Director. However, Roy Herberger, an independent director since 2002, will take over Mr. Baum’s role as the Board’s Lead Director. Mr. Baum has also stepped down from the compensation committee and the nominating/corporate governance committee. Anne Mariucci will chair the compensation committee.
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