Exhibit 1
[GNL LISTED NYSE LOGO]
GALEY & LORD ANNOUNCES RESIGNATION OF CHIEF FINANCIAL OFFICER
GREENSBORO, NC, JANUARY 5, 2001/PRNewswire - Galey & Lord, Inc. (NYSE: GNL)
today announced that Michael R. Harmon, Executive Vice President and Chief
Financial Officer, is resigning from the Company effective January 31, 2001. Mr.
Harmon has served as Chief Financial Officer since 1991 and was Vice President
of Finance from the Company's inception in 1988 to 1991. Mr. Harmon will serve
as a consultant to the Company commencing February 1, 2001.
Arthur C. Wiener, Chairman and Chief Executive Officer, stated that "we have the
highest regard for Mr. Harmon and it is with great regret that we accept his
resignation. During his career, he has made many valuable contributions to the
Company. I am pleased that Mr. Harmon has agreed to serve in a consulting
capacity in order to ensure a smooth transition of his responsibilities and
continuity of the company's financial activities. We thank him for his efforts
and wish him well in his future endeavors."
Mr. Harmon stated that "he is leaving the Company to pursue other
opportunities". He added, "I have tremendous respect for Galey & Lord's
management and look forward to their continued success".
Galey & Lord is a leading global manufacturer of textiles for sportswear,
including cotton casuals, denim and corduroy, as well as a major international
manufacturer of workwear fabrics. In order to offer sportswear customers a
complete package of fabrics and garments from one source, the Company provides
garment manufacturing from its owned and operated garment facilities. The
Company also is a manufacturer of dyed and printed fabrics for use in home
fashions.
