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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 30, 2000
SOLA INTERNATIONAL INC.
(Exact name of registrant as specified in its charter)
1-13606
(Commission File Number)
DELAWARE 94-3189941
(State or other jurisdiction of (I.R.S. employer identification no.)
incorporation or organization)
2420 SAND HILL ROAD, SUITE 200, MENLO PARK, CA 94025
(Address of principal executive offices)
(zip code)
(650) 324-6868
(Registrant's telephone number, including area code)
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Item 5. Other Items
The Board of Directors of Sola International Inc. has appointed Mr. Jeremy
C. Bishop to succeed Mr. John E. Heine as President and Chief Executive Officer.
Mr. Bishop will serve on the Company's Board of Directors and his appointment is
effective March 30, 2000. See attached Exhibit announcing the appointment.
Item 6. Exhibits
Exhibit Number Description Page Number
- -------------- ----------- -----------
1.1 Sola International Inc. press release
dated March 30, 2000 4
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Sola International Inc.
(Registrant)
Dated: March 30, 2000 By: /s/ Steven M. Neil
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Steven M. Neil
Executive Vice President and Chief
Financial Officer
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Exhibit 1.1
For Immediate Release
Contact: Jeff Cartwright
Director, Investor Relations
Phone: 650-324-6874
Sola International Appoints New CEO
MENLO PARK, CA March 29, 2000 -- Sola International Inc. (NYSE: SOL) today
announced that its Board of Directors has appointed Jeremy C. Bishop to be the
company's president and chief executive officer, replacing John E. Heine who
announced in January 2000 he would step down as CEO upon appointment of a
successor. Mr. Bishop has also been elected to the company's board of directors.
Mr. Bishop, 49, has over thirty years of global optical industry experience in
both retailing and manufacturing. Most recently he has served as president of
American Optical ("AO"), a position he has held since Sola's acquisition of AO
in June 1996. Mr. Bishop joined AO in November 1990 as vice president of
European operations. AO is an international supplier of ophthalmic lenses with
operations located in 13 countries and revenues of over $110 million. Since the
purchase of AO in June 1996, under Mr. Bishop's leadership, revenues have
increased at a compounded annual growth rate in excess of 10 percent, while
profits have almost doubled.
"We are extremely pleased with the appointment of Jeremy Bishop as the new CEO
of Sola," said Irving S. Shapiro, Sola's chairman. "Jeremy brings a broad base
of management and optical industry experience to the position and is ideally
suited to successfully lead Sola. In addition, as the head of AO, he has had a
well-demonstrated record of profitably developing, manufacturing and selling a
broad range of eyeglass lens products, as most recently evidenced by the
successful introduction of the AO Compact progressive lens."
"I appreciate the confidence the board of directors has placed in me to lead
Sola," said Mr. Bishop. "Sola is a leader in the worldwide spectacle lens
industry and I look forward to strengthening the company's efficiency as a
manufacturer and its effectiveness as a marketer of lenses. My initial and
immediate focus will be working with Sola's strong and experienced management
team on those actions necessary to restore the company's growth and
profitability."
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Sola International Inc. designs, manufactures and distributes a broad range of
eyeglass lenses, primarily focusing on the faster-growing plastic lens segment
of the global lens market, and particularly on higher-margin value-added
products. SOLA's strong global presence includes manufacturing and distribution
sites in three major regions: North America, Europe and Rest of World (primarily
Australia, Asia and South America) and approximately 7,000 employees in 30
countries servicing customers in over 50 markets worldwide. For additional
information, visit the company's web site at www.sola.com.
This press release includes forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934, including statements
relating to the Company's potential growth prospects. Such forward-looking
statements are subject to various risks and uncertainties, many of which are
beyond the control of the Company. Actual results could differ materially from
the forward-looking statements as a result of, among other things, the highly
competitive nature of the eyeglass lens and coating industry; the Company's need
to develop new products; potential adverse developments in the domestic and
foreign economic and political environment, including exchange rates, tariffs
and other trade barriers and potentially adverse tax consequences; potential
difficulties in staffing and managing foreign operations; and the other factors
described in Exhibit 99.1 of the Company's Form 10-K for the fiscal year ended
March 31, 1999. The words "believe", "expect", "anticipate" and similar
expressions identify forward-looking statements. The Company undertakes no
obligation to publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
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