SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event) July 20, 1999
Marvel Enterprises, Inc.
(Exact Name of Registrant as Specified in its Charter)
Delaware 1-13638 13-3711775
(State or Other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification
incorporation) No.)
387 Park Avenue South, New York, New York 10016
(Address of Principal Executive Offices) (Zip Code)
(212) 696-0808
(Registrant's Telephone Number, Including Area Code)
(Former Name or Former Address, If Changed Since Last Report.)
<PAGE>
ITEM 5. Other Events.
On July 20, 1999, the Registrant issued a press release, a copy of which is
attached hereto as Exhibit 99.1, announcing the appointment of Peter Cuneo as
President and Chief Executive Officer of the Registrant, replacing Eric
Ellenbogen, who resigned from the Registrant.
ITEM 7. Financial Statements and Exhibits.
(c) Exhibits.
99.1. Press release of the Registrant, dated July 20, 1999.
<PAGE>
SIGNATURES
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 hereunto duly authorized.
MARVEL ENTERPRISES, INC.
(Registrant)
Date: July 20, 1999
By: /s/ Robert S. Hull
-------------------------
Name: Robert S. Hull
Title: Chief Financial Officer
Marvel Enterprises, Inc. Appoints
Peter Cuneo as President and
Chief Executive Officer
New York, New York -- July 20, 1999. Marvel Enterprises, Inc.
(NYSE:MVL) announced today the appointment of Peter Cuneo as President and Chief
Executive Officer of the Company. Mr. Cuneo replaces Eric Ellenbogen, who
resigned from the Company to head a media investment concern.
In making the announcement, Morton Handel, the Company's Chairman of
the Board, commented, "Peter's twenty-five years of management and
administrative experience in a broad range of consumer businesses with strong
brand identities makes him uniquely suited to build on the Company's existing
creative talent and to ensure continued growth. I look forward to his
leadership."
Mr. Cuneo said, "This is an exciting opportunity to further develop
Marvel's creative capital. I expect to continue the recent growth of Marvel's
publishing and licensing businesses. At the same time, I look forward to
expanding the opportunities available to Marvel from the entertainment projects
currently in progress, such as the X-Men and Spider-Man live-action feature
films, and the significant expansion of Marvel's internet presence."
Mr. Cuneo has been Chief Executive Officer of Remington Products
Company, L.L.C., a manufacturer and marketer of personal care appliances;
President of the Security Hardware Group of Black and Decker Corporation; and,
as President of Clairol's Personal Care Division, a senior executive at
Bristol-Myers Squibb Company. He was also a director of FactoryMall.com, an
internet marketer of durable consumer products that was sold to Theglobe.com,
Inc. in February, 1999.
Mr. Cuneo holds an MBA from the Harvard Graduate School of Business. He
received his undergraduate degree from Alfred University, where he is currently
a member of the Board of Trustees.
Commenting on Mr. Ellenbogen's departure, Mr. Handel said, "Eric joined
Marvel at a critical time, just as the Company emerged from Chapter 11
bankruptcy. He assembled an outstanding management team, successfully completed
a $250 million long-term financing and arranged a three-year $60 million working
capital facility. He also helped launch the Spider-Man filmed entertainment
franchise with Sony Pictures Entertainment, resolving years of litigation over
the Company's best-known property. We thank him for his considerable
contributions to Marvel."
<PAGE>
Marvel Enterprises, Inc. is one of the world's leading entertainment
companies with operations in the licensing, comic book publishing and toy
businesses. The Company was formed on October 1, 1998 upon the emergence of
Marvel Entertainment Group, Inc. from bankruptcy and its merger with Toy Biz,
Inc. Through its ownership of over 3,500 proprietary characters, the Company has
published comic books for over 60 years in over 70 countries. Marvel licenses
the right to use its characters in a wide range of consumer products such as
video games, interactive software and apparel, as well as for television series
and feature films. For additional Company information, visit the Company's
corporate web site at www.marvel.com.
Except for historical information contained herein, the statements in this news
release regarding the Company's plans are forward-looking statements that are
dependent upon certain risks and uncertainties, including the Company's
potential need for additional financing, potential inability to integrate Toy
Biz's operation with those of Marvel Entertainment Group, the Company's
potential inability to successfully implement its business strategy, a decrease
in the level of media exposure or popularity of the Company's characters
resulting in declining revenues from products based on those characters, the
lack of commercial success of properties owned by major entertainment companies
that have granted the Company toy licenses, the lack of consumer acceptances of
new product introductions, the imposition of quotas or tariffs on toys
manufactured in China as a result of a deterioration in trade relations between
the U.S. and China, changing consumer preferences, production delays or
shortfalls, continued pressure by certain of the Company's major retail
customers to significantly reduce their toy inventory levels, the impact of
competition and changes to the competitive environment on the Company's products
and services, changes in technology (including uncertainties associated with
Year 2000 compliance), and changes in government regulation. Those and other
risks and uncertainties are described in the Company's filings with the
Securities and Exchange Commission, including the Company's Annual Report on
Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
SOURCE: Marvel Enterprises, Inc.
CONTACT: Jan Murray, Vice President, Corporate Communications of Marvel
Enterprises, Inc., 212-576-8522
