Warnaco Names Joe Gromek President and Chief Executive Officer
By Lucy Oblena
Apr 16, 2003/ FW/ --- Apparel manufacturing giant Warnaco announced yesterday the
appointment of Joe Gromek as President and CEO, effective April 15, 2003.
The 56-year old Gromek comes to Warnaco with a proven track record, starting with President and CEO of
Brooks Brothers where during his seven-year tenure, Gromek successfully implemented a
strategic plan that revitalized the company's business.
Gromek was directly responsible for broadening Brooks Brother's product range and
expanding its traditional customer base.
Moreover, Gromek augmented the brand's global
presence through airport retailing, licensing ventures, e-commerce and targeted
regional partnerships.
Taking the helm at Warnaco will be a challenge. The company just emerged
from bankruptcy in February 4, 2003.
Warnaco is on its way up though. Prior to its emergence from bankruptcy, the company had
approximately $2.2 billion in debt. Post emergence, the manufacturing giant has
approximately $246.4 million in debt.
For 2002, Warnaco's net revenues was posted at $1,493.0 million, compared to $1,671.3 million
in fiscal 2001.
Gross profit also increase, with a reported $440.3 million in 2002 compared to gross profit
of $296.9 million, in 2001.
The company also reported that there was an improvement in net loss, posting $163.2 million net loss
in 2002, compared to net loss of $861.2 million 2001.
Tony Alvarez, outgoing President and CEO of Warnaco, and whom Gromek will be replacing, said,
"We are excited for Joe to join Warnaco. In addition to a proven track record in retail
leadership, Joe brings a world-class skill set in marketing, brand management and product
innovation that is directly applicable to Warnaco."
Tony Alvarez, as previously announced, will return to Alvarez & Marsal, a leading turnaround and
crisis management consulting firm he co-founded.
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