April 13, 2006 03:45 PM Eastern Time
Steiner Leisure Limited Announces Appointment of Cynthia R. Cohen to the Board of Directors
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NASSAU, The Bahamas--(BUSINESS WIRE)--April 13, 2006--Steiner Leisure Limited (Nasdaq:STNR), today announced that the Board of Directors has appointed Cynthia R. Cohen to serve as a Class II director to fill the vacancy on the Board caused by the resignation of Jonathan D. Mariner effective today. The Board has determined that Ms. Cohen qualifies as an independent director of the Company pursuant to the applicable rules of the Nasdaq Stock Market.
Mr. Mariner also served as Chair of the Board's Compensation Committee and as a member of the Audit Committee. Also effective today, Ms. Cohen has been appointed to each of those Committees and David S. Harris, an independent director of the Company and member of the Audit Committee and the Compensation Committee, has been appointed as Chair of the Compensation Committee.
Clive E. Warshaw, Chairman of the Board of the Company, said: "We are honored that a candidate with the broad-based business experience of Ms. Cohen has decided to join our Board. We believe that, due to Ms. Cohen's strong background in advising a variety of companies on strategic matters and her experience serving on the boards of a number of public companies, including some well known entities, we have added someone to our Board who can provide a wealth of knowledge from an independent perspective that will be a strong asset for our shareholders."
Mr. Warshaw also said: "We have been very fortunate to have had the services of Mr. Mariner over these past nine years. His intelligence, insight and concern for the well-being of the Company and its shareholders will be missed. We wish him the best of luck in all his future endeavors."
Pursuant to the Board's Nominating Procedures, notwithstanding the fact that the Class II directors of the Board do not stand for election until the annual meeting of shareholders of the Company in 2007, Ms. Cohen will stand for election at the 2006 annual meeting of shareholders.
Ms. Cohen is the President of Strategic Mindshare, a strategy consulting firm serving retailers and consumer product manufacturers that Ms. Cohen founded in 1990. Prior to that, Ms. Cohen was a partner in management consulting with Deloitte & Touche LLP and its predecessor. Ms. Cohen also serves on the boards of other public companies.
Steiner Leisure Limited is a worldwide provider of spa services. The Company's operations include spas and salons on 122 cruise ships, and in 56 resort spas and two luxury day spas. Our cruise line and land-based resort customers include Carnival Cruise Line, Caesars Entertainment, Celebrity Cruises, Crystal Cruises, Cunard/Seabourn Cruise Lines, Hilton Hotels, Holland America Line, Kerzner International, Marriott Hotels, Norwegian Cruise Lines, Princess Cruises and Royal Caribbean Cruises. Our Elemis Limited subsidiary manufactures its Elemis(R) brand products for use in our cruise ship and land-based spas. This top quality European line of beauty products is also distributed worldwide to exclusive hotels, salons, health clubs and destination spas. Elemis(R), as well as other Steiner products, including La Therapie(R), Ionithermie, and Steiner Hair Care, are available at http://www.timetospa.com.
Steiner Leisure owns and operates four post secondary schools (comprised of a total of 14 campuses) located in Miami, Orlando, Pompano Beach and Sarasota, Florida; Baltimore, Maryland; Charlottesville, Virginia; York, Pennsylvania; Salt Lake City and Lindon, Utah; Las Vegas, Nevada; Tempe and Phoenix, Arizona; and Westminster and Aurora, Colorado. Offering degree and non-degree programs in massage therapy and, in some cases, skin care, these schools train and qualify spa professionals for health and beauty positions within the Steiner family of companies or other industry entities.