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American Greetings Names Zev Weiss as New CEO

Press release from the issuing company

CLEVELAND, Feb. 18 -- American Greetings Corp. announced today that its board of directors has named new leadership, effective June 1, 2003. The Corporation also announced new strategies designed to grow revenue while saving $50 million to $75 million in costs over the next two years. Zev Weiss has been named chief executive officer of American Greetings, and Jeffrey Weiss has been named president and chief operating officer. Both have also been named to the Corporation's board of directors, with terms that begin June 1, 2003. Morry Weiss, chairman and chief executive officer since 1992, will remain chairman of the board. James Spira, president and chief operating officer, will retire from the Corporation, but will continue to serve as a member of the board of directors and as an advisor to management. "Our Corporation has seen significant change and operational improvement over the past 24 months, beginning with the initiation of our corporate-wide restructuring in fiscal 2002 and continuing with enhancements to our supply chain in the coming year," Morry Weiss said. "Much of the success of these changes was the result of the leadership and strategic thinking of Zev and Jeff and their ability to assemble and lead a new team of senior-level executives." Spira said that the board of directors has been pleased with Zev and Jeff's leadership and results. "Two years ago, the board mapped out specific challenges for Zev and Jeff: develop a new strategic vision for future growth, build a broader and stronger management team, and manage the business to consistently meet financial expectations," he said. "They have succeeded on all counts. "Zev and Jeff have shown deep insight and passion for the business," Spira continued. "Based on their demonstrated ability to articulate a new strategic vision and successfully implement major new initiatives, Zev and Jeff have proven that they have the leadership and the skills to run the Corporation. I look forward to continuing to work with both of them in my role on the board and as an advisor to American Greetings."