Cache names two new directors
NEW YORK — Cache Inc., a specialty chain of women’s apparel stores, announced that Michael Price, managing partner of MFP Partners, L.P., Cache’s largest shareholder, has joined the board of directors. In addition, Charles Hinkaty, formerpresident and CEO of Del Laboratories Inc., has been appointed to the board. In connection with their appointments, Michael Price and Charles Hinkaty have been appointed to the nominating and governance committee and the compensation and plan administration committee of the oard. Charles Hinkaty has also been appointed to the company’s audit committee.
MFP Partners is a family investment partnership established by Michael Price in 1998. MFP Partners uses a disciplined, research-driven process to invest in deeply undervalued stocks, focusing on long-term investing through a value investment approach. Prior to founding MFP Partners, Price was chairman of the board of Franklin Mutual Advisers and Franklin Mutual Series Fund. He had been associated with both entities and their predecessor organizations (Heine Securities Corp and Mutual Shares Fund) since 1975.
Hinkaty, was the president and CEO and a director of Del Laboratories, Inc. from August 2005 through his retirement in January 2008. From 1985 through August 2005 Hinkaty held various management positions at Del Laboratories, including COO. Prior to joining Del Laboratories, Hinkaty served in a variety of executive positions with Bristol Myers Squibb from 1972 until 1984.
Jay Margolis, chairman and CEO commented, “I am pleased to welcome Michael and Charles to our Board of Directors. Michael has a strong track record investing in value retail and knows our Company and business well. We look forward to Michael’s strategic counsel as we transition from turnaround to growth. I am also excited to have Charles join the Board given his strong leadership, strategic and financial experience as a CEO and COO of Del Laboratories.”