SOURCE: Vanity Events Holding, Inc.
BAY HARBOR ISLANDS, FL--(Marketwire - Oct 11, 2012) - Vanity Events Holding, Inc. ("Vanity" or the "Company") (OTCBB: VAEV) announced today that its interim CEO Lloyd Lapidus has stepped down and simultaneously announces the appointment of Phil Ellett as its new Chairman & CEO.
Mr. Ellett enthused, "I am very excited to take the proverbial reigns as Vanity enters a new cycle in its business evolution. I am here to ensure the shareholders and long-term investors see a healthy, consistent and ongoing ROI."
ABOUT PHIL ELLETT
Mr. Ellett has more than 35 years of experience in high-tech businesses. Mr. Ellett has held positions in sales, marketing and executive management based in both North America and Europe. His experience as a CEO and board member of both private and public companies provides him with the insight to help companies maximize shareholder value.
Since leaving Ingram Micro, Mr. Ellett has worked with various companies in several different capacities including business consultant, temporary CEO and board member.
As the former President of the Americas for Ingram Micro, the world's largest computer products distributor and a Fortune 100 Company, Mr. Ellett was responsible for an operation that generated over $20Billion in annual revenue. In this position he established the Internet Fulfillment business unit that provides comprehensive supply chain and information services to B to B and B to C based customers. Under these agreements, Ingram Micro would take over warehousing, product management, product configuration, returns processing, help desk, and order processing functions from the customer under strict service level commitments. The process would involve the integration of the customer's computer and data network with that of Ingram's without any disruption to the day-to-day business of the customer.
In late 1996 Mr. Ellett was assigned to lead Ingram Micro's European, Middle East and African operations. This effort resulted in an increase in year over year operating profit of over 90%. Under his leadership, strategic acquisitions were made in Germany, the Netherlands, Finland and Sweden. During his tenure in Europe, Mr. Ellett established Pan-European functions for associate training, product configuration, purchasing and finance.
Mr. Ellett joined Ingram Micro in January 1996 as the General Manager of the Consumer Markets Division, a $1B+ unit responsible for the sales, marketing and product management of hardware and software sales to Computer Superstores, Mass Merchandisers, Office Superstores and Nationwide Consumer Electronic stores. In a business known for low profit margins and high operating expenses, this unit was very profitable and had a market share in excess of 70 percent.
In 1989 Mr. Ellett joined South Carolina based Gates F/A, a computer products distributor. Over a 5 year period as President and CEO, he lead the company from an organization of 60 people and $60M in sales, to a company of over 500 people and $600M in sales. It was during this time that Mr. Ellett pioneered the use of a single warehouse and airfreight product pipeline strategy. This strategy, coupled with the establishment of an industry leading Product Merchandizing Organization, enabled the company to have the lowest operating costs and highest gross sales margins of any publicly traded computer products distributor. This achievement was recognized by IBM Corporation in 1992 when Gates F/A was selected as one of only two distributors in the world to pioneer the sales of IBM PCs through the reseller channel. When the company was successfully sold to Arrow Electronics in 1994, the company's share price had increased from 35 cents in 1989 to $22.50 in 1994. Mr. Ellett went on to successfully integrate Gate F/A with Arrow's Computer Products Division resulting in an organization of 750 people and approximately $1Billion in annual revenue.
In 1984 Mr. Ellett joined Iomega Corporation, a manufacturer of removable disk storage. As Vice President of Commercial Sales, he was responsible for the establishment of the North American and European Sales channels and the formation, management and training of the sales organization. During his nearly six-year tenure at Iomega, sales grew from $1M to $120M annually.
Mr. Ellett started his career with Digital Equipment Corporation's European Software Engineering group in 1973 quickly moving into sales, and transferring to the U.S. in 1977. He has also held senior management positions with Hamilton-Avnet Corporation and Qume Corporation.
In 1992 and 1993 Computer Reseller News selected Mr. Ellett as one of the computer industry's top 25 executives. He has been a speaker on Sales Channel Selection and Management at many U.S. and European conferences, trade shows and educational seminars.
About Vanity Events Holding, Inc.
Vanity Events is a Holding Company with expanding lines of business including www.BuyBorrowOrSell.com; a collaborative consumption platform for consumer goods. The company's mission is to acquire and develop diverse businesses with innovative products or services while maintaining synergistic partnerships and relationships.
This press release includes forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, and also includes selected operating results presented without the context of accompanying financial results. These forward-looking statements include, among others, statements with respect to our objectives and strategies to achieve those objectives, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates or intentions. These forward-looking statements are based on our current expectations. We caution that all forward-looking information is inherently uncertain and actual results may differ materially from the assumptions, estimates or expectations reflected or contained in the forward-looking information, and that actual future performance will be affected by a number of factors, including economic conditions, technological change, regulatory change and competitive factors, many of which are beyond our control. Therefore, future events and results may vary significantly from what we currently foresee. We are under no obligation (and we expressly disclaim any such obligation) to update or alter the forward-looking statements whether as a result of new information, future events or otherwise.
The Company is subject to the risks and uncertainties described in its filings with the Securities and Exchange Commission, including the section entitled "Risk Factors" in its Annual Report on Form 10-K for the year ended December 31, 2011, and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2012.