American Greetings Corporation (NYSE: AM) today announced the resignation of Chief Financial Officer, Michael J. Merriman, Jr., effective November 14, 2006. Mr. Merriman has accepted the role of Chief Executive Officer and President at Lamson & Sessions Co. (NYSE: LMS) effective November 15, 2006. Mr. Merriman will join the board of directors of American Greetings. Effective November 15, 2006, the Company will promote Stephen J. Smith to Senior Vice President and Chief Financial Officer. Mr. Smith is currently a Vice President in charge of Treasury and Investor Relations. Additionally, the Company announced that its Board of Directors has authorized a third share repurchase program.<br /><br />Management Comments<br /><br />Chief Executive Officer Zev Weiss said, "Mike Merriman has been, and will continue to be, a trusted advisor. While I am sorry to see him move on to another company, I understand his desire to return to the role of CEO, and his experience and skill set will be a valuable addition to our board."<br /><br />In addition, Weiss stated, "We have promoted Steve Smith to the role of CFO and are confident that with his demonstrated ability to manage complex financial issues and his skilled development of our shareholder base, Steve's transition from Treasurer to Chief Financial Officer will be seamless."<br /><br />Weiss added, "We completed our second $200 million repurchase program in October. Over the course of the last 18 months, we have reduced our diluted share count by approximately 27%. The simultaneous use of capital for our strategic card initiative as well as for repurchases of our own shares is a strategy we embarked on in the last fiscal year and we see ourselves continuing on that course."<br /><br />Share Repurchase Programs<br /><br />During the month of October, the Company concluded its second $200 million share repurchase program. Over a period of slightly less than 9 months, the Company repurchased 9.0 million shares at an average repurchase price of $22.21 per share. The Company announced it was initiating a $100 million open market repurchase program that will be executed in a manner substantially similar to its two prior repurchase programs. While there is no set expiration for the program, depending on market conditions the Company anticipates the completion of the program during the first quarter of fiscal 2008. These repurchases will be made through a 10b5-1 program in open market or privately negotiated transactions in compliance with the SEC's Rule 10b-18, applicable legal requirements and other factors.<br /><br />Management Background<br /><br />Stephen J. Smith, 43, joined American Greetings in April 2003 from General Cable Corporation, a NYSE-listed company. A native of Chicago, Mr. Smith received a bachelor's degree in philosophy from the University of Notre Dame and a Masters in Business Administration in finance from the University of Texas at Austin.