Londontown chairman takes early retirement

April 27, 1993|By Ted Shelsby | Ted Shelsby,Staff Writer

Mark H. Lieberman, the business executive who led a $178 million leveraged buyout of Londontown Corp. in 1988, stepped down yesterday as chairman and chief executive of the Eldersburg garment manufacturing company.

The resignation was effective immediately.

"He decided to take early retirement," said James Haneschlager, vice president of human resources. "He's been working since he was 12, and now he wants to do other things, maybe even go fishing."

A statement released by the privately held company said that Mr. Lieberman "plans to remarry shortly, and they plan to pursue only personal interests, and expand charitable organization involvements, that responsibilities with the corporation have made impossible in the past."

He will be succeeded by Executive Vice President Douglas C. Hillman, another of the the original partners in the management purchase of Londontown from St. Louis-based Interco Inc.

Although Mr. Hillman was elected chief operating officer, not chairman or chief executive, Mr. Haneschlager said "there's no doubt in my mind that he's our new boss."

Mr. Lieberman, 56, joined Londontown in 1977. He was elected chief executive four years later.

He is credited with a diversification of the company's product line from men's raincoats to an assortment of men's and women's rainwear, wool coats, cloth and leather outerwear, sportswear and men's knitwear under the London Fog brand name.

During his years with the company, revenues rose from $82 million to $316 million last year.

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