Little Switzerland, Inc., St. Thomas, U.S. Virgin Islands, appointed Richard Sasso to its board of directors to serve for one year.
Sasso has more than 30 years of professional experience in the cruise industry. He is considered one of the founding fathers of Celebrity Cruises and helped launch that company in 1987. He served as president of Celebrity Cruises from 1995 to 2001 and as senior vice president of sales and guest services of Celebrity Cruises prior to his promotion to president. He has also held senior positions with Costa Cruises and Chandris Cruises earlier in his career, which began at Costa Cruises in 1971.
Sasso has received numerous awards and distinctions throughout his career. In 2000, he was named chairman of Cruise Lines International Association, an organization for which he previously served as vice chairman. He served as chairman of the Florida-Caribbean Cruise Association from 1992 to 2000 and held an executive committee member position in the International Council of Cruise Lines. In 1999, the National Association of Cruise Only Agencies named him “Cruise Industry Executive of the Year.”
“The company plans to leverage Richard’s experience as it continues to rebuild and expand Little Switzerland throughout the Caribbean to maximize shareholder value,” Robert Baumgardner, president and CEO of St. Thomas, of the Caribbean-based jewelry retailer, said in a statement.
Also, the company will increase the number of authorized shares of common stock from 20,000,000 to 25,000,000 shares and eliminating various anti-takeover provisions such as provisions for a staggered board of directors and super-majority voting provisions required to amend the certificate of incorporation.
Little Switzerland, Inc. is a leading specialty retailer of brand name watches, jewelry, crystal, china, and accessories, operating in 21 stores on five Caribbean islands, Florida and Alaska. The company’s primary market consists of vacationing tourists attracted by free-port pricing, duty-free allowances and a wide variety of high quality merchandise.