| PRESS RELEASE: CRUTCHFIELD CORP. NAMES RICHARD SOUDER AS EXECUTIVE VICE PRESIDENT |
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For Immediate Release
CRUTCHFIELD CORP. NAMES RICHARD SOUDER AS EXECUTIVE VICE PRESIDENT CHARLOTTESVILLE, VA, August 26, 2003 — Crutchfield Corp., the leading direct marketer of consumer electronics, today announced the appointment of Rick Souder, Jr. to the newly created position of Executive Vice President, Merchandising. In his new role, Souder will be responsible for all merchandising for Crutchfield. He also will take a lead role in developing long-term growth strategies and continually reviewing the company's product offerings. Prior to joining Crutchfield, Souder was Vice President and General Merchandise Manager for Circuit City Stores, Inc., with overall responsibility for the company's $5 billion annual audio/video/mobile business. "I am delighted to have a person with Rick Souder's reputation for integrity, judgment and professionalism join Crutchfield," said Bill Crutchfield, founder and CEO. "Coupling these qualities with his vast experience, Rick will be invaluable in helping elevate Crutchfield to the next level of success." "I'm looking forward to the opportunity to be a part of the Crutchfield team," Souder said. "I'm confident that we can improve our level of service to our customers and our suppliers and show why Crutchfield is such a leader in the consumer electronics industry." A graduate of the University of Virginia, Souder joined Circuit City in 1987as a TV buyer and rose through the company's ranks to supervise all of the company's Audio/Video merchandising. He also has served as Director of Inventory Management and Planning for The Gap, a national clothing store chain, and as a merchandising executive with a women's apparel division of the U.S. Shoe Corp. #### Founded in 1974, Crutchfield Corporation is the nation's largest direct integrated marketer (catalog, call center, and Internet) of consumer electronics products. It offers a convenient, full-service shopping destination to buyers of car and home audio/video products. Providing an unprecedented level of customer service, Crutchfield is noted for its high integrity, product expertise, and technical support. Mailed to approximately 7.5 million households, Crutchfield's catalogs include comprehensive explanations of product and technology intended to help consumers make informed buying decisions. Crutchfield was the first authorized audio/video retailer on the Internet, launching its website (www.crutchfield.com) in the summer of 1995. |
