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Marvel CEO Peter Cuneo To Retire At Year End

Marvel exec Allen S. Lipson, Esq., will take over as CEO of Marvel Enterprises effective January 1, 2003, upon the retirement of Peter Cuneo, current president & CEO. Following his retirement, Cuneo will continue to serve as a Marvel board member and advisor. Lipson has been Marvel's executive vice president business & legal affairs since November 1999, where he played an integral role in structuring and negotiating the company's strategic entertainment and licensing relationships. As a member of senior management he has developed a strong working relationship with Marvel's key managers and staff including Bill Jemas, COO; Avi Arad, CEO of Marvel Studios; Alan Fine, CEO of Toy Biz; Ken West, CFO; and Russ Brown, EVP Worldwide Consumer Products. Allen Lipson commented, "Marvel's true value is just now beginning to be appreciated, and we are eager to accelerate the process to generate improving financial performance. I am excited and looking forward to the opportunity to help guide Marvel as we enter our 'Golden Age.'" Boosted by the worldwide success of the film SPIDER-MAN, Marvel recently posted second quarter revenues of $71 million.