Handleman Company Names Khaled Haram as Chief Financial Officer

Mon Feb 18, 2008 12:00pm EST

* Reuters is not responsible for the content in this press release.

TROY, Mich., Feb. 18 /PRNewswire-FirstCall/ -- Handleman Company
(NYSE: HDL), www.handleman.com, today announced that Khaled Haram has been
promoted to the position of Senior Vice President and Chief Financial Officer,
effective immediately. The Company also announced that it has accepted the
resignation of Executive Vice President and Chief Financial Officer Thomas
Braum, effective immediately.
Mr. Haram has been with Handleman Company since April 2006 when he was
hired as Senior Vice President and Chief Information Officer.  In 2007, he
took on the additional responsibility for Handleman United Kingdom.  The
Information Technology division will continue to report to him in his new
role.
    President & CEO Al Koch said, "Khaled brings a strong business and finance
acumen to the position.  His experience prior to Handleman Company, as well as
his contributions over the last two years, has prepared him well for this
role."
Mr. Haram's background includes ten years at Estee Lauder Companies, where
he held several positions of increasing responsibility including Vice
President for Global Information Systems. In 2001, he left Estee Lauder to
launch Zalia Cosmetics, the first nationwide Latin consumer-focused cosmetics
line. For the next four years he operated this business as its Chief Executive
Officer. Mr. Haram holds a Bachelor of Science Degree in Computer Science from
New York University, a Bachelors of Electrical Engineering from The Cooper
Union and a MBA in Finance from the Stern School of Business at New York
University.
Mr. Koch stated, "We are appreciative of Tom Braum's 23 years of dedicated
service to the Company, in which he acted with the highest level of integrity.
We wish him well in his future endeavors."
    About Handleman Company:
    Handleman Company is a category manager and distributor of prerecorded
music and console video game hardware, software and accessories to leading
retailers in the United States, United Kingdom, and Canada.  As a category
manager, the Company manages a broad assortment of titles to optimize sales
and inventory productivity in retail stores.  Services offered include product
selection, direct-to-store shipments, marketing and in-store merchandising.
    Forward-Looking and Cautionary Statements
    Information in this press release contains forward-looking statements,
which are not historical facts.  These statements involve risks and
uncertainties and are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995.  Actual results, events and
performance could differ materially from those contemplated by these forward-
looking statements including, without limitation, achievement of cost saving
strategies identified or in the process of being implemented, successfully
executing new business initiatives, risks associated with the Company's
responsibilities required under its agreement with Tesco PLC, improving
operating performance after the termination of the Company's music supply
agreement with ASDA and generating cash from reducing working capital
investment, the ability to secure funding or generate sufficient cash required
to build and grow other new businesses, achieving the business integration
objectives expected with the Crave Entertainment Group and REPS acquisitions,
changes in the music and console video game industries, continuation of
satisfactory relationships with existing customers and suppliers, establishing
satisfactory relationships with new customers and suppliers, effects of
electronic commerce inclusive of digital music and console video game
distribution, success of new music and video game releases, dependency on
technology, ability to control costs, relationships with the Company's
lenders, pricing and competitive pressures, dependence on third-party carriers
to deliver products to customers, the occurrence of catastrophic events or
acts of terrorism, retaining and/or recruiting key executives, certain global
and regional economic conditions, and other factors discussed in this press
release and those detailed from time to time in the Company's filings with the
Securities and Exchange Commission.  Handleman Company notes that the
preceding conditions are not a complete list of risks and uncertainties.  The
Company undertakes no obligation to update any forward-looking statement to
reflect events or circumstances after the date of this press release.
SOURCE  Handleman Company

Mark J. Albrecht, Senior Vice President, Human Resources & Organizational
Development, +1-248-362-4400, Ext. 608, or Greg Mize, Vice President of
Investor Relations and Treasurer, +1-248-362-4400, Ext. 211, both of Handleman
Company
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