The Stride Rite Corporation Names New Keds President

LEXINGTON, Mass., May 20, 2002 (BUSINESS WIRE) -- The Stride Rite Corporation (NYSE: SRR) today announced that Gerrald B. Silverman has been appointed President of Keds, a division of The Stride Rite Corporation. Mr. Silverman was previously President of the Corporation's Stride Rite Children's Group for the last three years.

Mr. Silverman brings over eight years of footwear experience to the Keds brand. Prior to his role as President of Stride Rite Children's Group, Mr. Silverman spent four years in the Keds brand as EVP, Sales, Finance, Merchandising and Operations, and two years as President, Stride Rite International. Previously, Mr. Silverman was with Levi Strauss & Company for fifteen years in various sales management positions.

David Chamberlain, Chairman and CEO of The Stride Rite Corporation said, "Jerry has a proven track record of delivering results for the Corporation. His understanding of both the Keds consumers and its retailers, coupled with his business and management strengths, make him the strongest choice for this role as we continue to reposition the brand in the marketplace".

Chamberlain also announced that the Corporation would immediately begin an external search to fill the vacant President, Stride Rite Children's Group position.

The Stride Rite Corporation markets the leading brand of high quality children's shoes in the United States. Other footwear products for children and adults are marketed by the Company under well-known brand names, including Keds, Sperry, Tommy Hilfiger, Grasshoppers, Munchkin and Street Hot. Information about the Company is available on our website - www.strideritecorp.com. Information about the Company's brands and product lines is available at www.striderite.com, www.keds.com and www.sperrytopsider.com.

This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. The words "expect", "estimate", and other similar expressions which do not relate solely to historical matters identify forward-looking statements. Undue reliance should not be placed on forward-looking statements because they involve known and unknown risks and uncertainties which may cause actual results to differ materially from anticipated, projected or implied future results. Factors that may cause such a difference include, among others: revenues from new product lines may fall below expectations; the launch of new product lines may be delayed; the opening of new stores may be delayed; new retail concepts may not achieve expected results; general retail sales trends may be below expected growth rates; current license agreements may be terminated; consumer fashion trends may shift to footwear styling not currently included in the Company's product lines; the Company's retail customers, including large department stores, may consolidate or restructure operations resulting in unexpected store closings; and additional factors discussed in the Company's reports filed with the Securities and Exchange Commission and the exhibits thereto. The Company disclaims any responsibility to update these statements.

CONTACT: The Stride Rite Corporation
Frank Caruso (617) 824-6611