Oakley Creates Office of the Chairman

FOOTHILL RANCH, Calif., Sep 30, 2002 — Oakley Inc. (NYSE:OO) today announced that the company’s board of directors approved the creation of the office of the chairman.

The executives named to the new office include Oakley founder, Chairman and Chief Executive Officer Jim Jannard; Chief Operating Officer Link Newcomb; President Colin Baden; and Executive Vice President Tommy Rios.

Jannard commented: “Elevating Link, Colin and Tommy to the newly created office of the chairman recognizes the vital contribution each has made toward Oakley’s success and the board’s confidence in their ability to help lead the company in the future. Each of them has earned my confidence as a trusted adviser and they’ve earned the respect of Oakley’s team members around the world as trusted leaders.

“I have complete confidence in this group’s abilities, with my guidance, to lead us through the challenges of today’s difficult retail environment and capitalize on the opportunities afforded the Oakley Brand.”

Newcomb joined Oakley in June 1994 as its vice president of international sales. He served as executive vice president from April 1995 until January 1997, as chief financial officer from July 1995 until January 1997, as chief operating officer from January 1997 to September 1997, and as chief executive officer from September 1997 to April 1999.

Effective May 1, 1999, he was named chief operating officer. Newcomb was appointed to the board of directors in January 1997. Prior to joining Oakley, he was an attorney for five years at Skadden, Arps, Slate, Meagher & Flom LLP, Los Angeles, and has also been a certified public accountant since 1984.

Baden joined Oakley in February 1996 as director of design and served as vice president of design from February 1997 to February 1999. In February 1999, he was named president. Prior to joining Oakley, he was a partner at Lewis Architects of Seattle for six years and began advising Oakley on company image issues in 1993. Rios joined Oakley in 1996 and has held positions as general director of Oakley Mexico from January 1996 to March 1998, director of international sales from March 1998 to July 1999, director of Oakley Worldwide from July 1999 to December 1999 and vice president of Oakley Worldwide from January 2000 to December 2001.

In January 2002, Rios was named executive vice president, responsible for all aspects of the company’s global sales operation. Prior to joining Oakley, Rios had five years of experience as the general director of Fox Racing, an independent distributor of Oakley products in Mexico.