Tag Archives: Executive Chairman

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IHS Incoming President and CEO Scott Key Announces Executive Leadership Team

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IHS Incoming President and CEO Scott Key Announces Executive Leadership Team

ENGLEWOOD, Colo.–(BUSINESS WIRE)– Following the April 10 announcement that Jerre Stead will assume the role of Executive Chairman of the IHS Board of Directors and Scott Key will be appointed President and Chief Executive Officer effective June 1, IHS Inc. (NYS: IHS) today announced the executive leadership team that will support Key.

“We have built an incredible leadership bench at IHS across each functional and operational area as we have grown the company,” Key said. “Over the last seven years, we have developed the experience and skill base designed to successfully scale and grow IHS for the long term. I am pleased to have the right leaders with the skills and capabilities to achieve our profitable growth goals, and to add to this leadership bench as we execute on a clear roadmap for continued growth and success.”

The leadership team continuing in their roles are:

  • Stephanie Buscemi, senior vice president and chief marketing officer
  • Stephen Green, executive vice president, legal and corporate secretary
  • Todd Hyatt, senior vice president-chief financial and IT officer
  • Jane Okun Bomba, senior vice president and chief sustainability, IR & communications officer
  • Jeffrey Sisson, senior vice president and chief human resources officer
  • Brian Sweeney, senior vice president-global sales
  • Richard Walker, executive vice president-global finance

IHS Vice Chairman of the Board Daniel Yergin will continue to report to Stead.

In addition, IHS is adding two new senior executives and expanding the responsibilities for another.

Jonathan Gear has been named senior vice president-industrials. In this expanded role, Gear will lead the IHS electronics and media, and transportation industry sectors, along with a number of key IHS end markets. Gear joined IHS in 2005 and has served as senior vice president of IHS Insight products and led IHS CERA, along with responsibilities in the areas of strategy, product management, marketing, and mergers and acquisitions.

Anurag Gupta has joined IHS as executive vice president-strategy, products and operations. Gupta will lead the IHS core workflow business lines and support operations. He also will lead the corporate strategy function. Gupta has

From: http://www.dailyfinance.com/2013/04/11/ihs-incoming-president-and-ceo-scott-key-announces/

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Occidental's Board Issues Unanimous Statement on CEO Succession Process

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Occidental’s Board Issues Unanimous Statement on CEO Succession Process

LOS ANGELES–(BUSINESS WIRE)– Occidental Petroleum Corporation (NYS: OXY) — The Occidental Petroleum Board of Directors today issued the following unanimous statement in response to questions about the CEO succession process announced in February:

In 2010, as a result of shareholder concerns, the Board instituted a leadership succession plan. Ray Irani, 78, stepped down as CEO and became Executive Chairman of the Board. Stephen Chazen, 66, who had been President and COO, became President and CEO. The Board also announced that Dr. Irani will retire as Executive Chairman and as a member of the Board effective at the end of 2014.

During the past two years, the Company focused on three main objectives: achieving production growth in the oil and gas business; generating rates of return on invested capital significantly in excess of our cost of capital; and delivering consistent annual dividend growth. The Company met these goals, but 2012 presented challenges, including disappointing stock performance. Our focus on growing production led to some execution inefficiencies, resulting in increases in operating and capital costs. To remedy this, the Company began taking aggressive steps to improve operational efficiencies without impacting overall production growth or compromising our standards regarding health, safety and the environment. These actions reflect the commitment of the Board and senior management to improve profitability and total shareholder return in 2013 and beyond.

As these 2012 events unfolded, the independent directors began to reflect on the longer term succession plans for the Company’s senior management. After extensive deliberation, they concluded that now is the time to seek new leadership to be in place for the longer term. During executive session meetings, they determined, in accordance with the Board’s on-going succession planning responsibilities, to begin the process to identify a successor to Mr. Chazen. The search committee of independent directors retained a search firm to assist with the process. Given that Mr. Chazen was to be named as a nominee for the Board in the Company’s Annual Meeting proxy, it was determined that the search process required disclosure.

In regard to recent press articles and inaccurate speculation, the independent directors reiterate that there is no “fight at the top.” All decisions regarding CEO succession planning were made over many meetings by the independent directors alone in executive session, in accordance with best governance practices. Dr. Irani did not attend, and did not …read more

Source: FULL ARTICLE at DailyFinance

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American Vanguard Invests in TyraTech Natural Product Technologies

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American Vanguard Invests in TyraTech Natural Product Technologies

NEWPORT BEACH, Calif.–(BUSINESS WIRE)– American Vanguard Corporation (NYS: AVD) today announced that it has completed an investment in TyraTech, Inc. to participate in the continued development and marketing of natural products for human and animal health applications. American Vanguard has invested $3.7 million to secure a 29.46% ownership position in TyraTech, Inc.

American Vanguard‘s equity investment achieves an important strategic objective by expanding its involvement in the development of products derived from natural sources and by participating in the penetration of such technologies in non-agricultural market segments. TyraTech has developed more than a dozen unique products that show efficacy as mosquito, fly, flea and tick repellents, head lice control treatments and intestinal parasitic control agents. Several of these products which are expected to be commercialized during 2013 and 2014 demonstrate performance characteristics that are superior to existing, commercially available, offerings. The global addressable market potential for such applications is estimated to be in the range of $8 to 10 billion annually.

This investment follows the December 2012 creation of Envance Technologies, LLC between AMVAC-Chemical Corporation (a wholly-owned subsidiary of American Vanguard) and TyraTech, Inc. for the purpose of developing and commercializing best-in-class technologies for the global consumer household and lawn & garden retail markets. Envance Technologies, which is majority owned by AMVAC-Chemical, already has its first commercial product line, Terminix® Ultimate Protection, on the shelves of a major U.S. retail home improvement chain. The global addressable market potential for such products is estimated to be between $3.5 and 4.5 billion annually. Envance also expects to develop new combinations of natural and synthetic compounds using TyraTech’s patented Extend Technology®.

Eric Wintemute, Chairman & CEO of American Vanguard Corporation commented: “This investment solidifies our commitment to the development and commercialization of effective human and animal health products derived from natural sources. American Vanguard‘s existing non-crop business addresses mosquito and general-purpose commercial pest control with a proven chemical product portfolio. TyraTech’s advanced technology and product formulations deploy natural defenses for individual protection from many threats that can compromise human and animal health. Our ownership stake in TyraTech joins us in a very complementary mission, with a clearly aligned mutual interest in safeguarding both public and personal health.”

Alan Reade, Executive Chairman of TyraTech, Inc, commented: “The commitment and support of American Vanguard gives confidence in our strategy and credence to our belief that we are in the right markets with the right products. We are seeing a significant and growing desire for products which are …read more
Source: FULL ARTICLE at DailyFinance

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Microline Surgical Appoints Sharad Joshi as CEO

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Microline Surgical Appoints Sharad Joshi as CEO

BEVERLY, Mass.–(BUSINESS WIRE)– Dr. Jean-Luc Boulnois, Chairman of the Board of Directors of Microline Surgical, Inc., announced today that, on his recommendation, the Board has appointed Sharad H. Joshi as Microline’s new President and Chief Executive Officer (CEO), effective April 1st, 2013.

As part of this new leadership strategy, Microline’s Board has also appointed Dr. Boulnois as Executive Chairman of the company, a leading manufacturer of reposable instruments for minimally invasive surgery. Dr. Boulnois has served as Microline’s Chairman and CEO for the last eight years.

Mr. Joshi has been a member of the Microline executive team since 2007, having most recently served as President and Chief Operating Officer (COO). He brings over 25 years of medical device industry experience, including leadership positions in Business Development, Marketing, Sales, Operations and R&D. Prior to joining Microline, Joshi was Founder, President and CEO of Blue Torch Medical Technologies. Previously, he held positions with Boston Scientific and Alliant Medical Technologies.

According to Dr. Boulnois, the Microline Board has elected to bring in new leadership to reengineer the company’s operational functions and continue to better serve its partners, physician customers and their patients, while furthering its successful expansion into global markets.

“The last eight years have been extraordinary for Microline, with the company growing at an incredible 17 percent year-on-year average rate,” said Dr. Boulnois. “Mr. Joshi has played an integral part in Microline’s tremendous growth as we’ve successfully extended our reach into the surgical marketplace both organically and through the introduction of the MiFusion energy product line.”

“This is a time of tremendous promise and change in the healthcare industry as surgeons expand minimally invasive surgical techniques into new procedural areas in an effort to reduce complications and improve outcomes for their patients,” said Joshi. “Microline is uniquely positioned for growth in the field of laparoscopy with our strong management team, global resources, aggressive business development strategy and exceptional products.”

In executing this new leadership strategy, Joshi, together with his recently expanded Senior Management team, will work closely with Microline’s Board of Directors. As Executive Chairman, Dr. Boulnois will concentrate on long term strategic objectives, while creating and developing partnerships that complement Microline’s core business and enhance shareholder value.

About Microline Surgical

Headquartered in Beverly, Massachusetts, Microline Surgical, Inc. is a leading U.S. medical device manufacturer of high quality …read more
Source: FULL ARTICLE at DailyFinance

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Easton-Bell Sports, Inc. Reports Fourth Quarter and Full Year 2012 Financial Results

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Easton-Bell Sports, Inc. Reports Fourth Quarter and Full Year 2012 Financial Results


Takes Steps to Position Company for Long-term Growth and Success


Will Host Conference Call to Discuss Financial Results and Company Outlook on March 26 at 4:00 p.m. Eastern Time

VAN NUYS, Calif.–(BUSINESS WIRE)– Easton-Bell Sports, Inc. (the “Company”), a leading designer, developer and marketer of branded sports equipment, protective products and related accessories, today announced financial results for the fourth quarter and full fiscal year ended December 29, 2012.

“Easton-Bell had a difficult fourth quarter due to challenging market conditions and certain external events such as disappointing weather during the snow season, which resulted in declines that offset our growth during the first nine months of the year. Importantly, however, our underlying businesses remain strong, which can be seen by the fact that Riddell football, Easton baseball and Bell powersports all experienced market share gains and contributed significantly to the Company’s operating cash flow in 2012,” stated Terry Lee, Executive Chairman and Chief Executive Officer of Easton-Bell.

Mr. Lee continued, “We recently made several leadership changes throughout the organization to position Easton-Bell for long-term growth and success. We also recorded certain litigation and inventory reserves in the fourth quarter of 2012. While these strategic decisions impacted our short-term financial results, we are confident that we now have the right team and plan in place to grow our business and create meaningful value in 2013 and beyond.”

Unless otherwise specified below, references to Adjusted EBITDA in this press release refer to Adjusted EBITDA, as reported for purposes of compliance with the debt covenants in our senior credit facilities. A detailed reconciliation of such Adjusted EBITDA and our Adjusted EBITDA, normalized for certain one-time reserve adjustments, to net income, which we consider to be the most closely comparable GAAP financial measure, is included in the section entitled “Reconciliation of Non-GAAP Financial Measures,” which appears at the end of this press release.


Results for the Fourth Quarter
…read more
Source: FULL ARTICLE at DailyFinance

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Exterran Holdings Nominates Three New Directors to its Board

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Exterran Holdings Nominates Three New Directors to its Board

HOUSTON–(BUSINESS WIRE)– Exterran Holdings, Inc. (NYS: EXH) today announced that its Board of Directors has nominated D. Bradley Childers, President and Chief Executive Officer of Exterran Holdings, Inc., William M. Goodyear, Executive Chairman of the Board and retired Chief Executive Officer of Navigant Consulting, Inc., and John P. Ryan, retired President and Chief Executive Officer of Dresser, Inc., for election to the Exterran Holdings Board of Directors at the Company’s 2013 Annual Meeting of Stockholders on April 30, 2013. Uriel E. Dutton, who has served as a director since 2001, and William C. Pate, who has served as a director since 2007, will no longer serve on the Board after the 2013 Annual Meeting.

Exterran also announced that the Board has appointed Mark R. Sotir to become Executive Chairman of the Board and Gordon T. Hall to become Vice Chairman of the Board and lead independent director, each effective April 30, 2013.

“We are pleased about the nominations of Brad Childers, Bill Goodyear and John Ryan,” said Gordon Hall, Chairman of the Board. “Each of them brings different, but significant business experience and perspective, which we believe will enable them to make meaningful contributions to the Board.”

“Uriel Dutton and Bill Pate have been valued members of the Board, and on behalf of the entire Board of Directors, I thank them for their numerous contributions to Exterran,” said Mr. Hall. “We will miss them both and wish them continued success.”

Mr. Hall continued, “I am proud of the significant progress that Exterran’s employees have made toward improving the Company’s performance. As Executive Vice Chairman of Exterran, Mark Sotir‘s role on the Board and with the Company’s management team contributed to this progress. The combination of this experience and knowledge of the Company with his prior experience in executive roles across a variety of industries make him well-qualified to assume the role of Executive Chairman.”

Mr. Sotir added, “This is an exciting time as Exterran continues focusing on growth opportunities for our products and services in global energy markets, as well as improving the profitability of our businesses to enhance our competitive position. I look forward to continuing to work with the Board and the management team as we seek to provide value-added solutions to our customers and improved returns to our stockholders. On behalf of the Board, I also want to thank Gordon for his years of service as Chairman of Exterran. Gordon will bring leadership …read more
Source: FULL ARTICLE at DailyFinance

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Walgreens and Alliance Boots Announce Strategic, Long-Term Relationship with AmerisourceBergen

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Walgreens and Alliance Boots Announce Strategic, Long-Term Relationship with AmerisourceBergen

– Walgreens expands its existing relationship into 10-year agreement with AmerisourceBergen for pharmaceutical distribution

– AmerisourceBergen to collaborate with Walgreens and Alliance Boots on global supply chain opportunities

– Walgreens and Alliance Boots together to have rights to acquire minority equity position in AmerisourceBergen

DEERFIELD, Ill.–(BUSINESS WIRE)– Walgreen Co. (NYS: WAG) (NAS: WAG) , the largest retail drugstore chain in the United States, and Alliance Boots GmbH, a leading international pharmacy-led health and beauty group, today announced that they have entered into an innovative long-term partnership with AmerisourceBergen, one of North America‘s largest pharmaceutical services companies.

This relationship will enable Walgreens, Alliance Boots and AmerisourceBergen to benefit from greater scale and global opportunities and work together on programs to improve service levels and efficiencies, while reducing costs and increasing patient access to pharmaceuticals. Together these three companies will help address global health care challenges by making it easier for manufacturers to bring products to market; increasing accessibility to the benefits of global sourcing and best practices for community pharmacies; and providing patients with better access to health care. The collaboration will also generate opportunities to attract partners in new markets and prospects in existing markets around the globe.

“Today’s announcement marks another step forward in establishing an unprecedented and efficient global pharmacy-led, health and wellbeing network, and achieving our vision of becoming the first choice in health and daily living for everyone in America and beyond,” said Gregory Wasson, President and Chief Executive Officer of Walgreens. “We are excited to be expanding our existing relationship with AmerisourceBergen to a 10-year strategic long-term contract, representing another transformational step in the pharmaceutical supply chain. We believe this relationship will create a wide range of opportunities and innovations in the rapidly changing U.S. and global health care environment that we expect will benefit all of our stakeholders.”

“This agreement with AmerisourceBergen, which we consider to be the best-positioned pharmaceutical wholesaler in North America, is a promising development for Walgreens and Alliance Boots following the formation of our strategic partnership last year,” said Stefano Pessina, Executive Chairman of Alliance Boots. “We strongly believe that our new partnership with AmerisourceBergen will deliver long-term shareholder value by creating an unmatched network of companies that is well positioned to anticipate increasing market needs and expectations across the world. Together we will bring tailored solutions to business partners, including manufacturers …read more
Source: FULL ARTICLE at DailyFinance

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CBRE Group, Inc. Acquires IMPACT-CORTI

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CBRE Group, Inc. Acquires IMPACT-CORTI

Acquisition of Property Management Specialist Expands CBRE’s Capabilities in Central Europe

LOS ANGELES–(BUSINESS WIRE)– CBRE Group, Inc. (NYS: CBG) , a leading global commercial real estate services and investment firms, today announced the acquisition of IMPACT-CORTI a.s., a firm specialising in property management in the Czech Republic and Slovakia.

With six million sq ft (557,000 sq m) under management across 140 assets and current annual revenue of approximately $10 million, IMPACT-CORTI is the leading property manager in the Czech Republic and Slovakia. The company is particularly known for its expertise in the office sector but also has a portfolio of residential and industrial assets under management. In addition, IMPACT-CORTI provides project management, investment, and leasing and consultancy expertise to its institutional and private-investor clients, such as Deka, Axa REIM, Pramerica and Hampshire Investments. In the Czech capital of Prague, IMPACT-CORTI manages notable buildings including The GEMINI Business Center, LIGHTHOUSE Waterfront Towers and the Burzovni Palac, the home of the Prague Stock Exchange.

IMPACT-CORTI’s team of 160 professionals will join CBRE‘s well-established Property and Asset Management practice in Europe. In response to client demand, CBRE has particularly focused on the growth of these services in Central and Eastern Europe (CEE), underlined by its acquisition of Euro Mall Center Management, a CEE shopping centre management specialist, in mid-2011.

Michael Strong, Executive Chairman of Europe, Middle East and Africa, CBRE, said:

“Providing expert and integrated transactional and real estate management capabilities is becoming increasingly important to our regional and global client base. The acquisition of IMPACT-CORTI complements our existing property management offer and will allow us to further extend this important service across the region to meet growing demand.”

Andreas Ridder, Chairman, Central and Eastern Europe, CBRE, added:

“IMPACT-CORTI is renowned in the Czech Republic for its expert property management and project management practices. By adding their expertise and reach to our own growing capabilities, we are increasing the scope of the services we can provide to clients across the region.”

Jürg Zwahlen, Chairman of the Board, IMPACT-CORTI, commented:

“By joining CBRE, we are creating a huge opportunity for both our clients and our colleagues. As part of one of the most integrated and respected commercial real estate advisory companies in the world, we will be able to better …read more
Source: FULL ARTICLE at DailyFinance

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Electronic Arts Announces Change in Executive Leadership

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Electronic Arts Announces Change in Executive Leadership


Larry Probst Appointed Executive Chairman, Effective Immediately


Company Updates 2013 Fiscal Outlook

REDWOOD CITY, Calif.–(BUSINESS WIRE)– Electronic Arts Inc. (NAS: EA) today announced that John Riccitiello will step down as Chief Executive Officer and as a member of the Board of Directors, effective March 30. The Board has appointed Larry Probst as Executive Chairman to ensure a smooth transition and to lead EA‘s executive team while the Board conducts a search for a permanent CEO. The Board will consider internal and external candidates with the assistance of a leading executive search firm.

Mr. Probst has played a leadership role at EA since 1991. In addition to serving as Chairman of the Board since 1994, he previously served as the Company’s CEO from 1991 to 2007. As CEO, Probst successfully grew the Company’s annual revenues from $175 million to approximately $3 billion, led EA into new platforms such as mobile, online and other emerging markets and expanded its international presence to more than 75 countries.

“We thank John for his contributions to EA since he was appointed CEO in 2007, especially the passion, dedication and energy he brought to the Company every single day,” said Mr. Probst. “John has worked hard to lead the Company through challenging transitions in our industry, and was instrumental in driving our very significant growth in digital revenues. We appreciate John’s leadership and the many important strategic initiatives he has driven for the Company. We have mutually agreed that this is the right time for a leadership transition.”

On behalf of the Board, Lead Director Richard A. Simonson stated, “As we begin the CEO search, we are fortunate that Larry, who has a proven track record with our employees, partners and customers, has agreed to assume a day-to-day leadership role as Executive Chairman. He has 16 years of experience as CEO of EA and a deep understanding of the Company’s strategy, management team, business potential and industry trends.”

Mr. Riccitiello stated, “EA is an outstanding company …read more
Source: FULL ARTICLE at DailyFinance

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Landmark Apartment Trust of America to Acquire Management Operations of Elco Landmark Residential Ho

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Landmark Apartment Trust of America to Acquire Management Operations of Elco Landmark Residential Holdings

– Transaction fully internalizes property management operations and eliminates certain payments for management services –

RICHMOND, Va.–(BUSINESS WIRE)– Landmark Apartment Trust of America, Inc. (the “Company” or “LATA“), a multifamily real estate investment trust (REIT) with assets located in select metropolitan areas throughout the Southern United States, today announced the acquisition of the management operations, including certain property management contracts, of Elco Landmark Residential Holdings LLC and its affiliates (“ELRH“) for approximately $30 million and the assumption of certain liabilities, subject to certain earn-outs and clawback rights as described below. The assets LATA is acquiring from ELRH include the following:

  • The elimination of property management services on 22 assets consisting of 6,433 units either owned by or soon to-be-owned by LATA , which were contributed to LATA as part of the $536.5 million recapitalization transaction it completed with ELRH on August 6, 2012;
  • Property management contracts on additional assets that are currently owned and managed by ELRH; and
  • Property management contracts on a to-be-determined number of assets related to ELRH‘s private label arrangement with Timbercreek Asset Management as manager of the Timbercreek U.S. Multi-Residential Opportunity Fund, which Fund was formed to acquire and operate assets identified for purchase by ELRH that may be contributed to LATA in the future. The consideration for this portion of the transaction is variable and structured as an earn-out based on the ultimate size of the fund.

Commenting on the transaction, Joseph Lubeck, Executive Chairman, commented, “This transaction is the next step in our overall business plan to grow the Company, which began with our recapitalization transaction last August, while creating increased shareholder value.”

Stanley Olander, CEO said “The strategic acquisition of ELRH‘s management operations fully internalizes LATA‘s property management operations, allowing it to eliminate the management services currently provided by ELRH associated with the properties currently owned by LATA, resulting in an increase in each property’s net operating income (NOI) and enhancing the Company’s overall value.”

Consideration for the transaction will be a combination of LATA operating partnership units and notes payable to ELRH, subject to certain adjustments and clawbacks, including in the event that any of the ELRH-owned assets are not contributed to LATA in the future. Additionally, there is …read more
Source: FULL ARTICLE at DailyFinance