X-Rite, Incorporated (NASDAQ:XRIT) (SWX:XRI) The Board
of Directors of X-Rite, Incorporated announced today the
implementation of the planned CEO succession which was outlined at the
time of the January announcement of the Amazys acquisition. Effective
October 1, 2006 Michael C. Ferrara will retire from his positions of
CEO and Member of the Board and Thomas J. Vacchiano Jr. will become
President and Chief Executive Officer as well as a Member of the Board
of Directors. Tom Vacchiano was the President and Chief Executive
Officer of Amazys Holding AG from January 2001 until the acquisition
by X-Rite in July of this year. Mr. Ferrara will remain available to
consult on the transition through the end of this year.
"The CEO transition was planned as a part of the Amazys
acquisition and the timing of the change permits the new leadership
team to develop and own the 2007 operating plan," stated John E.
Utley, Chairman of the Board. "Further, we expect that this clarity of
leadership will facilitate the progress of our integration effort."
"X-Rite and its Board of Directors are pleased with the results
under Mike's leadership during the past five years," continued Utley.
"His leadership in focusing the company back on the color business and
bringing the two leading color solutions companies in the world
together will create new and exciting opportunities for X-Rite, its
customers and its shareholders in the future."
"The last five years with X-Rite have been the most rewarding and
challenging in my professional career," stated Michael C. Ferrara.
"With the integration of the two companies firmly on track I am very
optimistic about the future of the Company under Tom's leadership and
the opportunity for increased shareholder value."
"Mike's achievement in bringing X-Rite and Amazys together, along
with his passion for focusing on customers, creates a legacy that will
live on in the industry for many years," said Thomas J. Vacchiano. "I
look forward to building on the excellent foundation Mike has
established."
"The X-Rite Board is delighted to have Tom Vacchiano as X-Rite's
new CEO," stated Utley. "His extensive experience in technology
companies together with his current track record of creating
exceptional value for Amazys shareholders over the last several years
is impressive. The Board believes that his vision and leadership are
well aligned with the challenges of leading X-Rite to the next level
of performance."
Tom and his family will be relocating to the Michigan area in
early 2007 coinciding with the planned opening of X-Rite's new world
headquarters in Kentwood.
About X-Rite
X-Rite (NASDAQ:XRIT) is a leading provider of color-measurement
solutions, offering hardware, software and services for the
verification and communication of color data. The Company serves a
range of industries, including graphic arts, digital imaging,
industrial color and appearance, retail color matching and medical.
X-Rite serves customers in more than 100 countries from its 21 offices
in Europe, Asia and the Americas. Visit www.xrite.com for more
information.
