AHPC Holdings Announces Two Additions to the Board Of Directors.Business Editors/Health/Medical Writers ITASCA I·tas·ca A lake of northwest Minnesota. It was identified in 1832 as the source of the Mississippi River. , Ill.--(BUSINESS WIRE)--June 1, 2004 AHPC AHPC American Home Products Corporation Holdings, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :GLOV), formerly known as WRP WRP Wetland Reserve Program WRP Workforce Recruitment Program WRP Workers Revolutionary Party WRP Windows Resource Protection (Microsoft Windows Vista) WRP Wetlands Restoration Program WRP Work Restriction Protection Corporation, today announced that it has made two additions to its Board of Directors - Alan Zeffer, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of AHPC Holdings and Anthony Alibrio, the President Emeritus of the Sodexho, Marriott Health Care Division. Mr. Zeffer and Mr. Alibrio will fill the two vacancies on the board, ensuing from the recently completed Stock Redemption and Exchange Agreement with WRP Asia Pacific, Sdn Bhd, whereby AHPC redeemed the majority stock position previously held by WRP. AHPC also announced the establishment of a staggered Board of Directors Staggered board of directors Occurs when a portion of directors are elected periodically, instead of all at once. Board terms are often staggered in order to thwart unfriendly takeover attempts, since potential acquirers would have to wait longer before they could take control of a consisting of three classes of directors, whereby two of its current six directors will stand for election at each of the next three annual shareholder meetings. The directors will hold office for three-year terms and may not be removed without cause. The number of directors is set by the board and any vacancy is filled by the remaining board members. The secretary may only call a special meeting upon written request of the stockholders entitled to cast a majority of all votes entitled to be cast at the meeting. According to AHPC President and CEO, Alan Zeffer, "We are thrilled to announce the addition of Mr. Alibrio to our Board. He has a distinguished career as a leading healthcare and foodservice executive and will provide us welcomed guidance and industry contacts as we move to expand these key segments of our business operations. With the recent closing of our stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. from WRP Asia Pacific, the Company, for the first time in its recent history, will be able to execute on its business plan without involvement from overseas management. The adoption of the staggered Board and related provisions provides us with a tool to increase continuity of management in this important process. We look for great things to come as the Company moves forward with its independent ownership." Mr. Alibrio has over 37 years of experience in both the healthcare and foodservice industries, which comprise the two principal areas of focus for AHPC. Sodexho Marriott, where Mr. Alibrio currently serves as President Emeritus of the Health Care Division, is the leading food and facilities management firm in North America, managing nearly $3.2 billion of goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. to over 1,000 hospitals and long-term care facilities long-term care facility n. See skilled nursing facility. . Mr. Zeffer became President and Chief Executive Officer of the Company, effective the closing of the Stock Redemption and Exchange Agreement. He served as Chief Financial Officer of the Company from 2001 to that time. Mr. Zeffer previously served as Managing Partner of Quest Capital Corporation, a financial advisory firm and as Treasurer of Sybron International Corporation. This Press Release contains forward-looking statements, which involve numerous risks and uncertainties, including, but not limited to, the Company's ability to maintain current sales levels at current margins and ability to maintain in place the Company's current line of credit or replace it with an alternate substitute. The Company's actual results could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in the Company's filings with the Securities and Exchange Commission. |
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