Angelica Begins Executive Search.Business Editors ST.LOUIS--(BUSINESS WIRE)--Feb. 5, 2003 Angelica Corporation (NYSE NYSE See: New York Stock Exchange :AGL (programming) AGL - (Atelier de Genie Logiciel) French for IPSE. ) announced today that it will begin a national search for a successor to Don W. Hubble as Chief Executive Officer and President. Mr. Hubble, who will turn 64 in April, will continue in these positions until a suitable person can be identified and assume the assigned responsibilities. After the appointment of the new Chief Executive Officer and President, Mr. Hubble will continue in his position as Chairman of the Board. Mr. Hubble said, "We have a formal succession planning Management Succession Planning In organizational development, succession planning is the process of identifying and preparing suitable employees through mentoring, training and job rotation, to replace key players — such as the chief executive officer (CEO) — process in place, and now is the logical time for a new 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. and President to assume leadership at Angelica. By unbundling A regulatory requirement that enables a competing service provider to purchase parts of the incumbent local exchange carrier's network in order to provide service to its customers. See ILEC. the Chairman of the Board and the CEO/President positions in this manner, leadership transition can occur in an orderly fashion over an extended period of time. This will allow for the continuation of the value-building efforts that have been successfully implemented at Angelica." Mr. Hubble further stated, "The sale of the Manufacturing and Marketing segment and the repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. of our largest business segment, Angelica Textile Services, is now behind us, and the turnaround of the Life Uniform segment is progressing as planned. Our balance sheet is strong, and we are well-positioned for continued growth in revenues and earnings. While I do not view my work with the Company as complete, I do see this as an opportune time to begin the transition to new leadership." The national executive search firm of SpencerStuart has been retained to assist Angelica's Board of Directors in the search for the new Chief Executive Officer and President. Angelica expects to consider internal as well as external candidates. While there is no set timetable for the process, Angelica anticipates identifying a suitable candidate within the next six months. Angelica Corporation, traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol AGL, provides textile rental and linen management services to healthcare institutions, and operates a national chain of retail healthcare uniform and shoe stores with a fully-integrated catalogue and e-commerce operation. |
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