Autotote names Alan J. Zakon as vice chairman, Thomas C. DeFazio as EVP and CFO; changes strengthen company's management team in key areas.NEW YORK--(BUSINESS WIRE)--March 22, 1995--Autotote Corp. (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 :NMS See NetWare Management System. :TOTE) today announced the appointments of Alan J. Zakon as vice chairman and Thomas C. DeFazio as executive vice president and chief financial officer. The appointments will become effective in April. DeFazio succeeds Dennis Wallach, who will carry out other assignments for the company. Zakon spent more than 20 years at The Boston Consulting Group, rising to president and, later, chairman. More recently, Zakon has been a managing director of Bankers Trust The Bankers Trust is a historic American banking organisation that was acquired by Deutsche Bank in 1998. It was originally set up when banks could not perform trust company services. Corp. He has been a member of Autotote's board since 1993 and sits on the Audit, Compensation and Executive Committees. Most recently, DeFazio was executive vice president and CFO See Chief Financial Officer. of Smith Corona Smith Corona or the SCM Corporation is a US typewriter and calculator company. The company has been experiencing a decline in sales since the mid 1980s due to the introduction of PC-based word processing. Its competitors include Brother, Olivetti and IBM. Corp. as well as a member of its board of directors. Prior to that, he was vice president-finance, CFO and treasurer of General Instrument Corp. A. Lorne Weil, chairman 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 Autotote, noted that the appointments of Zakon and DeFazio strengthen the company's senior management team in key areas. "Alan's strengths in management, business strategy and corporate finance have been ably demonstrated in senior positions at Bankers Trust and The Boston Consulting Group. "Tom is a seasoned financial executive with a wealth of experience in developing and implementing planning and control systems which will greatly assist us in effectively managing our business units and, at the same time, improve our ability to deal effectively and credibly with lenders, vendors and the investment community." He added, "The fact that we have been able to triple our revenues in two years clearly demonstrates that our business strategy is on track. These appointments demonstrate the commitment of Autotote and its board to building a management team that will control this growth and allow us to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the many exciting opportunities that exist for Autotote, both in the U.S. and in key international markets." Autotote Corp. designs and manufactures computerized wagering equipment and provides facilities management for use in racetrack, off-track wagering, lotteries and legalized sports betting facilities. Autotote systems are in use in the United States, Central and South America, Canada, Mexico, the Far East and Europe. CONTACT: The Miller Co., Larchmont, N.Y. Gregory W. Miller, 914/834-1868 |
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