Danka Announces CEO Succession, Reorganization, and Executive Promotions.Business Editors/High-Tech Writers ST. PETERSBURG, Fla.--(BUSINESS WIRE)--March 5, 2004 Danka Business Systems PLC (Nasdaq:DANKY), a leading independent global provider of office imaging systems and services today announced that its board of directors has approved the transition plan of 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. Lang Lowrey to an expanded chairman's role and the promotion of U.S. Group President and COO (Cell Of Origin) See mobile positioning. Todd Mavis to chief executive officer and a director. These changes will take effect on April 1, concurrent with the start of Danka's fiscal 2005 year. In conjunction with this change, Danka will reorganize re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. its business into two operating groups: a new Americas Group extending from Canada to Chile and a new group encompassing Europe and Australia. Peter Williams Peter Williams can mean:
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of the European/Australian Group and Michael Popielec is being promoted to chief operating officer of the Americas, both reporting to Mavis. "Our 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) — began two-and-a-half years ago with the creation of three operating groups and the recruitment of highly qualified executives to serve as chief operating officers of these groups," stated Lowrey. "Over the past year, Todd, Peter, and Mike have further increased their day-to-day responsibilities. These latest developments reflect a natural progression of our business, and they enable us to take full advantage of Todd, Peter, and Mike's respective strengths." Following the promotion of Mavis to CEO, Lowrey will continue to serve as chairman and also work in a part-time role on the company's strategic advancement. This will allow the Company to move forward within the framework of a consistent strategy driven by continuity of leadership. The elimination of daily responsibilities will also allow Lowrey to complete his seminary seminary Educational institution, usually for training in theology. In the U.S. the term was formerly also used to refer to institutions of higher learning for women, often teachers' colleges. studies. "I appreciate the board's continuing support, both personally and professionally," continued Lowrey. "When I joined Danka, it was anticipated that I would a take a step back after we had established a new strategic direction, recruited and developed new management, financially restructured the Company and stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. the business," continued Lowrey. "As many people know, I have been pursuing a theology degree and vocation in the church. This next stage of my work life will enable me to resume that effort, while still continuing my involvement with the company." Mavis joined Danka in August 2001 to lead the U.S. Group, which represents the largest portion of the Company's revenues. He also has served as a valuable member of Danka's senior management team, which collectively develops strategic plans for the Company's development and growth. During his tenure the U.S. Group steadily increased its cash generation, reengineered its business systems and processes, and launched high-value customer initiatives such as Danka @ the Desktop(TM) software/professional services and TechSource(TM) multi-vendor services. Mavis has nearly two decades of increasingly senior-level business and management experience, incorporating 16 years in the information technology industry where he was heavily involved in the re-engineering of several companies, including Attachmate and Memorex Telex and culminating in the role of Executive Vice President of Mitchell International, a leading information provider and software developer for insurance and related industries. "I'm optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about Danka's future and I look forward to continuing to work with Lang as we build on our recent successes," commented Mavis. "We have an outstanding management team, along with a strong foundation of highly motivated mo·ti·vate tr.v. mo·ti·vat·ed, mo·ti·vat·ing, mo·ti·vates To provide with an incentive; move to action; impel. mo , trained, and dedicated employees. In addition, the new Americas and European/Australian groups will enable us to better leverage our growth initiatives, improve operational efficiencies, and cost-effectively extend the benefits of recent investments in our business systems and back-office processes." Danka will hold a conference call on Friday, March 5, at 11:30 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy to discuss the CEO transition and the organizational changes. To participate, please dial in 5-10 minutes before the start of the call and follow the operator's instructions. Participants in the U.S. and Canada (and some U.K. callers) can dial 800-901-5231; other international callers should dial 617-786-2961. When prompted, please use the pass code 72292780. The live audio broadcast of the call can be accessed from Danka's web site at http://www.danka.com. A replay will be available until Friday, March 12, by calling in the U.S. 888-286-8010, and other callers may use 617-801-6888. The pass code is 79705465. A replay also will be available at Danka's web site approximately two hours after the call ends. To listen, please go to http://www.danka.com and click on Investor Relations Investor relations The process by which the corporation communicates with its investors. . About Danka Danka delivers value to clients worldwide by using its expert technical and professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. to implement effective document information solutions. As one of the largest independent providers of enterprise imaging systems and services, the company enables choice, convenience, and continuity. Danka's vision is to empower empower verb To encourage or provide a person with the means or information to become involved in solving his/her own problems customers to benefit fully from the convergence of image and document technologies in a connected environment. This approach will strengthen the company's client relationships and expand its strategic value. For more information, visit Danka at http://www.danka.com. Certain statements contained in this press release, including statements related to Danka's future business and financial performance, are forward-looking. Such statements reflect the current views of Danka with respect to future events and are subject to certain risks, uncertainties and assumptions that could cause actual results to differ materially from those reflected in the forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Readers are cautioned not to place undue reliance on these forward looking statements, which reflect management's analysis only as of the date they are made. Danka is a registered trademark and Danka @ the Desktop and TechSource are trademarks of Danka Business Systems PLC. All other trademarks are the property of their respective owners. |
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