GBC CEO Will Retire
Wednesday, February 14, 2001
NORTHBROOK, Ill.- Feb. 13, 2001--Govi C. Reddy, President, Chief Executive Officer and Director of General Binding Corporation (Nasdaq: GBND) today announced his retirement, effective immediately. Mr. Reddy joined GBC in 1978, and was promoted to CEO in 1995. "We will miss Govi's dedication, enthusiasm and commitment to our people and business," noted Jim Miller, GBC's Chairman. "We at GBC thank him for his many contributions and wish him well in the future." "I am very proud to have spent 23 years at GBC," Mr. Reddy said. "I am excited about the strategic opportunities available to the company, but believe it is time to hand the reins to a new CEO." Mr. Miller said that he will assume the roles of President and Chief Executive Officer on an interim basis. A special committee of the Board of Directors has been formed to conduct a broad search for a new CEO. He said the executive search firm of Spencer Stuart has been retained to assist the committee. "We are looking for an exceptional individual with the necessary strategic vision to build on the company's recent financial improvement and position GBC for profitable growth in the 21st century," Mr. Miller said. He noted that important requirements include "a track record of success, knowledge and passion for customer needs, new product development skills, and commitment to e-commerce and technologies to serve our customers better."