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Agfa: Ludo Verhoeven to become Chairman, Marc Olivie to become CEO

Friday, March 11, 2005

Press release from the issuing company

Mortsel (Belgium) – March 10, 2005 – Agfa-Gevaert's Chairman of the Board of Directors, Pol Bamelis, announces that the Board has nominated Agfa's Chief Executive Officer (CEO), Ludo Verhoeven, to succeed him as Chairman of the Board. In addition the Board nominated Agfa's Executive Vice President, Marc Olivié, to be elected to the Board of Directors. Following his election to the Board, Marc Olivié will be appointed Agfa's President & CEO. Chairman of the Board, Pol Bamelis, and Board member Dietrich von Kyaw, the latter having reached the mandatory Board retirement age, are not seeking re-election as members of the Board of Directors. Ludo Verhoeven, Ferdinand Chaffart, André Oosterlinck and Karel Van Miert, whose mandates also expire, will seek re-election at the Annual General Meeting (AGM) on April 26, 2005. Marc Olivié, Executive Vice President of Agfa-Gevaert, will be nominated to become a member of the Board of Directors. Following the Annual Meeting, Ludo Verhoeven will be proposed by the Board for election as non-executive Chairman of the Board, to succeed Pol Bamelis, and Marc Olivié will be proposed by the Board to succeed Ludo Verhoeven as President & CEO. The Board of Directors expresses its gratitude to Pol Bamelis and Dietrich von Kyaw for their outstanding and loyal services as members of the Board of Directors and especially wishes to thank Pol Bamelis for his leadership over the past three years. Dietrich von Kyaw was elected to the Board in 2000. Pol Bamelis was elected as a member of the Board in 2002 and was appointed Chairman of the Board of Directors in that same year. "I would like to express my personal appreciation to Pol Bamelis for his leadership and the support and counsel he has always provided to me as we have taken Agfa through a period of significant change and focused the company on what are now its core growth businesses Graphic Systems and HealthCare," said Ludo Verhoeven. "As I leave the Board of Agfa, I am very pleased that Ludo Verhoeven will be its next Chairman, and Marc Olivié will succeed him as CEO and President. With his long career at Agfa, Ludo will provide the continuity the company needs and Marc brings with him a vast global experience which will be vital as we bring Agfa into its new era," said Pol Bamelis. During the past three years, under the leadership of the Bamelis/Verhoeven team, Agfa has diversified its shareholdership, built a new management team, divested Consumer Imaging and achieved a focusing of the business portfolio through a targeted series of acquisitions and divestitures. The company is now well positioned for both core businesses to grow and strengthen their global leadership positions. Dr. Ludo Verhoeven (60) joined Agfa-Gevaert in 1973 in the Research & Development department. Throughout his career he held a variety of functions in the Group in Belgium, Germany and the United States. He was appointed as a member of the Executive Committee in 1997. In 1999 he was elected as a Director and in 2001 he was appointed President & CEO. Marc Olivié (51) joined Agfa Gevaert in 2004. He was recently named Executive Vice President and became a member of the Executive Committee. Previous to joining Agfa, Marc was President of American Standard Bath and Kitchen, based in New Jersey (USA). From 1996 until 2001, he was with Armstrong Holdings, first as President & CEO of Armstrong Building Products and then as President & CEO of Armstrong Flooring based in Lancaster, Pennsylvania (USA). A native of Antwerp, Marc worked in leadership positions for several companies in the Middle East, Europe and the United States. "I am pleased and honored that the board of directors wishes to appoint me to be the next President & CEO of the Agfa-Gevaert Group. We have clear and aggressive growth strategies for our businesses and I am looking forward to working with the Board, the Executive Committee and the Agfa employees to achieve these ambitious goals. I am particularly pleased that Ludo Verhoeven has accepted to be the Chairman of the Board. I also look forward to working with Ludo in guiding Agfa through its major transformation over the coming years," said Marc Olivié. "I am very pleased that Marc Olivié will be succeeding me as President & CEO of the Agfa-Gevaert Group. Marc brings with him great skills and experience and comes well prepared for his new role," said Ludo Verhoeven. "I am convinced that under his leadership Agfa will successfully grow and strengthen both of our core businesses. In my new role as Chairman of the Board, Agfa and its leadership team can continue to count on my full support."




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