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X-Rite Announces New CEO, Tom Vacchiano

Wednesday, September 13, 2006

Press release from the issuing company

GRANDVILLE, Mich.--Sept. 12, 2006-- X-Rite, Incorporated The Board of Directors of X-Rite, Incorporated announced today the implementation of the planned CEO succession which was outlined at the time of the January announcement of the Amazys acquisition. Effective October 1, 2006 Michael C. Ferrara will retire from his positions of CEO and Member of the Board and Thomas J. Vacchiano Jr. will become President and Chief Executive Officer as well as a Member of the Board of Directors. Tom Vacchiano was the President and Chief Executive Officer of Amazys Holding AG from January 2001 until the acquisition by X-Rite in July of this year. Mr. Ferrara will remain available to consult on the transition through the end of this year. "The CEO transition was planned as a part of the Amazys acquisition and the timing of the change permits the new leadership team to develop and own the 2007 operating plan," stated John E. Utley, Chairman of the Board. "Further, we expect that this clarity of leadership will facilitate the progress of our integration effort." "X-Rite and its Board of Directors are pleased with the results under Mike's leadership during the past five years," continued Utley. "His leadership in focusing the company back on the color business and bringing the two leading color solutions companies in the world together will create new and exciting opportunities for X-Rite, its customers and its shareholders in the future." "The last five years with X-Rite have been the most rewarding and challenging in my professional career," stated Michael C. Ferrara. "With the integration of the two companies firmly on track I am very optimistic about the future of the Company under Tom's leadership and the opportunity for increased shareholder value." "Mike's achievement in bringing X-Rite and Amazys together, along with his passion for focusing on customers, creates a legacy that will live on in the industry for many years," said Thomas J. Vacchiano. "I look forward to building on the excellent foundation Mike has established." "The X-Rite Board is delighted to have Tom Vacchiano as X-Rite's new CEO," stated Utley. "His extensive experience in technology companies together with his current track record of creating exceptional value for Amazys shareholders over the last several years is impressive. The Board believes that his vision and leadership are well aligned with the challenges of leading X-Rite to the next level of performance." Tom and his family will be relocating to the Michigan area in early 2007 coinciding with the planned opening of X-Rite's new world headquarters in Kentwood.

 

 

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