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Danka Announces Annual General Meeting and Corporate Governance Changes

Monday, October 20, 2003

Press release from the issuing company

ST. PETERSBURG, Fla.--Oct. 17, 2003-- Danka Business Systems PLC today announced that its Fiscal Year 2003 Annual General Meeting will be held in London on Friday, December 12, 2003 at 2:00 P.M. (London time). The Annual General Meeting will be held to conduct formal business, including the re-election of Directors and confirmation of the appointment of auditors. The company also announced that, as a result of its annual review by the Audit Committee, the Board of Directors has appointed Ernst & Young LLP as the company's independent public accountants with effect from the Company's filing of its Fiscal Year 2004 second quarter Form 10-Q with the Securities Exchange Commission, which is expected to be made in early November. The company will seek shareholder approval for the election of Ernst & Young LLP, which replaces KPMG Audit PLC, at the Annual General Meeting. Danka's Chief Financial Officer, Mark Wolfinger, commented, "We believe that a rotation of our external auditors at this time is in keeping with principles of good corporate governance and will also provide us with an opportunity to reduce our audit costs. We would like to thank KPMG for their many years of fine service." The Company also announced plans to rotate certain members of its Board Committees. Current Director W. Andrew McKenna will become Chairman of the Company's Audit Committee. McKenna has served as a member of the Board of Directors since February 2002. McKenna was the President and Director of SciQuest.com, a Nasdaq National Market listed company from December 1999 to December 2000, and between 1990 and 1999 served in a variety of roles for Home Depot, Inc., most recently as Senior Vice President, Strategic Business Development and Import/Logistics. McKenna also spent sixteen years with Deloitte & Touche, with the last ten years as a partner. McKenna also serves on the Board of Directors of Auto Zone, Inc., a New York Stock Exchange listed company. Current Director J. Ernest Riddle will become Chairman of the Company's Danka 21 Committee, which focuses on the company's strategic and growth initiatives. Riddle has been a Director since 1998 and has held executive positions as President of Norrell Services, Inc., a New York Stock Exchange company, and President of Ryder International, a division of Ryder System, Inc. Riddle previously served in a variety of executive positions with Xerox Corporation in the United States and Europe, including Vice President of Marketing and Vice President of Operations in the US Group. Riddle also serves on the Board of Directors of Air Net Systems, Inc. Riddle is a Trustee of Brevard College and is on the Board of Visitors of the University of North Carolina. Riddle also serves on the Human Resources Committee of the Board of Directors.

 

 

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