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Presstek CEO Comments on Restructuring, Vendor Partner Agreements

Monday, June 17, 2002

Press release from the issuing company

June 17, 2002 -- (WhatTheyThink.com) -- Presstek’s new CEO, Ed Marino, says their recent restructuring will be the foundation for their plan to execute like never before. He also says that Presstek wants to strengthen their brand by solidifying relationships with their partners. The comments were made in a two part interview that will be published today and tomorrow at WhatTheyThink.com. On April 4, 2002, Presstek announced the appointment of Edward J. Marino as President and Chief Executive Officer. He has more than 10 years of senior management responsibilities in the printing, publishing and digital imaging industries and had served on Presstek's board of directors for two years. His most recent job was President and CEO at Lightning Source - but had earlier positions as President of Danka Services International and positions with Kodak, Burroughs and Control Data Corporation. Marino says the fundementals at Presstek are there. “The marketing and commercialization message we are delivering is very fitting, clearly defining our need to shift resources to this effort while at the same time making sure we keep the right financial balance within the company. You can’t just add resources; it is not practical. The resources have to come from somewhere. By repositioning the company and making it more efficient in its operation, and by redirecting resources to the marketing and commercialization efforts, we will be able to maintain that balance. It will take some time, but the fundamentals are there and we have a plan in place. This is what the financial community wants to know: Do you have a viable plan and can you execute against that plan.” On the partnering front, Marino sees continued potential as being known by the quality inside industry equipment. “Today, we have Presstek branded products, but over time we see our brand being more aligned with our partners, and not as a discrete Presstek brand. One way to think about this is exemplified by Dolby. Everyone knows the name, but Dolby doesn’t make products. Rather, they are imbedded in other people’s products. We see ourselves as an enabling technology company. We obviously want strength behind the brand, but we want to do that through our partnerships and alliances.” In the interview, Marino discusses the recent organizational changes at Presstek and his reasons for those changes. He also talks about their products, technology trends and alliances with companies like MAN Roland, Ryobi, Heidelberg, Xerox and KBA. Premium Access Members can see the interview at www.whattheythink.com. It was conducted by contributing columnist, Cary Sherburne.

 

 

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