Mortsel, Belgium, 2001/06/08 - Xeikon N.V. [NASDAQ: XEIK], the world's leading supplier of production digital printing systems for a wide range of commercial and industrial printing applications, today announced that its Board of Directors has appointed Mr. Gino Despeghel as Executive Chairman of the Board of Directors, effective June 6, 2001.
Mr. Despeghel is the former president of the graphic division of Buhrmann N.V. and he holds a degree in Business Administration from the University of Brussels.
He replaces Mr. Paul de Vrée, who resigned from the Company's Board. De Vrée, a Board member since Xeikon's incorporation in 1988 and the Company's non-executive chairman from July 1998 until now, stated: "The challenges Xeikon is currently facing have caused the function of chairman of the Board of Directors to become a full-time assignment. Because my operational activities prevent me from such full-time involvement, I submitted my resignation, enabling the Board of Directors to appoint an executive chairman."
Mr. Paul Verdurme, also a member of the Company's Board of Directors since its incorporation in 1988, commented: " We thank Paul for all the efforts he made on behalf of Xeikon ever since its inception. His resignation, allowing for the appointment of an executive chairman, is a testament to his commitment to the Company and is greatly appreciated by each and every member of the Board."
Simultaneously, Mr. Jean-Pierre Ruquois, who has served on the Board of Directors since 1999 as a representative of Sofina N.V., was appointed to the Board of Directors in his individual capacity, thereby replacing Sofina N.V. as a board member as of June 6, 2001. Commenting on the appointment of the new executive chairman, Mr. Ruquois stated: "The Board welcomes Gino Despeghel who, thanks to his extensive expertise in the graphic arts industry, reinforces the management team."
Xeikon's Board of Directors is composed of 9 members, the maximum number allowed pursuant to the Company's bylaws. These new appointments by the Board of Directors will be subject to ratification by the Company's shareholders at the Company's next shareholder meeting.
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