GRANDVILLE, Mich.--Oct. 1, 2001--X-Rite, Incorporated today announced that John E. Utley has been named chairman of the board. Utley has served as a director of X-Rite since November of 2000, and replaces X-Rite's previous chairman, Ted Thompson, one of the company's original founders. Thompson is retiring from the board after serving over 45 years with the company.
"I am honored to have been named X-Rite's new chairman. I want to thank the board of directors for their support and confidence in my ability to assist the leaders of the company grow the business through technology and innovation,'' said John E. Utley, chairman of the board of X-Rite, Incorporated. "Ted Thompson's impact on the evolution of X-Rite is well-known, and will forever be appreciated. Our board wishes to express its thanks to him for his unwavering dedication and thoughtful guidance throughout his career. X-Rite's future is bright, and I have every confidence that the partnership of Rich Cook, our CEO, and Mike Ferrara, our president, will grow this company with new initiatives and a commitment to excellence and success.''
Utley, 60, previously served as chairman of the board of Walbro Corporation, Hayes Wheels and Kelsey Hayes Group as well as serving on the board of ERIM, International. He retired as acting deputy president of Lucas Varity Automotive in 1999, and previously served as president of Kelsey-Hayes Co. in addition to holding several senior management positions involving sales, marketing and strategic planning. Utley has served on the National Advisory Committee for the University of Michigan Engineering School, and is a member of the Wayne State University School of Business Administration's Board of Advisors.
Thompson commented, "I've had a wonderful career at X-Rite, and I am proud to have been a part of this organization. Serving over the years with so many talented people has been a privilege, and I will always remain awed at what we have all accomplished.''
Thompson, 72, is one of the original founders of X-Rite. During his 45-year tenure, he served as its president, CEO and chairman at various stages. In 1986 with net sales at $14 million, Thompson led the company in its public stock offering. Under his watch, X-Rite has grown to a $103 million dollar global, technology organization serving multiple industries and markets.
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