Danka Announces Retirement of Directors, Seeks New Compensation Plan
Press release from the issuing company
ST. PETERSBURG, Fla.--Sept. 10, 2002--Danka Business Systems PLC today announced that two of its directors, Richard F. Levy and Brian L. Merriman, have not been nominated for re-election to its board of directors and therefore will retire effective at the company's annual general meeting on October 22, 2002.
Merriman joined Danka in 1998 and became a director in 1999. He retired as president and chief operating officer in July of this year. Levy became a non-executive director in February 2000.
"On behalf of everyone at Danka, I want to extend our sincere thanks to both Brian and Richard for their valuable contributions," commented P. Lang Lowrey, Danka's chairman and chief executive officer. "We're grateful for Brian's service as an executive officer for the last four years and as a board member for the last three years, and for Richard's advice as a non-executive director over the last couple of years. Their history with the company was particularly helpful to me in the initial months after I joined Danka last year."
Danka also announced that it will seek shareholder approval at the upcoming general meeting for a new Non-Executive Director Compensation Plan, under which non-executive directors would receive Danka common shares in lieu of a portion of their current cash compensation. "I am pleased that our directors have elected to take part of their compensation in company stock," noted Lowrey. "This change will further strengthen the alignment between the company's decision-makers and shareholders."
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