Ferrara Appointed to X-Rite Board of Directors and Named CEO
Press release from the issuing company
GRANDVILLE, Mich.--July 24, 2003-- X-Rite, Incorporated announced the appointment of Michael C. Ferrara to its Board of Directors and to the position of Chief Executive Officer. In addition to his new responsibilities, Ferrara will continue to serve as the Company's President.
The Company stated that the appointment of Ferrara is an acknowledgement of his leadership and ability to improve the Company's performance and enrich its culture. The Company recently reported second quarter financial results with a 15.6 percent increase in net sales, and an increase in operating income of 60.1 percent over the same prior period.
"On behalf of the Board, I am delighted that Mr. Ferrara has joined the Board of Directors and will serve as X-Rite's Chief Executive Officer," said John E. Utley, Chairman of the Board. "Earlier this year we expanded Mr. Ferrara's responsibilities. It was evident that his leadership and understanding of customer focus added great value to our decision making process. He has played a critical role in guiding the Company, and we have every confidence that he will continue to significantly improve our business for many years to come."
Commenting on his appointment, Ferrara said, "I look forward to my expanded responsibilities, and I am honored that the Board has confidence in my abilities. This Company is strong, and focused on executing and delivering results for our customers -- a win-win situation for all our stakeholders. I am fortunate to work with an enthusiastic and innovative leadership team, as well as dedicated employees around the world - all contributing to the Company's success. Together, we will bring X-Rite to a new level of growth and prosperity."
Ferrara has been with X-Rite for two years, joining as its President in 2001. His career spans a variety of multi-disciplined senior executive positions. His strategic, international and customer focused background has broadened X-Rite's reach into its markets. Ferrara graduated from of Villanova University in Philadelphia, Pennsylvania, where he received a Bachelor of Science in Electrical Engineering. In addition, he was nominated to, and successfully completed, the Professional Management Degree Program at Harvard Business School.
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