MOD-PAC CORP. Announces Resignation of Chief Financial Officer
Press release from the issuing company
BUFFALO, N.Y.--May 6, 2005-- MOD-PAC CORP., a specialized commercial printer and manufacturer of custom paper board packaging, announced today that the Board of Directors has accepted the resignation of C. Anthony Rider from his position as Vice President - Finance and Chief Financial Officer to pursue personal interests. Mr. Rider has agreed to assist MOD-PAC in an advisory capacity. The Company has begun a search for his replacement.
Daniel G. Keane, President and CEO of MOD-PAC CORP., commented, "We appreciate Tony's investment of time, energy and expertise during his tenure at MOD-PAC. He was instrumental in our spin-off just over two years ago and has contributed to the development of a strong finance and accounting team. Because of his extensive experience with public companies, major financial transactions and his solid strategic perspective, he has been a major contributor to the growth and success of MOD-PAC as an independent public company. We wish him well in his future endeavors."
Mr. Rider was previously Chief Financial Officer for Astronics Corporation, the former parent company of MOD-PAC CORP. He elected to become the CFO of MOD-PAC with its spin off from Astronics in March 2003. Mr. Rider originally joined Astronics five years ago and among his responsibilities was the evaluation, preparation and execution of the spin off transaction. During Mr. Rider's two year period as CFO of MOD-PAC, the Company's revenue has grown over 70%.
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