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Toshiba America Business Solutions Inc. Names Richard K. Taylor New President And CEO

Press release from the issuing company

IRVINE, Calif., (Aug. 24, 2005) – Toshiba America Business Solutions Inc. (TABS) today announced the planned retirement of current company President and Chief Executive Officer Dennis E. Eversole, effective September 30, 2005. In a simultaneous announcement, TABS also announced that Richard K. Taylor, currently serving as senior vice president, Sales, Marketing and Business Operations, has been named as Eversole’s successor, assuming the position of President and CEO effective October 1, 2005. “After a professionally and personally fulfilling 21-year Toshiba career, including these last six years serving as president and CEO of TABS, it simply is the right time for me to make a change and leave the company in the capable hands of our current management team, led by Rick Taylor,” said Eversole. “TABS has experienced great growth and success since the company’s inception. I am confident that this seamless transition will benefit TABS and its dealers and position them for continued success in the years to come.” As senior vice president, Sales, Marketing and Business Operations for TABS, Taylor has earned the respect of the company’s shareholders as well as his industry peers and business colleagues. Under Taylor’s 10-year leadership, Toshiba has introduced and expanded a number of successful strategic business initiatives designed to position TABS’ dealers for sales success. In addition to overseeing the Electronic Imaging Division’s day-to-day operations, Taylor has managed the company’s Toshiba Business Solutions (TBS) subsidiary, a network of acquired office equipment dealers throughout the United States that employs more than 2,700 people. Well respected by the dealer community, Taylor was named “Executive of the Year” in both 2003 and 2001, based on an annual survey of more than 300 independent office equipment dealers, conducted by Marketing Research Consultants. Since the company’s inception on October 1, 1999, TABS has experienced a compound annual growth rate of 10 percent. In 2004, TABS reported a record sales year with 11 percent revenue growth. Also in 2004, TABS experienced growth in monochrome unit sales of 12 percent and growth of 400 percent in color unit sales, the company’s most important business segment. “Dennis has been a tremendous leader who has guided our company in the achievement of many significant business goals and laid a solid foundation for continued and sustaining success,” said Taylor. “I am both pleased and honored to take on this new role and am anxious to continue on the path of success that has already been charted, while also forging ahead in new areas of opportunity.” In the copier industry for more than 25 years, Taylor began his career with Xerox and spent a decade with Savin Corporation, departing as vice president, Dealer Sales. Prior to joining Toshiba in 1995, Taylor was president of Better Office Systems (BOS), an Alco Standard Company.