GRAND RAPIDS, Mich. - January 22, 2008 - X-Rite, Incorporated today announced that Lynn J. Lyall will be joining the company as Executive Vice President, Chief Financial Officer and Secretary. Mr. Lyall will succeed Mary E. Chowning, who has decided to retire. Mr. Lyall will assume the role on March 3, 2008 and Ms. Chowning will stay with the Company through April 15, 2008 to assist with the transition.
Mr. Lyall brings extensive global finance and business experience to X-Rite from his current position as Chief Financial Officer for Alticor, Inc, a $6 billion global consumer products business. Prior to Alticor, he held the position of Chief Financial Officer at Blockbuster Entertainment Group from 1997 to 1999 and spent seven years in positions of increasing responsibility with Cadbury Schweppes, PLC. Lynn earned a Bachelor of Arts degree in Mathematics and Economics and a Master of Management degree in Accounting and Finance, both from Northwestern University, and began his career in public accounting with Arthur Andersen.
"Lynn Lyall has demonstrated outstanding leadership and management acumen as CFO of both Alticor and Blockbuster,” stated Thomas J. Vacchiano, Jr., Chief Executive Officer. "He brings a wealth of experience and financial acumen that will greatly enhance our ability to leverage our global leadership position and drive our next stage of growth. I look forward to working with Lynn as we build on our strong foundation and continue to execute our business strategy.”
Vacchiano continued, "After nearly five years with X-Rite, Mary Chowning has decided it is time to pursue life outside the Company. Mary has been an inspirational force in the transformation of the company and in building a strong global finance organization. We wish her the very best in her future endeavors.”
"I am honored to be assuming CFO responsibilities at this exciting time in X-Rite’s history," commented Lyall. "My priorities will focus on supporting our growth strategy and completing the Amazys and Pantone integration efforts. I am extremely confident in the future of this Company and look forward to furthering its goals."
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