Presstek Appoints former Kodak Executive Jeffrey Jacobson as President and CEO
Press release from the issuing company
May 10 -- Presstek, Inc., the leading manufacturer and marketer of digital offset printing business solutions, today announced that its Board of Directors named Jeffrey Jacobson to serve as the Company's President and Chief Executive Officer. He will also be appointed a member of the Presstek Board of Directors.
"We are extremely lucky to have someone as talented and experienced as Jeff Jacobson," said John W. Dreyer, Presstek's Chairman. "I have known Jeff professionally and personally for many years, and the Board was unanimous in its selection."
Jacobson, 47, will assume the post immediately. Prior to joining Presstek, he was the Chief Operating Officer of Eastman Kodak Company's Graphic Communications Group, a division formed by the integration of six different Kodak companies into a $3.6 billion global enterprise. Mr. Jacobson has twenty years of experience in the graphics arts industry, including five years as CEO of Kodak Polychrome Graphics, a successful $1.7 billion joint venture between Sun Chemical and Eastman Kodak. Mr. Jacobson led the growth of Kodak Polychrome Graphics into an industry leading digital and business solutions provider and directed the integration of multiple acquired businesses. Under his leadership, Kodak Polychrome delivered 18 consecutive quarters of profitable growth.
"He is a dynamic business leader who builds and retains strong customer relationships," added Dreyer. "He has a strong P&L accountability, and significant track record of success in building and managing global enterprises, developing high powered leadership teams, and driving growth through well conceived business development strategies and acquisitions."
As CEO, he will be responsible for the overall strategic direction and management of Presstek, with a focus on furthering the Company's growth in the digital offset printing business, continuing its expansion into international markets, and significantly improving the Company's financial performance.
"It is with tremendous enthusiasm and anticipation that I join Presstek," said Jacobson. "I joined this great industry the same year in which Presstek was founded, 1987. In addition to driving for significantly improved financial returns to our investors, I will be focused on Presstek's core competencies and strengths while building new legs of success to strengthen the existing architecture and expand our vision."
He succeeds Edward J. Marino, who is leaving Presstek and will pursue other interests.
"We thank Ed for his many contributions to Presstek over the years, and wish him well in his future endeavors," said Dreyer.
As an inducement to Mr. Jacobson's becoming the Company's President and CEO, the Company is today issuing Mr. Jacobson 300,000 shares of the Company's common stock, as a "signing bonus," and options to purchase 1,000,000 shares of the Company's common stock. The options will vest 20% on the grant date and 20% on January 1 of each year thereafter until fully vested, subject to acceleration in certain circumstances. The Company will be filing a Current Report on Form 8-K that will detail the terms and conditions of Mr. Jacobson's employment agreement, which will be filed as an exhibit to the Form 8-K.
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