Pindar to increase stake in AlphaGraphics, Witte to Leave as CEO
Press release from the issuing company
February 2, 2004 -- Pindar, a total solutions provider for publishing and print from ink to internet, announced on January 21st, that it is to increase its shareholding in AlphaGraphics, Inc., the world’s leading rapid response printing franchise network.
Mike Witte, the current Chairman and Chief Executive Officer of AlphaGraphics Inc. and a significant individual shareholder in the company, has been instrumental in helping Pindar make a series of investments in AlphaGraphics Inc. over the last 14 years which three years ago saw Pindar taking its stake to 69%.
At that time, Andrew Pindar, Chairman of the Pindar Group and Mike Witte set a three-year window for the relocation of headquarters and repositioning of AlphaGraphics Inc. With the three-year period coming to a close, Pindar has now agreed to acquire Mike Witte’s shares in AlphaGraphics Inc.
As a result of this, Mike has decided that it is time for him to begin a new phase in his life and is in the process of leaving the company. Befitting the long personal and professional relationship between Mike Witte and Andrew Pindar, Mike has kindly agreed to assist Andrew in the recruitment of a new CEO. Mike will also work with Andrew on other strategic projects for Pindar in North America.
“This transition is the culmination of a planned change process that will even further strengthen AlphaGraphics’ leadership position”, explained Witte. “Our network has emerged from difficult economic times even stronger than before, and we’ve invested heavily in people, facilities and franchisee support. The Pindar and AlphaGraphics’ management will continue in this direction with great success. Andrew Pindar is both a visionary leader and an astute manager who is committed to the AlphaGraphics network and everyone associated with it.”
Commenting on the agreement Andrew Pindar said, “I have been privileged to work with Mike Witte for more than a decade during which time we have become firm friends and effective business partners. Mike’s hard work, skill and diligence at AlphaGraphics, Inc. not only turned around a business which had a number of issues but moreover led and reinvigorated it to become a world leader in its field. I am proud to have worked with him for so long and am delighted that he has agreed to provide council to me going forward. Mike’s legacy combined with the deep commitment of Pindar, will provide fresh opportunities for our network to grow and prosper”.
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