Danka Announces CEO Succession, Reorganization, and Executive Promotions
Press release from the issuing company
ST. PETERSBURG, Fla.--March 5, 2004-- Danka Business Systems PLC, a leading independent global provider of office imaging systems and services today announced that its board of directors has approved the transition plan of Chairman and CEO Lang Lowrey to an expanded chairman's role and the promotion of U.S. Group President and COO Todd Mavis to chief executive officer and a director. These changes will take effect on April 1, concurrent with the start of Danka's fiscal 2005 year.
In conjunction with this change, Danka will reorganize its business into two operating groups: a new Americas Group extending from Canada to Chile and a new group encompassing Europe and Australia. Peter Williams will be promoted to president and chief operating officer of the European/Australian Group and Michael Popielec is being promoted to chief operating officer of the Americas, both reporting to Mavis.
"Our succession planning began two-and-a-half years ago with the creation of three operating groups and the recruitment of highly qualified executives to serve as chief operating officers of these groups," stated Lowrey. "Over the past year, Todd, Peter, and Mike have further increased their day-to-day responsibilities. These latest developments reflect a natural progression of our business, and they enable us to take full advantage of Todd, Peter, and Mike's respective strengths."
Following the promotion of Mavis to CEO, Lowrey will continue to serve as chairman and also work in a part-time role on the company's strategic advancement. This will allow the Company to move forward within the framework of a consistent strategy driven by continuity of leadership. The elimination of daily responsibilities will also allow Lowrey to complete his seminary studies.
"I appreciate the board's continuing support, both personally and professionally," continued Lowrey. "When I joined Danka, it was anticipated that I would a take a step back after we had established a new strategic direction, recruited and developed new management, financially restructured the Company and stabilized the business," continued Lowrey. "As many people know, I have been pursuing a theology degree and vocation in the church. This next stage of my work life will enable me to resume that effort, while still continuing my involvement with the company."
Mavis joined Danka in August 2001 to lead the U.S. Group, which represents the largest portion of the Company's revenues. He also has served as a valuable member of Danka's senior management team, which collectively develops strategic plans for the Company's development and growth. During his tenure the U.S. Group steadily increased its cash generation, reengineered its business systems and processes, and launched high-value customer initiatives such as Danka @ the Desktop(TM) software/professional services and TechSource(TM) multi-vendor services.
Mavis has nearly two decades of increasingly senior-level business and management experience, incorporating 16 years in the information technology industry where he was heavily involved in the re-engineering of several companies, including Attachmate and Memorex Telex and culminating in the role of Executive Vice President of Mitchell International, a leading information provider and software developer for insurance and related industries.
"I'm optimistic about Danka's future and I look forward to continuing to work with Lang as we build on our recent successes," commented Mavis. "We have an outstanding management team, along with a strong foundation of highly motivated, trained, and dedicated employees. In addition, the new Americas and European/Australian groups will enable us to better leverage our growth initiatives, improve operational efficiencies, and cost-effectively extend the benefits of recent investments in our business systems and back-office processes."
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