Doug, Some GFI news this morning,
biz.yahoo.com
Thursday March 25, 9:19 am Eastern Time
Company Press Release
SOURCE: Graham-Field Health Products, Inc.
Graham-Field Announces New Leadership Team Turnaround Expert
Named Chief Executive Officer
BAYSHORE, N.Y., March 25 /PRNewswire/ -- The Board of Directors of Graham- Field Health Products, Inc. (NYSE: GFI - news) today announced the
appointment of John G. McGregor as President and Chief Executive Officer. The Board also announced the appointment of J. Soren Reynertson as Vice President
and Chief Financial Officer. Mr. McGregor is a principal and Mr. Reynertson is a senior associate with Jay Alix & Associates, internationally known experts in
corporate turnarounds and financial restructurings. Simultaneously with these appointments, the Board elected Rupert O.H. Morley, the Operations Director of the
Company's largest shareholder, Brierley Investments Limited, as its new Chairman.
''The actions that our Board has taken testify to the confidence that Brierley and the Fuqua Family have in Graham-Field. The Company has strong brands,
dedicated employees and many well-regarded businesses,'' said Mr. Morley. ''The Jay Alix & Associates team, with its history of successfully turning around many
underperforming and troubled companies, will provide our management team with the leadership necessary to meet the challenges that the Company faces. The
Board is squarely behind our new management team and we are confident that they will help us develop the Company's many strengths for the benefit of all
stakeholders.''
Mr. McGregor, who most recently served as interim CEO for Philip Services Corporation, is a seasoned veteran in turning-around and increasing shareholder value
in underperforming companies. Mr. Reynertson has recently served as interim CFO at Cotton Ginny, a national chain of women's apparel stores in Canada.
Mr. McGregor and Mr. Reynertson will immediately turn their attention to assisting the Company in finalizing its 1998 financial results and in preparing its year-end
reports. The new Chief Executive Officer and Chief Financial Officer also will continue the Company's ongoing discussions with its lender banks.
The Company also announced that Paul Bellamy has resigned his positions as President and Chief Executive Officer and a member of the Board of Directors of the
Company, effective immediately. ''Paul Bellamy made major contributions to Graham-Field during his tenure with the Company. Paul's resignation is in no way
related to the previously announced investigation of accounting irregularities that occurred prior to Paul's joining the Company, but was prompted by his
disagreement over various management issues with the Board,'' said Mr. Morley. In addition, David P. Delaney, Jr., has stepped down as Chairman of the Board,
but has agreed to continue to serve as a director.
Graham-Field Health Products, Inc., headquartered in Bay Shore, New York, manufactures, markets and distributes medical, surgical and a wide range of other
health care products into the home health care and medical/surgical markets.
Any statement contained in this release that is not a historical fact, or that might otherwise be considered an opinion or projection concerning the Company or its
business, whether express or implied, is meant as and should be considered a forward-looking statement as that term is defined in the Private Securities Litigation
Reform Act of 1996. Such statements are subject to risk and uncertainty that exist in the operations of the Company, the outcome of the accounting investigation
and the business environment that could render actual outcomes and results materially different from those predicted. The Company assumes no obligations to
update or revise any such forward-looking statements.
SOURCE: Graham-Field Health Products, Inc. |
