Dear Nanovation Shareholder,
(I am a Nanovation shareholder and I have copied a letter I received today dated July 28, 2000)
As some of you may be aware, Mr. G. Robert Tatum, formerly Chairman, President & CEO of Nanovation Technologies, has left these positions to pursue other opportunities, effective immediately. As many of you may know, when there is a separation between a key executive and his employer, it is common that both sides respect a quiet period while the terms of the separation are finalized. We are in such a period. However, we want you to know that we are grateful to Bob for his hard work on behalf of Nanovation and we wish him well in his future ventures.
The Board would like to assure shareholders and other interested parties that the management transition at Nanovation has been a smooth one. An Operating Committee has been formed consisting of senior management and is headed by Bob Chaney, who will also serve as Acting CEO. You will recall that Bob is a highly qualified professional manager by virtue of a variety of functional experiences in engineering, sales and marketing with IBM, AT&T and BellSouth. The Board has reconstituted its Executive Committee, and formed an Office of the CEO, consisting of Mr. Chaney as well as Board Members Steve Barney and Joseph Carr. In addition, Board Member Robert Bratter will be working closely with Mr. Chaney, offering the benefit of his many years experience and his many contacts throughout the industry.
Additionally, the Board has retained Heidrick & Strugles, a leading executive search form, to assist in the hiring of a new CEO. The search is underway and conversations have begun with a number of qualified candidates, some of whom have been guided to Nanovation by friends on Wall Street and in the industry.
Change is always challenging and the changes that we are experiencing at Nanovation are no exception. The Board is confident in the ability of our management team, our scientists, engineers and other dedicated and enthusiastic employees to continue to drive our company forward. Much work lies ahead, but we believe that we are all part of something special in the exciting new industry of nanoscale photonics. The Board respectfully asks that you be patient with us. We'll keep you posted on our progress.
Sincerely,
Board of Directors
Nanovation Technologies, Inc. |
