Pontikes steps down, cites need for "seasoned leadership":
biz.yahoo.com
Thursday December 21, 6:01 am Eastern Time
Press Release
Comdisco Names Philip A. Hewes President and Chief Executive Officer
Nicholas K. Pontikes Resigns as President and Chief Executive Officer
ROSEMONT, Ill.--(BUSINESS WIRE)--Dec. 21, 2000--Comdisco, Inc. (NYSE:CDO - news) today announced that Philip A. Hewes, 48, has agreed to serve as president and chief executive officer, effective immediately, during a period in which the company conducts a comprehensive search for a permanent chairman and chief executive officer. The Board of Directors unanimously approved a proposal by Nicholas K. Pontikes, 36, who has resigned as president and chief executive officer, to form a search committee and retained Russell Reynolds Associates, Inc. to identify suitable candidates.
Hewes said, ``Even as Comdisco implements its search, my priority is to concentrate on executing our strategy diligently, and to lose no time in continuing to develop our three core businesses -- leasing, services, and ventures. These are clearly all healthy businesses in growing markets, and I expect they will continue to generate value for shareholders.''
``As I will work with our management team implementing our business plans, I will also work with the Board and the search committee to help identify a suitable candidate to lead Comdisco to even further successes,'' continued Hewes. ``I am committed to ensuring a seamless transition and an orderly transfer of responsibilities over the coming months.''
Pontikes said, ``To truly deliver on the promise of our strategic plans, and to take advantage of our strong financial and operational record, I believe that Comdisco needs seasoned leadership with decades, not years, of experience in growing businesses profitably. Therefore, I have submitted my resignation as president and chief executive officer, and have recommended to the Board of Directors that we should seek to hire the very best executive to lead our company. In the short-term, I enthusiastically support the Board's decision to ask Phil Hewes to build on Comdisco's successes. He has understanding of our business and our company, given his 23 years with Comdisco, and is well-equipped to lead Comdisco and its management team until we have selected a new chairman and chief executive officer.''
``I will continue as a member of the Board of Directors, and my family remains substantial shareholders in Comdisco. We have no intention at present of selling ourstock, and are very excited about the company's future,'' concluded Pontikes.
Until his appointment, Hewes was senior vice president - Legal and secretary for the company. In this capacity, he was responsible for the Legal, Human Resources,
Administration and International departments. Hewes was appointed as secretary for the corporation in 1991 and became a member of the Board of Directors in
1992. He received a B.A. degree in 1974 from Colorado State University and his J.D. from The John Marshall Law School in Chicago. He was admitted to the
Illinois Bar in 1977. |
