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Allen-Vanguard to seek new CEO
Ticker Symbol: C:VRS
Allen-Vanguard to seek new CEO
Allen-Vanguard Corp (C:VRS)
Shares Issued 109,270,639
Thursday May 13 2010 - News Release
Mr. Gregory Segall reports
ALLEN-VANGUARD CORPORATION ANNOUNCES MANAGEMENT TRANSITION
Allen-Vanguard Corp. has initiated a search for a new chief executive officer. The company's present CEO, David E. Luxton, will become Allen-Vanguard's Chairman of the Board after serving as Interim Chief Executive Officer until the appointment of his successor.
"After a challenging but ultimately successful effort over the last several years to achieve financial stability and position Allen-Vanguard for renewal and continued growth, the board and I agreed that this is the right time to recruit for a new CEO. This will allow me, as an active new Chairman of the Board, to enhance my focus on supporting key company initiatives in the areas of strategy, key relationships and major opportunities," said Luxton. "With the implementation of our new management organization structure now complete, including the recent recruitment of our new Chief Financial Officer Kent Rosenthal, the company is ready for this transition. I remain committed to Allen-Vanguard and to seeing it realize its full potential, and look forward to the opportunity to contribute to its future in my new role as Chairman of the Board."
"This search, and David Luxton's elevation to the Chairman's role is the latest step in numerous transition initiatives developed in connection with our acquisition of Allen-Vanguard that closed in December 2009," said Gregory L. Segall, Chairman of the Executive Committee/Lead Director of Allen-Vanguard and Managing Partner of Allen-Vanguard parent Versa Capital Management, Inc. "We have worked closely with David in developing and implementing all of these initiatives, and are very pleased to retain David's services for the company in the critical areas for which he will continue to provide support."
The CEO search is being conducted by Clarke Havener of Korn/Ferry International (202-955-0909) for Allen-Vanguard.
About Versa Capital Management ------------------------------
Versa Capital Management, Inc. is a private equity investment firm with over $900 million of committed capital focused on control investments in special situations involving middle market companies in a wide variety of industries throughout North America. More information can be found at www.versa.com.
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