This could create a nice upwards move in the stock if this new CEO appears to have strong credentials
EL PASO, Texas--(BUSINESS WIRE)--Oct. 20, 1996--The Board of
Directors of Accugraph Corporation, a supplier of network information
software and services, announced today it has appointed Paul D. Damp
chairman of the board and chief executive officer, effective
immediately.
Damp, 41, replaces Hector Holguin, chairman since 1989, and
Dennis McGinn, president and CEO, who joined Accugraph in 1994.
Holguin will retain a seat on the board but will not be involved with
day-to-day operations of the Company. McGinn, who will relinquish
his directorship, will continue to provide consulting services to the
Company for six months.
"Accugraph's performance this year has been disappointing," Damp
said. "It is our intent to focus the Company in a manner that best
serves our customers and returns value to our shareholders. We have
the technology, the people and the motivation to do this."
Earlier this month, the Company announced a 20 percent reduction
in its work force and the shift to a new business model that focuses
resources on the telecommunications industry. At the same time, it
said it anticipates a loss for its third quarter ended September 30.
The Company plans to report the quarter results on or about November
11.
Damp, an Accugraph board member since 1991, is chairman and CEO
of Kestrel Capital Corporation, a Toronto-based investment holding
and management company. From 1992 to 1994, he was a member of the
executive management team of SHL Systemhouse, Inc. of Ottawa,
Ontario, Canada, a systems integration and outsourcing company. He
was SHL Systemhouse's vice chairman and chief financial officer from
1992 to 1993, and he was president and chief operating officer from
1993 to 1994, successfully completing the turnaround of the company's
performance. He was a member of the SHL Systemhouse Board of
Directors from 1990 to 1994.
Currently, Damp is also a director of AIT Advanced Information
Technologies Corporation of Nepean, Ontario, Canada. Prior to 1990,
he was a partner in the international accounting firm of KPMG Peat
Marwick.
Accugraph headquarters are in El Paso, Texas, and it maintains
research and development facilities in El Paso and Huntsville,
Alabama. The Company's common stock is publicly traded on the NASDAQ
National Market (ACCUF) and on the Toronto Stock Exchange (ACU.A). |
