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SMARTRAC announces Changes in the Management BoardAmsterdam, )
Dr. Christian Fischer will resign from his position as CEO and Chairman of the Management Board of SMARTRAC N.V., effective September 3rd, 2012. He will, however, continue to serve as Director A of SMARTRAC N.V until December 31, 2012, and support Mr. O'Hara in a transition role until the end of 2012.
Mr. M. Gregory O'Hara is currently Chairman of Certares International Bank, LLC., and most recently served as Chief Investment Officer of JPMorgan Chase's Special Investments Group. Prior to joining the private equity arm of JPMorgan's One Equity Partners in 2005, he served as Executive Vice President of Worldspan and was a member of its Board of Directors. Prior to this, Mr. O'Hara was a management partner advising Citicorp Venture Capital and Ontario Teachers' Pension Plan; served as Senior Vice President of Sabre; and worked in various capacities for Perot Systems. He also serves on the Boards of Travel Leaders Group and TV Guide Network. Mr. O'Hara holds a Master of Business Administration degree from Vanderbilt University.
Mr. O'Hara: "I am extremely excited by the opportunity of joining SMARTRAC. The Company's reputation for the most innovative technology, along with unparalleled development and production capabilities, provides a tremendous foundation from which to build. I look forward to working with such a talented and dedicated team in continuing to deliver the best SMARTRAC product to our customers."
Dr. Christian Fischer joined SMARTRAC at the end of 2005 and has been a member of the Management Board since the incorporation of SMARTRAC N.V. in January 2006. He has held the position of Chief Executive Officer (CEO) and Chairman of the Management Board since July 1, 2007. During this time, the Company has not only grown sales from EUR 25 Mio. in 2005 to some EUR 250 Mio. expected for 2012, but has also become the global leader in the RFID market as developer, manufacturer, and supplier of transponders and inlays for a broad base of applications in all current frequency standards.
Dr. Fischer: "SMARTRAC is well on its way to recovering from the flood disaster in Thailand in 2011 and is making good progress in integrating all major acquisitions we executed in 2011/2012. Our Q2-2012 results have shown that the progress is also visible from a financial perspective and we are well on our way to being back on track."
Prof. Dr. Bernd Fahrholz, Chairman of the Supervisory Board of SMARTRAC: "We want to thank Dr. Christian Fischer for his outstanding leadership and commitment in growing SMARTRAC into the prime position in the RFID market. We are happy to welcome Greg O'Hara as our new CEO and Chairman and look forward to continuing the profitable growth of SMARTRAC."
To the extent that this press release contains forward-looking statements, such statements are based on assumptions, planning and forecasts at the time of publication of this press release. Forward-looking statements always involve uncertainties. Business and economic risks and developments, the conduct of competitors, political decisions and other factors may cause the actual results to be materially different from the assumptions, planning and forecasts at the time of publication of this press release. Therefore, SMARTRAC N.V. does not assume any responsibility relating to forward-looking statements contained in this press release. Furthermore, SMARTRAC N.V. does not assume any obligation to update the forward-looking statements contained in this press release.
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