FARO Adds CFO to Executive Team; Announces Future CEO Transition Plan
February 18 2005 - 3:35PM
PR Newswire (US)
FARO Adds CFO to Executive Team; Announces Future CEO Transition
Plan LAKE MARY, Fla., Feb. 18 /PRNewswire-FirstCall/ -- FARO
Technologies, Inc. (NASDAQ:FARO) today announced the appointment of
Barbara R. Smith as Chief Financial Officer, effective February 21,
2005. Ms. Smith, a 23-year veteran of Alcoa Inc., will take over
the CFO duties from co-founder Greg Fraser, who will remain as
Executive Vice President of the Company. "We are positioning
ourselves for continued strong growth during the next few years, in
particular with an emphasis on growing our Asian markets, new
technology and business acquisitions and continued penetration into
our existing markets," said Simon Raab, Chairman and CEO. With the
addition of Ms. Smith to the executive team, both founders will be
able to contribute their time and focus to these strategic
initiatives. (Logo:
http://www.newscom.com/cgi-bin/prnh/20000522/FLM035LOGO ) "Barbara
Smith's appointment is a result of an extensive search based on
very high and clearly defined expectations for qualifications and
personality fit within our senior executive team," said Raab.
"Barbara's extensive experience in several of Alcoa's manufacturing
segments is ideally suited to our needs as we continue to grow."
The Company also announced that, as part of the Board of Directors'
strategic planning process with respect to CEO succession, it
intends to enter into a transition agreement with Simon Raab, CEO.
The Company expects that, beginning in March 2006, Mr. Raab will
share CEO duties with Jay Freeland, President and COO, allowing Mr.
Raab to focus on research and development and strategic
initiatives. "To date Jay has met all expectations set when he
joined the Company, and I have no hesitation in entering into a
transition agreement, which will have him begin to assume some CEO
duties a year from now," Raab continued. "This agreement will allow
me to focus on those things where I bring the most value to the
Company, while providing for a smooth CEO transition." This press
release contains forward-looking statements (within the meaning of
the Private Securities Litigation Reform Act of 1995) that are
subject to risks and uncertainties, such as statements about our
plans, objectives, projections, expectations, assumptions,
strategies, or future events. Statements that are not historical
facts or that describe the Company's plans, objectives,
projections, expectations, assumptions, strategies, or goals are
forward-looking statements. In addition, words such as "may,"
"believes," "anticipates," "expects," "intends," "plans," "seeks,"
"estimates," "will," "should," "could," "projects," "forecast," and
similar expressions or discussions of our strategy or other
intentions identify forward-looking statements. Other written or
oral statements, which constitute forward-looking statements, also
may be made by the Company from time to time. Forward- looking
statements are not guarantees of future performance and are subject
to various known and unknown risks, uncertainties, and other
factors that may cause actual results, performances, or
achievements to differ materially from future results,
performances, or achievements expressed or implied by such
forward-looking statements. Consequently, undue reliance should not
be placed on these forward-looking statements. Factors that could
cause actual results to differ materially from what is expressed or
forecasted in forward-looking statements include, but are not
limited to: * The failure of the Company to come to enter into a
transition agreement with Simon Raab; * the failure of Jay Freeland
to assume a greater role in the management of the Company; * the
other risks detailed in the Company's Annual Report on Form 10-K
and other filings from time to time with the Securities and
Exchange Commission. Forward-looking statements in this release
represent the Company's judgment as of the date of this release.
The Company undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events, or otherwise. About FARO FARO Technologies, Inc.
(NASDAQ:FARO) and its international subsidiaries design, develop,
and market software and portable, computerized measurement devices.
The Company's products allow manufacturers to perform 3-D
inspections of parts and assemblies on the shop floor. This helps
eliminate manufacturing errors, and thereby increases productivity
and profitability for a variety of industries in FARO's worldwide
customer base. Principal products include the FARO Laser ScanArm;
FARO Gage and Gage-PLUS; Platinum, Titanium and Advantage FaroArms;
the FARO Laser Tracker X and Si; and the CAM2 family of advanced
CAD-based measurement and reporting software. FARO Technologies is
ISO 9001 certified and ISO-17025 laboratory registered. Learn more
at http://www.faro.com/ .
http://www.newscom.com/cgi-bin/prnh/20000522/FLM035LOGO
http://photoarchive.ap.org/ DATASOURCE: FARO Technologies, Inc.
CONTACT: Greg Fraser, Executive Vice President, FARO Technologies,
Inc., +1-407-333-9911; or Vic Allgeier, The TTC Group,
+1-212-227-0997, for FARO Technologies, Inc. Web site:
http://www.faro.com/
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