FARO Names Jay Freeland Co-CEO
February 03 2006 - 3:30PM
PR Newswire (US)
LAKE MARY, Fla., Feb. 3 /PRNewswire-FirstCall/ -- Faro
Technologies, Inc. (NASDAQ:FARO) today announced that pursuant to a
previously announced succession plan of the board of directors, Jay
Freeland, President and Chief Operating Officer, will immediately
share the function and title of Chief Executive Officer ("CEO")
with CEO and co-founder Simon Raab. The Company also announced that
Simon Raab has entered into a previously discussed employment
agreement with the Company under which Mr. Raab will serve as
Co-CEO and Chairman of the Board of Directors and will reduce his
commitment to an average of 80 hours per month for the remainder of
2006. The employment agreement provides that Mr. Raab's base salary
for the remainder of 2006 will equal one-half of his 2005 base
salary. The employment agreement also contemplates that at any time
after January 1, 2007 Mr. Raab may, in consultation with the Board
of Directors, elect to further alter his commitment. "This year Jay
will formally assume CEO responsibility from an operational
viewpoint and I will focus on the strategic plan and product and
business development," said Simon Raab, Co-CEO. "Since we announced
this succession plan in February 2005, Jay and I have been working
very closely together, and I see this as a seamless transition that
will allow me to add value where my background and talent are best
suited." "I am honored by the confidence which the Board of
Directors has placed in me," said Jay Freeland, Co-CEO. "I look
forward to Simon's continued impact on the organization as I
develop my own plans to continue the strong growth of the Company
in the large, underserved CAM2 market." About FARO With more than
9,100 installations and 4,100 customers globally, 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
TrackArm; FARO Laser ScanArm; FARO Laser Scanner LS; FARO Gage and
Gage- PLUS; Platinum, Digital Template, Titanium, Advantage
FaroArms; the FARO Laser Tracker X and Xi; and the CAM2 family of
advanced CAD-based measurement and reporting software. FARO
Technologies is ISO 9001 certified and ISO-17025 laboratory
registered. First Call Analyst: FCMN Contact: trowbris@faro.com
DATASOURCE: FARO Technologies, Inc. CONTACT: Greg Fraser, Executive
Vice President, FARO, +1-407-333-9911, or Web site:
http://www.faro.com/
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