ICO, Inc. Initiating Exploratory Search for New CEO
March 04 2009 - 6:24PM
PR Newswire (US)
HOUSTON, March 4 /PRNewswire-FirstCall/ -- ICO, Inc. (NASDAQ:ICOC),
global producer of custom polymer powders and plastic film
concentrates, today announced that its Board of Directors, in
keeping with the Company's long-term strategy, has initiated an
exploratory search for a new Chief Executive Officer. The Company's
current Chief Executive Officer and President, A. John Knapp, Jr.,
will continue to serve in his current position during the search
process and thereafter continue to serve on the Board as a director
in the newly created position of Vice Chairman. (Logo:
http://www.newscom.com/cgi-bin/prnh/20030509/ICOCLOGO) "When the
Board asked me to serve as CEO in 2005, the vision was simple:
focus on restoring a culture of teamwork and performance," said Mr.
Knapp. "That task has largely been accomplished. It is now our
opinion that the strategy and vision within our industry should be
the focus. While I would greatly prefer a transition to new
leadership in a period of stable markets, I understand that today's
turmoil presents ICO with unprecedented strategic opportunities.
Further, the availability of talented leadership has never been
greater. Following this transition, I will remain with ICO as a
significant shareholder and Vice Chairman of the Board." "John
Knapp has done an excellent job as CEO," said Gregory T. Barmore,
Chairman of the Company's Board of Directors. "Under John's
leadership the Company's financial and strategic position have
improved dramatically. Over the fiscal 2006-2008 three-year period,
ICO's annual revenues increased by 51%, and ICO's net income
applicable to common stock increased by 557%. During John's tenure
as CEO, ICO has also returned $33 million to shareholders through
the redemption of preferred stock, common share repurchases, and
preferred share dividends. John has agreed to remain a director and
accept the position of Vice Chairman of the Board. This will give
us the best of both worlds: John's continuing contributions to ICO
and a new CEO, with industry background, who can take the Company
to the next level." A committee of the Board's independent
directors, in consultation with Mr. Knapp, will lead the process of
assessing potential candidates. The search may encompass both
internal and external candidates, and the Board has retained
Spencer Stuart, a leading international executive search firm, to
assist with the process. Mr. Knapp, who has over 20 years
experience in the real estate investment and development industry,
joined ICO's Board of Directors in 2001 as an independent director.
Mr. Knapp was asked by ICO's Board to serve as CEO and President
and appointed in September 2005, following the resignation of the
Company's previous CEO and President. Mr. Knapp said, "I am pleased
that under my leadership there have been major improvements in
ICO's operations, management and employee focus, cost structure,
and financial results. ICO's next CEO will have a strong platform
upon which to take ICO to the next level, and I look forward to
continuing to lead the Company during an orderly search and
transition period." About ICO, Inc. With 20 locations in 9
countries, ICO produces custom polymer powders for rotational
molding and other polymer related businesses, such as the textile,
metal coating and masterbatch markets. ICO remains an industry
leader in size reduction, compounding and other tolling services
for plastic and non-plastic materials. ICO's Bayshore Industrial
subsidiary produces specialty compounds, concentrates and additives
primarily for the plastic film industry. Additional information
about ICO, Inc. can be found on the Company's website at
http://www.icopolymers.com/. Contact: CFO - Bradley T. Leuschner at
713-351-4100. Certain matters discussed in this press release are
"forward-looking statements," involving certain risks,
uncertainties, and assumptions, intended to qualify for the safe
harbors from liability established by the Private Securities
Litigation Reform Act of 1995. The Company's statements regarding
trends in the marketplace and potential future results are examples
of such forward-looking statements. The forward-looking statements
include, but are not limited to: restrictions imposed by the
Company's outstanding indebtedness; changes in the cost and
availability of resins (polymers) and other raw materials; demand
for the Company's services and products; business cycles and other
industry conditions; international risks; operational risks;
currency translation risks; the Company's lack of asset
diversification; the Company's ability to manage inventories,
develop technology and proprietary know-how, and attract and retain
key personnel; as well as other factors detailed in the Company's
form 10-K for the fiscal year ended September 30, 2008 and its
other filings with the Securities and Exchange Commission. Should
one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those indicated. Any forward-looking statements are
made only as of the date of this press release, and the Company
undertakes no obligation to publicly update any such
forward-looking statements to reflect subsequent events or
circumstances.
http://www.newscom.com/cgi-bin/prnh/20030509/ICOCLOGO
http://photoarchive.ap.org/ DATASOURCE: ICO, Inc. CONTACT: Bradley
T. Leuschner, CFO of ICO, Inc., +1-713-351-4100 Web Site:
http://www.icopolymers.com/
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