Christian Reinaudo to Become CEO of Agfa-Gevaert; Preliminary Q4 Results Reported
MORTSEL, BELGIUM—February 09, 2010—During its meeting of February 9, 2010, the Board of Directors of Agfa-Gevaert has accepted Jo Cornu’s request to end his mandate as CEO of Agfa-Gevaert after the Annual General Meeting of Shareholders of April 27, 2010.
The Board of Directors has decided to nominate Christian Reinaudo as his successor. It will propose the General Meeting of Shareholders elect Christian Reinaudo as a Director, in order to appoint him as CEO immediately afterwards. The Board of Directors will also propose to the General Meeting of Shareholders the reelection of Jo Cornu as a member of the Board of Directors.
Agfa-Gevaert Group's total fourth quarter sales amounted to 735 million Euro, a decline of 3.4 percent compared to the fourth quarter of 2008. Excluding currency effects, the decline would be limited to 1 percent. Its fourth quarter EBIT is expected to be approximately 73 million Euro (9.9 percent of sales), versus 31 million Euro in 2008
Agfa Graphics' sales amounted to 356 million Euro, a decrease of 6.8 percent versus the fourth quarter of 2008. The decline was weaker than in the previous quarters due to the continuing recovery of the graphic markets and a shift of part of the film business from Agfa Specialty Products to Agfa Graphics as a result of changes in the competitive landscape. Agfa Graphics' EBIT is expected to be approximately 30 million Euro (8.4 percent of sales), compared to 18 million Euro in the fourth quarter of 2008.
The Group's fourth quarter net result is expected to be approximately 20 million Euro. For the total year, the net result is therefore expected to be approximately 6 million Euro.
Commenting on the management change, Julien De Wilde, Chairman of the Board of Directors, stated: "Jo Cornu has taken the position of CEO on December 1, 2007 under very difficult circumstances. He has lead Agfa-Gevaert through the economic crisis and has put the company back on track. Agfa-Gevaert now has a strong management team, a clear strategy, a better cost structure and a significantly lower level of debt. The Board of Directors respects his request to end his mandate at the end of April. As a Board member, Jo Cornu will continue to support the company with his experience."