Albrecht Bolza-Schunemann

WURZBURG, GERMANY—Albrecht Bolza-Schünemann, president and CEO of press manufacturer KBA, resigned from the company during its supervisory board annual audit meeting in the wake of poor financial results. Helge Hansen, who was named CFO in February, now steps into the role of president.

Albrecht Bolza-Schünemann (57), president and CEO of German press manufacturer Koenig & Bauer AG (KBA) since 2003, has resigned with immediate effect from all offices within the group. Bolza-Schünemann announced his decision at the March meeting of the company’s supervisory board, citing the substantial losses incurred by the sheetfed division in Radebeul near Dresden last year (financial results reported below). His brother Claus (53) is now the sole remaining representative of the founding family on the KBA board.

With the approval of the supervisory board, on 6 February 2009 Albrecht Bolza-Schünemann (56), president and CEO of German press manufacturer Koenig & Bauer AG (KBA), will hand his financial remit to Helge Hansen (61), a respected banker and business economist. Hansen, who was appointed managing director of Metronic AG (now KBA-Metronic) in July 2003, successfully restructured the company following its acquisition by KBA in 2004.

Xerox Corp. has received the 2003 IEEE Corporate Innovation Recognition award for its work that created the DocuTech product line. The IEEE recognized Xerox "for its DocuTech product line, which unified digital electronics, computing and communications with xerography to create the print-on-demand industry," says Michael Adler, IEEE president. X-Rite Inc. has acquired the assets of Monaco Systems, a Massachusetts-based company that develops and distributes color management software to the graphic arts and photo markets. This $10.6 million asset purchase, funded by a combination of cash and stock, (some of which is subject to certain vesting requirements), includes the entire Monaco line of color management