David J. Shea

New York University has named David J. Shea, Chairman and CEO of Bowne & Co., the winner of the 2010 Prism Award. The award is given in recognition of distinguished leadership in the graphic communications media industry.

NEW YORK—Despite garnering a first quarter profit of $71 million on sales of $208.8 million, Bowne & Co. announced a cost reduction initiative that will see the financial printer reduce its workforce by 15 percent. Bowne is targeting $50 million in annualized cost reductions in 2008 as part of a continued focus on improving its cost structure. The result is that about 650 employees will be released, which will account for $21 million in savings. Another $9 million in savings will result from the continuation of savings initiatives from 2007. The final $20 million in savings will be realized from the integration and