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."
Christian Reinaudo (55) is of French nationality. He has shown strong leadership as President of Agfa HealthCare during the past two years. Under his leadership, Agfa HealthCare has returned to a strong level of performance. Before joining Agfa-Gevaert, Christian Reinaudo occupied a number of important positions in the Alcatel Group, such as President of the Optics Business Group, President of Alcatel in Asia Pacific and President of Alcatel for Northern andEastern Europe. The Board of Directors is convinced that he has all the necessary qualifications to lead Agfa-Gevaert in the coming years. In the near future, Christian Reinaudo will also remain President of the Agfa HealthCare business group.
CV Christian Reinaudo – President of Agfa HealthCare
Christian Reinaudo (55 - French nationality) started his career with Alcatel (formerly named "Compagnie Générale d'Electricité") in 1978 in the Research and Development Centre of Marcoussis (France). During his Alcatel period he managed several multi billion Euro businesses and international sales and services organizations.
From 1984 to 1996, he held several positions in the Cable Group of Alcatel (now Nexans), from research and development, to manufacturing, procurement, sales support and services.
He took the position of President of the Submarine Networks Division in early 1997. Appointed President of the whole Optics Group in 1999, he enters the Executive Committee of Alcatel early 2000 as Executive Vice President. In 2003, he is appointed President of Alcatel Asia Pacific and moves toShanghai(China) until 2006. During this period he was also the Vice Chairman of the Board of Directors of Alcatel Shanghai Bell, the Chinese joint venture of Alcatel with the Chinese government.
In 2006, he is back toParisto be responsible for managing the integration and the transition process associated with the merger of Alcatel and Lucent Technologies. He also becomes Director in the Board of Directors of Draka Comteq (NL).
In 2007, he is appointed President Northern and Eastern Europe of Alcatel-Lucent, he joins the Board of Directors of Alcatel-Lucent Bell (Be).
Early 2008, he joins Agfa-Gevaert to be President of Agfa HealthCare.
Christian Reinaudo is a graduate from the "Ecole de Physique et de Chimie Industrielles de Paris "and holds a doctorate from theUniversityofParis(France).
Commenting on the preliminary fourth quarter 2009 results, current CEO Jo Cornu stated: "We are obviously pleased with these results, which we achieved in full economic crisis. In the fourth quarter of 2009, we have taken full benefit of the efforts of the past two years to reduce costs and improve operational efficiency. In Agfa Graphics, we are noticing a recovery of the market, which declined up to 20 percent at the peak of the economic crisis. The Agfa HealthCare business group continued its strong operational performance in the fourth quarter, which traditionally is the strongest one of the year. The Agfa-Gevaert Group has returned to profitability and net debt is significantly down. We are well positioned to take advantage of some of the recent growth initiatives in 2010."
Agfa-Gevaert will disclose its complete and fully audited results for 2009 on March 31.