François Olivier

The Montreal-based packaging, commercial printing and specialty media company said that Olivier, who has been president and CEO of the company for the past 13 years, will be replaced by Peter Brues, a current member of the board and chair of the audit committee.

MONTREAL—With the U.S. economy impacting the communication and marketing investments by clients, Transcontinental has implemented rationalization measures that call for the elimination of about 1,500 jobs, or roughly 10 percent of its workforce. Major cost-cutting measures are being implemented at plants throughout the United States, Canada and Mexico.

Transcontinental kept its momentum in the fourth quarter and ended fiscal 2008 with adjusted earnings per share of $1.73, compared to $1.50 in 2007, up an appreciable 15%. Adjusted net income, which excludes asset impairment, restructuring costs and unusual adjustments to income taxes, is a good indicator of the Corporation’s operating performance.

BAILOUTS OF financial institutions and pleas for assistance from domestic auto manufacturers have put top executive performance and compensation into the headlines. The excesses that fueled public outrage won’t be found among the earnings of principal officers at the largest publicly held printing companies included in Printing Impressions’ 19th annual executive compensation report.

MONTREAL—November 14, 2008—Transcontinental Inc. today announced the appointment of Brian Reid as President of its Printing Sector, effective immediately. The sector brings together services to retailers and publishers of newspapers, magazines, books and catalogs, as well as Transcontinental’s U.S. direct mail and Mexican operations. Mr. Reid is responsible for approximately 8,500 employees and revenues of more than $1.5B on an annualized basis. He will also join Transcontinental Inc.’s Senior Management Committee.

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