X-rite CEO Retires - Acquired Firm's Boss Moves Up

The directors of X-Rite has announced that Michael C Ferrara will retire from his positions of chief executive officer and member of the board on October 1.

The directors of X-Rite has announced that Michael C Ferrara will retire from his positions of chief executive officer and member of the board on October 1.

X-Rite added that Thomas J Vacchiano Jr will become president and chief executive officer, as well joining the board Tom Vacchiano was the president and chief executive officer of Amazys Holding from 2001 until the company's acquisition by X-Rite in July.

Ferrara will remain available to consult on the transition through until the end of this year.

John E Utley, X-Ritre's chairman, said: "The chief executive officer transition was planned as a part of the Amazys acquisition and the timing of the change permits the new leadership team to develop and own the 2007 operating plan.

Further, we expect that this clarity of leadership will facilitate the progress of our integration." He added: "X-Rite and its board are pleased with the results under Mike's leadership during the past five years.

His leadership in focusing the company back on the colour business and bringing the two leading colour systems companies in the world together will create new and exciting opportunities for X-Rite, its customers and its shareholders in the future." Michael C Ferrara added: "The last five years with X-Rite have been the most rewarding and challenging in my professional career.

With the integration of the two companies firmly on track I am very optimistic about the future of the company under Tom's leadership and the opportunity for increased shareholder value." And Thomas J Vacchiano, said: "Mike's achievement in bringing X-Rite and Amazys together, along with his passion for focusing on customers, creates a legacy that will live on in the industry for many years.

I look forward to building on the excellent foundation Mike has established." Utley further added: "The X-Rite Board is delighted to have Tom Vacchiano as X-Rite's new CEO.

His extensive experience in technology companies, together with his current track record of creating exceptional value for Amazys shareholders is impressive.

The board believes that his vision and leadership are well aligned with the challenges of leading X-Rite to the next level of performance".

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