Announcement from the Board of Agfa-Gevaert
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o Board committed to phased demerger
o Operational improvement first priority
o Christian Reinaudo appointed as President Agfa HealthCare
o Albert Follens appointed as Vice-President of the Agfa-Gevaert Group
Mortsel (Belgium), December 12, 2007
As a result of the Board meeting earlier today, the Board of Directors of Agfa-Gevaert announced its decisions related to appointments in the Executive Committee and to the operational improvement and the demerger plans of the company.
The Board has appointed Christian Reinaudo as President of the Agfa HealthCare business group and as member of the Executive Committee, effective January 1, 2008. Christian Reinaudo is 53 years old and of French nationality. He is a graduate from the 'Ecole de Physique et de Chimie Industrielles de Paris' and holds a doctorate from the University of Paris (France). He started his career with Alcatel in 1978. During this period, he has managed worldwide multi-billion Euro businesses and international sales and services organizations. Most recently he was Area President Europe and North for Alcatel - Lucent and responsible for managing the integration and transition process associated with the merger with Lucent Technologies.
The Board fully supports the work of the management on operational improvement and has therefore appointed Albert Follens as Vice-President of the Executive Committee of the Agfa-Gevaert Group. In this role, he will support Jo Cornu, CEO, in restoring the company's operational performance. Related to this, the company is on track for realizing its objective of a net debt reduction of 75 to 100 million Euro in the fourth quarter.
Furthermore, the Board of Directors has conformed its commitment to the demerger in three independent companies as this is the best way to create shareholder value. A phased demerger is expected to take place in the course of 2008. At the same time, the Board also asked Jo Cornu, CEO, to actively look into the expressions of interest that the company recently received.
Johan Jacobs
Corporate Press Relations Manager
Septestraat 27
2640 Mortsel - Belgium
tel:+32 (0) 3 444 8015
fax:+32 (0) 3 444 5005
johan.jacobs@agfa.com
Katia Waegemans
Director Corporate Communication
Septestraat 27
2640 Mortsel - Belgium
tel:+32 (0) 3 444 7124
fax:+32 (0) 3 444 4485
katia.waegemans@agfa.com
