ICO, Inc. Initiating Exploratory Search for New CEO
“When the Board asked me to serve as CEO in 2005, the vision was simple: focus on restoring a culture of teamwork and performance,” said Mr. Knapp. “That task has largely been accomplished. It is now our opinion that the strategy and vision within our industry should be the focus. While I would greatly prefer a transition to new leadership in a period of stable markets, I understand that today’s turmoil presents ICO with unprecedented strategic opportunities. Further, the availability of talented leadership has never been greater. Following this transition, I will remain with ICO as a significant shareholder and Vice Chairman of the Board.”
“John Knapp has done an excellent job as CEO,” said
A committee of the Board’s independent directors, in consultation with Mr. Knapp, will lead the process of assessing potential candidates. The search may encompass both internal and external candidates, and the Board has retained
Mr. Knapp, who has over 20 years experience in the real estate investment and development industry, joined ICO’s Board of Directors in 2001 as an independent director. Mr. Knapp was asked by ICO’s Board to serve as CEO and President and appointed in
About ICO, Inc.
With 20 locations in 9 countries, ICO produces custom polymer powders for rotational molding and other polymer related businesses, such as the textile, metal coating and masterbatch markets. ICO remains an industry leader in size reduction, compounding and other tolling services for plastic and non-plastic materials. ICO’s Bayshore Industrial subsidiary produces specialty compounds, concentrates and additives primarily for the plastic film industry. Additional information about ICO, Inc. can be found on the Company’s website at www.icopolymers.com. Contact: CFO –
Certain matters discussed in this press release are “forward-looking statements,” involving certain risks, uncertainties, and assumptions, intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. The Company’s statements regarding trends in the marketplace and potential future results are examples of such forward-looking statements. The forward-looking statements include, but are not limited to: restrictions imposed by the Company’s outstanding indebtedness; changes in the cost and availability of resins (polymers) and other raw materials; demand for the Company’s services and products; business cycles and other industry conditions; international risks; operational risks; currency translation risks; the Company’s lack of asset diversification; the Company’s ability to manage inventories, develop technology and proprietary know-how, and attract and retain key personnel; as well as other factors detailed in the Company’s form 10-K for the fiscal year ended
SOURCE ICO, Inc.