Multi-Color Announces CEO Succession Plan
April 3, 2009
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SHARONVILLE, Ohio—Multi-Color Corporation announced that its President and CEO, Frank Gerace, has provided the required notice that he does not intend to renew his Employment Agreement when it expires on March 31, 2011. Under the terms of Gerace’s Employment Agreement, his contract would have renewed automatically unless Gerace or the company provided a notice of non-renewal at least 24 months prior to its expiration.
“My decision to invoke the non-renewal terms of the Employment Agreement is the first step in moving forward with an effective succession plan as I prepare for my eventual retirement from Multi-Color,” said Gerace. “I will be working closely with our board over the next two years to provide for a smooth transition, taking into consideration the long-term strategy and interests of the company.”
Gerace was promoted to president and appointed a director in May 1999 and was elected CEO in August 1999. Prior to that time, Gerace served as the company’s vice president of operations from April 1998 to May 1999.
“My decision to invoke the non-renewal terms of the Employment Agreement is the first step in moving forward with an effective succession plan as I prepare for my eventual retirement from Multi-Color,” said Gerace. “I will be working closely with our board over the next two years to provide for a smooth transition, taking into consideration the long-term strategy and interests of the company.”
Gerace was promoted to president and appointed a director in May 1999 and was elected CEO in August 1999. Prior to that time, Gerace served as the company’s vice president of operations from April 1998 to May 1999.
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