SCHAUMBURG, Ill., May 27 /PRNewswire/ -- Insurance Auto Auctions, Inc.
(Nasdaq: IAAI), today announced that its Board of Directors has elected James
P. Alampi as Chairman of the board and has created a Governance Committee.
Alampi, 51, IAAI's chief executive officer and president since March 1996,
fills the chairman's position which became vacant with the resignation of
Bradley Scott earlier this year.
IAAI also stated that the directors created a Governance Committee and
elected Maurice A. Cocca, an outside director, as chairman of the committee.
This position will also function as lead outside director. The Board
specified that the Governance Committee will be responsible for meetings of
outside directors, CEO performance evaluation, searches for new directors and
general board governance matters. Cocca was elected to the IAAI board in
February 1997 and is also a director of J & W Scientific Holding.
Alampi said, "With the Board's request that I assume the chairman's role,
we felt it essential that we formalize our governance approach and regular
outside director interaction. Maurice Cocca is an excellent choice to lead
this effort and provide counsel and feedback on behalf of our outside
directors."
Insurance Auto Auctions, Inc. was founded in 1982 and is a leading
provider of automotive and specialty total loss processing services in the
United States, providing insurance companies with cost-effective, turnkey
solutions to process and sell total-loss and recovered-theft vehicles, a
$3 billion per year industry. The company currently has 48 auction sites
across the United States.
SOURCE Insurance Auto Auctions, Inc.
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Related links:
http://www.iaai.com
CONTACT:
Linda C. Larrabee, Sr. VP-CFO of Insurance
Auto Auctions, 847-839-4132; or Jack Queeney, General Inquiries,
312-640-6726, Janine Warell, Analyst Inquiries, 312-640-6775, or
Katy Rizzo, Media Inquiries, 312-640-6751, all of The Financial
Relations Board
NOTE TO EDITORS: For additional information regarding Insurance
Auto Auctions free of charge via fax, dial 800-PRO-INFO and use
the company's stock symbol, "IAAI."
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