SCHAUMBURG, Ill., July 21 /PRNewswire/ -- Insurance Auto Auctions, Inc.
(Nasdaq: IAAI), a leading provider of automotive salvage and claims processing
services in the United States, today announced it has engaged Korn Ferry
International to conduct a nationwide search for a new CEO to succeed
Christopher Knowles, whose contract with the company ends in December, 2000.
Thomas J. O'Malia, Chairman of the Board, said "Chris Knowles stepped in
to lead IAA at a difficult time when our prior CEO left. At the time he
assumed the position of CEO, Chris made his desires clear to the Board that he
would serve until the time that the company had restored its base competencies
to profitable levels and had established a clear direction for the future. We
have reached that juncture. The growth in all areas of our business -- base
business, initiatives and eBusiness -- are a testament to Chris and his
management team."
"The company has a clear strategy in place and, to continue our progress,
we expect our next CEO to bring new skill sets that will enhance our ability
to serve the changing nature of our business," O'Malia added.
Once the new CEO joins the company, Knowles has agreed to serve in an
advisory role, as needed, for the foreseeable future.
Greif & Co.
In addition, the company announced it has completed its work with Greif &
Co. O'Malia commented, "Greif & Co. was very helpful in assisting the Board
and management in examining alternatives to increase shareholder value, in
stepping up the pace of the company's acquisition program and in developing
financing strategies for future growth. With the company now moving ahead
nicely, the services of Greif & Co. are no longer required on an ongoing
basis.
"The Board appreciates the quality of work which was done and feels better
prepared to act on various approaches should the need arise in the future,"
O'Malia added.
About Insurance Auto Auctions, Inc.
Insurance Auto Auctions, Inc., founded in 1982, a leader in automotive
total loss and specialty salvage services in the United States, provides
insurance companies with cost-effective, turnkey solutions to process and sell
total-loss and recovered-theft vehicles. The company currently has 54
auction sites across the United States.
This press release contains forward-looking information that is subject to
certain risks, trends and uncertainties that could cause actual results to
differ materially from those projected, expressed, or implied by such
forward-looking information. In some cases, you can identify forward looking
statements by our use of words such as "may, will, should, anticipates,
believes, expects, plans, future, intends, could, estimate, predict, potential
or contingent," the negative of these terms or other similar expressions. The
company's actual results could differ materially from those discussed or
implied herein. Factors that could cause or contribute to such differences
include, but are not limited to, those discussed in the company's annual
report, Form 10-K for the fiscal year ended December 31, 1999. Among these
risks are legislative acts, changes in the market value of salvage,
competition, quality and quantity of inventory available from suppliers,
availability of suitable acquisition candidates and dependence on key
insurance company suppliers.
For additional information regarding Insurance Auto Auctions free of
charge via fax, dial 1-800-PRO-INFO and use the Company's stock symbol,
"IAAI."
Additional information about Insurance Auto Auctions, Inc. is available on
the World Wide Web at http://www.iaai.com .
SOURCE Insurance Auto Auctions, Inc.
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Related links:
http://www.iaai.com
CONTACT:
Steve Green, Chief Financial Officer of
Insurance Auto Auctions, 847-839-4156; General Inquiries, Jeff
Wilhoit, 312-640-6757, Analysts, Alicia DaCosta, 312-640-6780, or
Media, Tim Grace, 312-274-2240, all of The Financial Relations
Board
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