BILLERICA, Mass., Nov. 18 /PRNewswire-FirstCall/ -- GSI Group Inc.,
(Nasdaq: GSIG) announced the appointment of the executive search firm G. A.
Partners to assist the Board of Directors in identifying a successor to
Charles Winston, Chief Executive Officer, who will retire in 2006. The Board
of Directors, after evaluating a number of executive search firms, selected
Paul Gomory, principal of G.A. Partners, to lead the search process, based on
his experience and excellent track record.
"Identifying Charles' successor is the most important priority for the
Board in the coming months. A Search Committee of three Board members has
been actively working on this, and is committed to devote whatever time and
resources are required to find and select the best candidate for this
position", said Richard Black, Chairman of the Board.
Mr. Black continued, "Charles will remain as CEO until his successor is
appointed. And in an effort to accomplish a smooth and orderly transition,
Charles has also agreed to serve as a consultant and advisor to the Company
and the new CEO through 2008. In Charles' 18 years as CEO, a very long tenure
nearly unmatched in the world of high tech, Charles' contributions to the
growth and development of GSI have been immeasurable. We know that the bar
has been set very high and we have our work cut out for us to find a qualified
successor."
GSI Group Inc. supplies precision motion control products, lasers and
laser-based advanced manufacturing systems to the global medical,
semiconductor, electronics, aerospace and industrial markets. The Company's
web site address is http://www.gsig.com.
Safe Harbor
Certain statements in this news release may constitute forward-looking
statements within the meaning of the United States Private Securities
Litigation Reform Act of 1995, Section 27A of the United States Securities Act
of 1933 and Section 21E of the United States Securities Exchange Act of 1934.
These forward-looking statements may relate to anticipated financial
performance, management's plans and objectives for future operations, business
prospects, outcome of regulatory proceedings, market conditions, tax issues
and other matters. All statements contained in this news release that do not
relate to matters of historical fact should be considered forward-looking
statements, and are generally identified by words such as "anticipate,"
"believe," "estimate," "expect," "intend," "plan," "objective" and other
similar expressions. Readers should not place undue reliance on the forward-
looking statements contained in this news release. Such statements are based
on management's beliefs and assumptions and on information currently available
to management and are subject to risks, uncertainties and changes in
condition, significance, value and effect. Other risks include the fact that
the Company's sales have been and are expected to continue to be dependent
upon customer capital equipment expenditures, which are, in turn, affected by
business cycles in the markets served by those customers. Other factors
include volatility in the semiconductor industry, the risk of order delays and
cancellations, the risk of delays by customers in introducing their new
products and market acceptance of products incorporating subsystems supplied
by the Company, similar risks to the Company of delays in its new products,
our ability to continue to reduce costs and capital expenditures, our ability
to focus R&D investment and integrate acquisitions and other risks detailed in
reports and documents filed by the Company with the United States Securities
and Exchange Commission and with securities regulatory authorities in Canada.
Such risks, uncertainties and changes in condition, significance, value and
effect, many of which are beyond the Company's control, could cause the
Company's actual results and other future events to differ materially from
those anticipated. The Company does not, however, assume any obligation to
update these forward-looking statements to reflect actual results, changes in
assumptions or changes in other factors affecting such forward-looking
statements.
GSI-G
Raymond Ruddy, Investor Relations of GSI Group, +1-978-439-5511 ext. 6170.
SOURCE GSI Group Inc.
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Company News On-Call:
http://www.prnewswire.com/comp/107189.html
Related links:
http://www.gsig.com
CONTACT:
Raymond Ruddy, Investor Relations of GSI
Group, +1-978-439-5511 ext. 6170
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