SCHAUMBURG, Ill., Nov. 20 /PRNewswire/ -- Insurance Auto Auctions, Inc.
(Nasdaq: IAAI), a leading provider of automotive salvage and claims processing
services in the United States, today announced that Mr. Thomas C. O'Brien has
been appointed by its Board of Directors as the company's new Chief Executive
Officer, replacing Christopher Knowles who is retiring.
O'Brien comes to IAA after serving in senior executive positions with
Globe Glass, Vistar and Safelite Glass, all of which provide services to IAA's
primary customer, the insurance industry and its claims departments. O'Brien
has overseen major divisions for these companies as well as for Time Warner,
Inc. In addition to knowing and appreciating IAA's customer base, O'Brien
comes to IAA with a track record of success with a strong background in
information technology, finance, sales and operations.
O'Brien has both an undergraduate degree and Masters in Management (MM)
from Northwestern University.
"We conducted a thorough search through Korn Ferry International and were
extremely pleased with the quality of candidates that were presented to us,"
commented Thomas J. O'Malia, Chairman. "Tom O'Brien came through as our first
choice to lead the company toward its goals of process improvement/cost
reduction and revenue enhancement/expansion in the years to come. We are
extremely excited that he is joining IAA."
"Chris Knowles, who has guided the company over the past two years, has
agreed to continue on the Board of Directors for the foreseeable future and
will assist us with a smooth transition," 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 56 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,
targeting, 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 and the Company's quarterly report on Form 10-Q for the
quarter ended June 30, 2000. Among these risks are: conducting business
pursuant to the purchase agreement method of sale; fluctuations in the actual
cash value of salvage vehicles; the ability to successfully renegotiate
existing purchase agreement contracts; the quality and quantity of inventory
available from suppliers; the ability to pass through increased towing costs;
that vehicle processing time will improve; that the Company's towing business
will reach forecasted levels of profitability; legislative or regulatory acts,
changes in the market value of salvage; competition; the availability of
suitable acquisition candidates; the ability to bring new facilities to
expected earnings targets; dependence on key insurance company suppliers; and
the level of energy and labor costs.
For additional information regarding Insurance Auto Auctions free of
charge via fax, dial 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; or General, Jeff Wilhoit,
312-640-6757, Media, Tim Grace, 312-274-2240, both of The
Financial Relations Board
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