(Source: PRNewswire-FirstCall)
SHARONVILLE, Ohio, March 31 /PRNewswire-FirstCall/ -- Multi-Color Corporation announced today 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 twenty-four (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 Chief Executive Officer in August 1999. Prior to that time, Mr. Gerace served as the Company's Vice President of Operations from April 1998 to May 1999.
About Multi-Color (http://www.multicolorcorp.com/)
Sharonville, Ohio based Multi-Color Corporation is a leader in global label solutions through its two business units: North American Business Unit and International Business Unit. Established in 1916, Multi-Color supports the world's most prominent brands including leading producers of home and personal care, wine and spirits, food and beverage and automotive products. Multi-Color acquired Collotype Labels on February 29, 2008. Collotype was established in 1903 in Adelaide, South Australia and is the world's leading and most awarded pressure sensitive wine & spirits label printer. Multi-Color is the world's largest producer of in-mold labels and one of the largest producers of pressure sensitive and heat transfer labels and a major manufacturer of high-quality wet glue applied labels and shrink sleeves. Multi-Color has 14 manufacturing locations worldwide; 8 in the U.S., 5 in Australia and 1 in South Africa.
For additional information on Multi-Color, please visit http://www.multicolorcorp.com/.
Safe Harbor Statement
The Company believes certain statements contained in this report that are not historical facts constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act.
