David Luxton to Become Chairman of the Board; Company to Initiate CEO Search
OTTAWA, May 13 /CNW Telbec/ - Allen-Vanguard Corporation ("Allen-Vanguard" or the "Company") of Ottawa, Canada, today announced that is has initiated a search for a new Chief Executive Officer. The company's present CEO, David E. Luxton, will become Allen-Vanguard's Chairman of the Board after serving as Interim Chief Executive Officer until the appointment of his successor.
"After a challenging but ultimately successful effort over the last several years to achieve financial stability and position Allen-Vanguard for renewal and continued growth, the board and I agreed that this is the right time to recruit for a new CEO. This will allow me, as an active new Chairman of the Board, to enhance my focus on supporting key company initiatives in the areas of strategy, key relationships and major opportunities," said Luxton. "With the implementation of our new management organization structure now complete, including the recent recruitment of our new Chief Financial Officer Kent Rosenthal, the company is ready for this transition. I remain committed to Allen-Vanguard and to seeing it realize its full potential, and look forward to the opportunity to contribute to its future in my new role as Chairman of the Board."
"This search, and David Luxton's elevation to the Chairman's role is the latest step in numerous transition initiatives developed in connection with our acquisition of Allen-Vanguard that closed in December 2009," said Gregory L. Segall, Chairman of the Executive Committee/Lead Director of Allen-Vanguard and Managing Partner of Allen-Vanguard parent Versa Capital Management, Inc. "We have worked closely with David in developing and implementing all of these initiatives, and are very pleased to retain David's services for the company in the critical areas for which he will continue to provide support."
The CEO search is being conducted by Clarke Havener of Korn/Ferry International (202-955-0909) for Allen-Vanguard.
Allen-Vanguard Corporation supports the mission of military and civilian security forces around the world with leading proprietary solutions for protection and counter-measures against hazardous devices of all kinds, whether chemical, biological, radiological or explosive (CBRNE), including improvised explosive devices (IEDs) and remotely controlled IEDs ("RCIED"s). Allen-Vanguard equipment is in service in more than 120 countries. Products include Electronic Counter-Measures (ECM) equipment for jamming remote detonation of terrorist devices, specialty security equipment for Explosive Ordnance Disposal (EOD), remote intervention robots for hazardous applications, and personal protective wear for use in dealing with explosive and bio-chemical agents. Allen-Vanguard is the developer and/or sole, worldwide licensee of proprietary technologies such as the Med-Eng bomb suit, the Defender(TM) and Vanguard(TM) Mk2 bomb disposal robots, and the Universal Containment System and CASCAD Foam system for blast mitigation and decontamination of bio-chemical warfare agents. Professional services encompass counter-IED intelligence, training and advisory services, including the Triton(TM) Report on terrorist incidents around the world. The Company operates globally through its wholly-owned subsidiaries under the names "Allen-Vanguard", "Med-Eng" and "Hazard Management Solutions."
Head office operations are located in Ottawa, Ontario, Canada, with manufacturing operations in Pembroke, Ontario; Ogdensburg, New York; and Tewkesbury, U.K. The Company has professional services operations in Shrivenham, UK, Canada and in the U.S. in Arlington, Virginia, plus sales offices in Canada, the U.S., the U.K. and Asia. The Company employs more than 500 people, of which approximately 300 are in Canada. Additional information is available online at www.allenvanguard.com.
About Versa Capital Management
Versa Capital Management, Inc. is a private equity investment firm with over $900 million of committed capital focused on control investments in special situations involving middle market companies in a wide variety of industries throughout North America. More information can be found at www.versa.com.
SOURCE ALLEN-VANGUARD CORPORATION
For further information: For further information: on Allen-Vanguard: Toll Free: (800) 644-9078, Tel: (613) 739-9646; For further information on Versa Capital Management: Jessica Attanasio, Tel: (610) 228-2112, Email: Jessica@GregoryFCA.com; To contact Korn/Ferry International: Clarke Havener, Tel: (202) 955-0909