WINNIPEG, April 11 /CNW/ - Pollard Banknote Limited (TSX: PBL) ("Pollard
Banknote") announced today the appointment of Douglas Pollard as
Co-Chief Executive Officer of Pollard Banknote and the appointment of
Gordon Pollard as Executive Chairman of the Board of Directors
effective as of May 1, 2011.
Doug Pollard joined Pollard Banknote in 1997 as Vice President, Lottery
Management Services and has been a member of the Board of Directors
since 2002. As Vice President, Lottery Management Services, Doug was
responsible for the Company's corporate development activities and
oversaw Pollard Banknote's various strategic initiatives. Doug has an
M.B.A. from The Richard Ivey School of Business at the University of
Western Ontario and a B.A. from the University of Manitoba.
In early 2010, under the direction of Doug Pollard, Pollard Banknote
formally launched its change initiative program; a framework through
which Pollard Banknote will make certain operational, marketing and
financial changes to better enable the Company to meet its key
objectives, generate improved profitability and strengthen its balance
Commenting on the appointment, Gordon Pollard said, "Doug has been
instrumental in the development of Pollard Banknote's change initiative
program and he is well-suited to lead the company through this
multi-year undertaking. The transition of additional responsibilities
to Doug at this time will better enable him to implement those changes,
execute on strategic initiatives and explore new opportunities. We look
forward to Doug's expanded role in driving the necessary changes to
ensure our Company's future success. As for myself, I look forward to
focusing my energies on my board duties and spear-heading some of the
Company's strategic priorities and special projects."
Gordon Pollard, who has served as Co-Chief Executive Officer with John
Pollard since 1997, joined Pollard Banknote in 1989 as Vice President,
Marketing. In his more than 22 years at the Company, Gordon has been
directly involved in Pollard Banknote's growth and evolution from a
privately-held family business to a publicly-traded income fund and,
most recently, to a publicly-traded corporation. In his new role as
Executive Chairman of the Board of Directors, Gordon will remain
actively involved in the management of the Company and will focus his
time and attention on the various strategic initiatives currently
underway at Pollard Banknote.
Lawrence Pollard, Chairman of the Board of Directors, commented, "Each
of John, Gordon and Doug has spent the majority of their professional
careers at Pollard Banknote. They have learned every aspect of the
business and have each moved through a succession of increasingly
responsible executive positions. The transfer of responsibilities from
Gordon to Doug at this time represents an orderly and timely transition
within the Company's executive management team. Pollard Banknote will
benefit from Doug's detailed knowledge of the operations, his dedicated
leadership and his business acumen while continuing to benefit from
Gordon's operational experience, strategic focus and informed counsel.
I am pleased by their continued commitment to our Company and have
every confidence in their collective abilities to take on the
challenges that lay ahead."
Effective as of May 1, 2011 Lawrence Pollard will move into the newly
created position of Chairman, Emeritus in recognition of his 64 years
of service at Pollard Banknote. John Pollard will retain his
responsibilities as Co-Chief Executive Officer of the Company.
About Pollard Banknote Limited
Pollard Banknote is one of the world's leading full-service lottery
vendors and is a major supplier to North America's charitable gaming
industry. The company manufactures instant tickets and provides related
programming, design, and marketing support. As well, Pollard Banknote
manufactures pull tab tickets and bingo paper, and supplies lottery
management services (including warehousing and distribution).
Established in 1907, Pollard Banknote is owned approximately 73.5% by
the Pollard family and 26.5% by public shareholders and currently
serves more than 50 lotteries worldwide, including some of the largest
and most respected lotteries in the United States, Canada, Europe,
Asia, and Central and South America.
Certain statements in this press release may constitute
"forward-looking" statements and information which involve known and
unknown risks, uncertainties, and other factors which may cause actual
results, performance, or achievements to be materially different from
any future results, performance, or achievements expressed or implied
by such forward-looking statements. When used in this document, such
statements include such words as "may," "will," "expect," "believe,"
"plan," and other similar terminology. These statements reflect
management's current expectations regarding future events and operating
performance and speak only as of the date of this document. There
should not be an expectation that such information will in all
circumstances be updated, supplemented, or revised whether as a result
of new information, changing circumstances, future events, or
SOURCE Pollard Banknote Limited
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