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Idiggoldon Oct 12, 2004 9:41pm
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From the creo board......
From the creo board......"SUBJECT: Here's the NR Posted By: bpat
Post Time: 10/12/04 16:47
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Shareholder group to try to oust Creo's CEO
Tue Oct 12, 2004 03:08 PM ET
OTTAWA, Oct 12 (Reuters) - A shareholder group plans to wrest control of Creo Inc.'s (CRE.TO: Quote, Profile, Research) board of directors and replace the chief executive at the printing-technology and software firm, a regulatory filing on Tuesday said.
The group seeks to replace CEO Amos Michelson with Robert Burton Sr., former chief executive of business forms maker Moore Corp. and World Color Press Inc.
The shareholder group is prepared to wage a proxy contest to remove the board and then dismiss the CEO, but hopes to persuade them to resign voluntarily, the filing with U.S. regulators added.
The shareholder group, which currently holds about 5.96 percent of Creo's common shares, disagrees with the company's operating strategy, according to the filing.
Vancouver, British Columbia-based Creo said last week it would cut more than 200 jobs, or 5 percent of its staff, including 60 jobs previously announced. The layoffs will reduce costs by about $24 million.
Creo said it had not generated the earnings that it had forecast for this year and was "committed to do what is necessary to deliver on the bottom line."