The board reached this decision solely in light of the disappointing financial performance of the company over the last eight quarters. No concern of impropriety was reflected in the board’s decision.
The board has called upon the experience and proven leadership of Stavropoulos, who served as president and COO beginning in 1993, and as president and CEO from 1995 to 2000. He has served as a director since 1990 and became chairman of the board of directors in 2000.
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