Sensormatic Electronics Corporation has announced the resignation and retirement of Bob Vanourek as President and Chief Executive Officer, and the appointment of Per-Olof Loof, 48, a Senior Vice President in charge of NCR's largest division, its $2.9 (R17,6) billion Financial Services Group, to those positions effective 23 August 1999.
Vanourek joined Sensormatic in October 1995 as President and Chief Operating Officer and was appointed CEO in August 1996. Vanourek has been credited with leading the company through several challenging years of restructuring while setting the stage for quality growth in the future.
"Under Bob's leadership, significant improvements have been made in expense controls, strengthening of the balance sheet, product quality, and in building the infrastructure through new management information systems," said Ronald Assaf, Sensormatic's Chairman. "A record number of new products have been launched and critical new customer commitments have been won. His contributions have been substantial. Certainly the excellent financial performance of the company in the past quarter reflects those contributions."
"I think Sensormatic has a great future and I will miss the dedicated and talented employees who have worked so hard with me over the past four years to get the company back on track," said Vanourek. "I am proud of their efforts and the building blocks we have put in place."
Previously, Loof led NCR's Financial Solutions Group which is based in London. This business unit contributes a significant majority of NCR's profits as the largest manufacturer of ATMs in the world.
Before joining NCR, Loof was President and CEO of AT&T ISTEL, a leading Europe-based systems integrator. Prior to his AT&T career, Loof spent 12 years with Digital Equipment holding a variety of management positions, including Vice President of Sales and Marketing for Europe, and Vice President, Financial Services Enterprises. In this capacity, he directed the growth of that business and its many European operations, integrating acquired as well as ongoing digital businesses. During his tenure, this business group tripled to $1,3 (R7,9) billion.
"Per-Olof Loof is a seasoned international executive, and he has consistently demonstrated the ability to substantially improve both the top and bottom lines," said Assaf. "Under his leadership, NCR's Financial Solutions Group achieved significant growth in revenues and profits, and it solidified its position as the undisputed leader in self service solutions, especially ATMs, increasing NCR's ATM output from 30 000 units in 1996 to 47 000 units in 1998. His extensive experience in European sales, service and marketing will be particularly beneficial to Sensormatic, as we focus on strengthening our operations and presence in that region," Assaf added.
Loof, who will also be joining Sensormatic's Board of Directors, stated, "I am deeply honoured to have the opportunity to lead this outstanding organisation and to build upon the platform for growth that has been established over the past four years. This is a company with outstanding products, cutting-edge technology and very talented and dedicated people. I look forward to using my experience in rapidly growing technology businesses to lead Sensormatic to accelerated growth and profitability."
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