EDCI Holdings (EDCI) Announces Resignation of Robert Chapman, Jr. as CEO
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EDCI Holdings, Inc. (Nasdaq: EDCI), the holding company for Entertainment Distribution Company, announced the resignation of Robert Chapman as CEO. Bob also resigned from EDCI's Board of Directors, had replaced Interim CEO Clarke H. Bailey, who himself now replaces Mr. Chapman as EDCI Chief Executive Officer and EDC Interim Chief Executive Officer, effective July 2, 2009.
Mr. Chapman commented, "When I accepted the invitation six months ago from EDCI and EDC's Boards of Directors to lead these companies through the difficult industry and global recessionary environment that characterized the first half of 2009, I conceived and preached the mantra of 'Don't Burn It & Don't Blow It' as it related to preserving EDCI's sacred cash holdings. Furthermore, the seemingly constant headwinds of operating in the disc manufacturing and distribution business, with Universal Music Group as EDC's supermajority customer, required immediate countermeasures to bolster EDC's liquidity and longevity. Having ablated and amputated certain incontinent expenditures, and set EDCI on a prudent, judicious course of balanced scrutiny of acquisition vs. recapitalization, in addition to orchestrating EDC's Blackburn-Hannover consolidation plan, I avidly look forward to shifting all my attention to Chapman Capital and related investment portfolios during what may be the most dynamic passive investment environment of a lifetime."
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