Cascal (HOO) CEO Stephane Richer Steps Down as Director of the Company
Cascal N.V. (NYSE: HOO) (the Company) today announced that Stephane Richer is stepping down as a director of the Company but will continue in his role as CEO until July 31, 2010. Thereafter, through March 31, 2011, Mr. Richer will serve, as needed, as an advisor to the Company.
Mr. Richer, departing Cascal to return to France and pursue personal interests, stated, "My departure from Cascal after eight years is a personal decision. As the Company pursues its defense against the bid launched by Sembcorp, I will continue to work with our Board, our management and our advisors to serve the interests of our shareholders. Moreover, I stand ready to provide advice and support to the Company as it seeks to execute on its strategic and operating plans."
"The Board would like to express its gratitude and appreciation to Stephane for his leadership and commitment to the success of Cascal. The Company and its advisors will be working with him as Cascal defends the interests of our shareholders against the inadequate and coercive bid by Sembcorp. We also look forward to Stephane's leadership and support during this transition period and wish him all the best in his future endeavors," stated Michael Wager, spokesperson for Cascal.
The Board expects to name a successor prior to Mr. Richer's July 31st departure.
Mr. Richer, departing Cascal to return to France and pursue personal interests, stated, "My departure from Cascal after eight years is a personal decision. As the Company pursues its defense against the bid launched by Sembcorp, I will continue to work with our Board, our management and our advisors to serve the interests of our shareholders. Moreover, I stand ready to provide advice and support to the Company as it seeks to execute on its strategic and operating plans."
"The Board would like to express its gratitude and appreciation to Stephane for his leadership and commitment to the success of Cascal. The Company and its advisors will be working with him as Cascal defends the interests of our shareholders against the inadequate and coercive bid by Sembcorp. We also look forward to Stephane's leadership and support during this transition period and wish him all the best in his future endeavors," stated Michael Wager, spokesperson for Cascal.
The Board expects to name a successor prior to Mr. Richer's July 31st departure.
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