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Date Announced: 05 Aug 2010
Appointment follows recent company restructuring
BEDFORD, Mass., Aug. 5 /PRNewswire-FirstCall/ -- GSI Group Inc. (Pink Sheets:LASR.pk - News) (the "Company" or "GSI") today announced that at the initial meeting of its newly reconstituted Board of Directors (the "Board"), the Board has elected Stephen W. Bershad as Chairman. Mr. Bershad brings a wealth of industry experience and years of corporate governance expertise to his GSI role.
Also at the July 30, 2010 Board meeting, the Board designated the Audit Committee, Compensation Committee, and Nominating and Governance Committee as the Board's standing committees.
The Audit Committee, chaired by Ira Lamel, will also include Byron Pond and Eugene Davis. The Compensation Committee, chaired by Stephen Bershad, will also include Peter Heiland and Dennis Fortino. The Nominating and Governance Committee, chaired by Eugene Davis, will also include Byron Pond, Ira Lamel and Dennis Fortino.
"I am delighted and honored to serve as GSI Group's Chairman, and I look forward to working with this esteemed group to develop and enhance GSI's opportunities in each of its principal markets and improve the GSI companies' market position. On behalf of the Board of Directors, we are anxious to further the Company's exciting growth prospects for the benefit of our customers, suppliers, employees and shareholders," said Stephen W. Bershad, GSI's Chairman of the Board.
"Our outstanding operating management team has been able to manage and grow the business through a challenging period. Now we intend to supplement that team with permanent senior management to provide the leadership and strategic vision to take us to the next level," added Bershad.
Toward that goal, on July 30, 2010, the Board formed an ad hoc Search Committee to plan and oversee a smooth transition to permanent senior leadership. This committee, chaired by Stephen Bershad, will also include Dennis Fortino and Michael Katzenstein, who currently serves as Principal Executive Officer of the Company following his work as Chief Restructuring Officer.
Source: GSI Group
E-mail: InvestorRelations@gsig.com
Web Site: www.gsig.com
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