SPOKANE, Wash., May 7, 2014 /PRNewswire/ -- Ambassadors Group,
Inc. (NASDAQ:EPAX), a leading provider of educational travel
experiences and online education research materials, held its
annual stockholders meeting today. The slate of seven directors,
recommended by the board of directors, was elected to serve for the
upcoming year. Two new directors joined the board: Jefferson Gramm, a principal at Bandera
Partners, LLC, and Philip B.
Livingston, former Chief Executive Officer, LexisNexis Web
Based Marketing Solutions. Bandera Partners owns approximately 18%
of the Company's outstanding shares.
Following the stockholders meeting, the board of directors met
and elected Lisa O'Dell Rapuano to
serve as its Chairman. Rapuano is the founder and Chief Executive
Officer of Lane Five Capital Management LP, a long-biased,
concentrated, valuation-driven investment partnership. She was
first elected to the board in 2012 and has served on the
compensation and nominating committees. Rapuano graduated from
Yale University and holds a Chartered
Financial Analyst professional designation. Rapuano's status as
representative of one the Company's largest stockholders gives her
important perspective as board Chair.
"Our board is committed to creating value for our stockholders
and maximizing the opportunities for improvement in the business.
We continue to believe we offer a great product in the market and
will accelerate our transition to a more efficient cost structure
and marketing approach," said Ms. Rapuano.
The board also appointed Philip
Livingston to serve as the Company's new Interim Chief
Executive Officer. Livingston was previously the Chief
Executive Officer of LexisNexis Web Based Marketing Solutions from
1999 to 2013. He has previously served on numerous boards of
directors and his management experience includes President and CEO
of Financial Executives International, CFO of Catalina Marketing
Corporation, and CFO of Celestial Seasoning Inc. He graduated from
the University of Maryland, College
Park and holds an MBA from the University of California, Berkeley. Livingston
replaces Anthony F. Dombrowik, who
will be pursuing opportunities outside of the Company.
"The board would like to thank Mr. Dombrowik for his years of
service to the company and wishes him well in his future business
endeavors," said Rapuano,
"The People to People brand is strong in the marketplace and our
associates are clearly dedicated to the mission of education and
exchange toward creating global citizens. We will be focused on
customer-centrism, cost efficiency, and web-based services
integration, all toward constantly improving our business," said
Livingston.
About Ambassadors Group
Ambassadors Group Inc.
(NASDAQ: EPAX) is an education company located in Spokane, Washington. Ambassadors Group, Inc.
is the parent company of People to People Ambassador Programs,
Inc., World Adventures Unlimited, Inc., and BookRags, Inc., an
educational research website. The Company also oversees the
Washington School of World Studies, an accredited travel study and
distance learning school. Additional information about Ambassadors
Group, Inc. and its subsidiaries is available at
www.ambassadorsgroup.com. In this press release, "Company", "we",
"us", and "our" refer to Ambassadors Group, Inc. and its
subsidiaries.
SOURCE Ambassadors Group, Inc.