Kelly Services Implements Succession Plan
27 Febbraio 2006 - 7:30PM
PR Newswire (US)
Camden becomes CEO, Istock named non-executive chairman TROY,
Mich., Feb. 27 /PRNewswire-FirstCall/ -- Kelly Services, Inc.
(NASDAQ:KELYANASDAQ:KELYB) announced today that its Board of
Directors implemented a corporate succession plan following the
determination that Chairman and Chief Executive Officer Terence E.
Adderley is medically incapacitated. (Logo:
http://www.newscom.com/cgi-bin/prnh/19991208/KELLYLOGO ) Mr.
Adderley has been hospitalized since experiencing a cardiac
incident February 8. Acting with full knowledge of Mr. Adderley's
written instructions, criteria and wishes, two physicians
independently reached the same conclusion last week regarding his
capacity. Under terms of the succession plan: * Carl T. Camden
becomes chief executive officer and remains on the Board of
Directors. Camden has been serving as acting chief executive
officer since February 9. * Verne G. Istock, who has served as
presiding director since February 9, becomes non-executive chairman
of the board. * Subject to confirmation by the Probate Court of
Oakland County (Mich.), voting power to Mr. Adderley's Class B
shares is vested in Camden, Istock and B. Joseph White, also a
member of the board. Mr. Adderley's B shares held in various trusts
aggregate to at least 3,141,940 shares, or 91 percent of the
outstanding voting shares. JPMorgan Chase is the corporate trustee;
Camden, Istock and White are individual trustees. "At a difficult
time like this, continuity and effective management are more
important than ever," said Istock. "That is why the board and
management team worked together over the past several years to
develop contingency plans that will allow Kelly Services to
continue to execute its strategic plan in a seamless manner. "Terry
had the foresight to plan for both the continued leadership of this
company and for the handling of his ownership shares in a difficult
situation such as this." Camden said, "Through his passionate
service to this company, Terry has been instrumental in shaping the
strong, global organization that is Kelly Services today. As we
continue to pray for Terry and his family during his
hospitalization, we remain inspired by his leadership and look
forward to building on a solid foundation." Before being named
acting chief executive officer, Camden had served as president and
chief operating officer and as a member of the Board of the
Directors since November 2001. He joined Kelly in April 1995 as
senior vice president, Corporate Marketing and was promoted to
executive vice president, Marketing & Strategy in 1997. Camden
was named executive vice president in charge of Field Operations,
Sales & Marketing in 1998, and in April 2001 was promoted to
executive vice president and chief operating officer. Istock is the
former chairman, president and chief executive officer of First
Chicago NBD Corporation and former chairman and president of Bank
One Corporation, from which he retired in 2000. He also formerly
served as a director of the Federal Reserve Bank of Chicago. He has
been a member of the Kelly Services Board of Directors since 1991
and currently serves as chair of the board's audit committee.
White, president of the University of Illinois since January 2005,
spent nearly three decades affiliated with the University of
Michigan at Ann Arbor, including service as interim president, dean
of the business school, faculty member and president of the U-M
William Davidson Institute, a center of expertise on economic and
business development in emerging market economies. He has been a
member of the Kelly Services Board of Directors since 1995 and
currently serves as chair of the board's compensation committee.
This release contains statements that are forward looking in nature
and accordingly, are subject to risks and uncertainties. These
factors include: competition, changing market and economic
conditions, currency fluctuations, changes in laws and regulations,
including tax laws, the company's ability to effectively manage its
information technology programs, and other factors discussed in
this release and in the company's filings with the Securities and
Exchange Commission. Actual results may differ materially from any
projections contained herein. About Kelly Services Kelly Services,
Inc. (NASDAQ:KELYANASDAQ:KELYB) is a Fortune 500 company
headquartered in Troy, Mich., offering staffing solutions that
include temporary staffing services, staff leasing, outsourcing,
vendor on-site and full-time placement. Kelly operates in 30
countries and territories. Kelly provides employment to more than
700,000 employees annually, with skills including office services,
accounting, engineering, information technology, law, science,
marketing, light industrial, education, health care and home care.
Revenue in 2005 was $5.3 billion. Visit
http://www.kellyservices.com/ . First Call Analyst: FCMN Contact:
renee_walker@kellyservices.com
http://www.newscom.com/cgi-bin/prnh/19991208/KELLYLOGO DATASOURCE:
Kelly Services, Inc. CONTACT: ANALYST CONTACT: William K. Gerber,
+1-248-244-5271, , or MEDIA CONTACT: Renee Walker, +1-248-244-4305,
, both of Kelly Services, Inc. Web site:
http://www.kellyservices.com/
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