Insurance Auto Auctions Elects James Alampi
27 May 1998
Insurance Auto Auctions Elects James Alampi to Chairman Post; Forms Governance Committee Headed by Outside DirectorSCHAUMBURG, Ill., May 27 -- Insurance Auto Auctions, Inc. , today announced that its Board of Directors has elected James P. Alampi as Chairman of the board and has created a Governance Committee. Alampi, 51, IAAI's chief executive officer and president since March 1996, fills the chairman's position which became vacant with the resignation of Bradley Scott earlier this year. IAAI also stated that the directors created a Governance Committee and elected Maurice A. Cocca, an outside director, as chairman of the committee. This position will also function as lead outside director. The Board specified that the Governance Committee will be responsible for meetings of outside directors, CEO performance evaluation, searches for new directors and general board governance matters. Cocca was elected to the IAAI board in February 1997 and is also a director of J & W Scientific Holding. Alampi said, "With the Board's request that I assume the chairman's role, we felt it essential that we formalize our governance approach and regular outside director interaction. Maurice Cocca is an excellent choice to lead this effort and provide counsel and feedback on behalf of our outside directors." Insurance Auto Auctions, Inc. was founded in 1982 and is a leading provider of automotive and specialty total loss processing services in the United States, providing insurance companies with cost-effective, turnkey solutions to process and sell total-loss and recovered-theft vehicles, a $3 billion per year industry. The company currently has 48 auction sites across the United States.