Insurance Auto Auctions Announces Management Promotions
3 June 1999
Insurance Auto Auctions Announces Management Promotions
SCHAUMBURG, Ill., June 3 -- Insurance Auto Auctions, Inc.
, a leading provider of automotive salvage and claims processing
services in the United States, today announced that its Board of Directors has
approved several senior management promotions.
Christopher G. Knowles has been appointed chief executive officer from
interim chief executive officer. Stephen L. Green, vice president, finance,
has assumed the additional responsibility of chief financial officer. Green
has been with Insurance Auto Auctions since February 1997 and has been vice
president, finance since January 1999. Gaspare Ruggirello, vice president,
general counsel, has been named corporate secretary.
Additionally, Patrick Walsh, a division vice president, has been appointed
to the position of vice president, business development. Walsh will continue
to work to expand the services offered by the company, including the recently
announced appraisal service offering and the company's e-commerce products
which include on-line auction lists, images and bidding, customer vehicle
tracking and reporting, and other vehicle salvage management systems. During
his 11-year tenure at IAA, Walsh has held several senior management positions
relating to the company's operations, sales, planning and analysis, and
acquisition activities. Christopher G. Knowles, chief executive officer,
commented, "Pat's extensive knowledge of IAA's business and considerable
industry experience make him an excellent candidate to lead our business
development efforts." Linda Larrabee, former chief financial officer and head
of business development, has left the company to pursue other interests.
The company also announced that it will reorganize into two divisions from
three. Donald Comis, vice president, will assume responsibility for the
company's eastern division of the United States and Peter Doder, vice
president, will have responsibility for the western division of the United
States. Commenting on the realignment, Knowles stated, "The change from three
to two divisions underscores our continued commitment to taking advantage of
opportunities where we can improve the company's operating efficiencies while
maintaining the highest levels of customer service."
Thomas J. O'Malia, chairman of the Board, commented, "The Board's main
objective is to maximize shareholder value. Therefore, we have refined our
senior management team in order to deliver results to our shareholders and
support our future growth. The Board of Directors is extremely pleased with
management's performance through the latter part of 1998 and the record-
setting first quarter 1999 results which exceeded market expectations. We are
excited about our future prospects and believe strongly in the management team
which has been formed. We believe these promotions and organizational
changes have firmly positioned the company to execute its growth plans."
Founded in 1982, Insurance Auto Auctions, Inc. is the largest provider of
automotive and specialty salvage 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 51 auction sites across the United States.
This press release contains forward-looking information that is subject to
certain risks and uncertainties that could cause actual results to differ
materially from those projected, expressed or implied by such forward-looking
information. The company's actual results could differ materially from those
discussed or implied herein. Factors that could cause or contribute to such
differences include, but are not limited to, those discussed in the company's
annual report, Form 10-K for the fiscal year ended December 31, 1998, or
subsequent quarterly reports. Among these risks are legislative acts, weather
conditions, changes in the market value of salvage, outcome of litigation,
competition, quality and quantity of inventory available from suppliers and
dependence on key insurance company suppliers.
For additional information regarding Insurance Auto Auctions free of
charge via fax, dial 1-800-PRO-INFO and use the company's stock symbol,
"IAAI."
Additional information about Insurance Auto Auctions, Inc. is available on
the World Wide Web at http://www.iaai.com .