Insurance Auto Auctions Announces Search For New CEO
21 July 2000
Insurance Auto Auctions Announces Search For New CEOSCHAUMBURG, Ill. - Insurance Auto Auctions, Inc., a leading provider of automotive salvage and claims processing services in the United States, today announced it has engaged Korn Ferry International to conduct a nationwide search for a new CEO to succeed Christopher Knowles, whose contract with the company ends in December, 2000. Thomas J. O'Malia, Chairman of the Board, said "Chris Knowles stepped in to lead IAA at a difficult time when our prior CEO left. At the time he assumed the position of CEO, Chris made his desires clear to the Board that he would serve until the time that the company had restored its base competencies to profitable levels and had established a clear direction for the future. We have reached that juncture. The growth in all areas of our business -- base business, initiatives and eBusiness -- are a testament to Chris and his management team." "The company has a clear strategy in place and, to continue our progress, we expect our next CEO to bring new skill sets that will enhance our ability to serve the changing nature of our business," O'Malia added. Once the new CEO joins the company, Knowles has agreed to serve in an advisory role, as needed, for the foreseeable future. Greif & Co. In addition, the company announced it has completed its work with Greif & Co. O'Malia commented, "Greif & Co. was very helpful in assisting the Board and management in examining alternatives to increase shareholder value, in stepping up the pace of the company's acquisition program and in developing financing strategies for future growth. With the company now moving ahead nicely, the services of Greif & Co. are no longer required on an ongoing basis. "The Board appreciates the quality of work which was done and feels better prepared to act on various approaches should the need arise in the future," O'Malia added. About Insurance Auto Auctions, Inc. Insurance Auto Auctions, Inc., founded in 1982, a leader in automotive total loss and specialty salvage services in the United States, provides insurance companies with cost-effective, turnkey solutions to process and sell total-loss and recovered-theft vehicles. The company currently has 54 auction sites across the United States.