Mr Laufer has also been retained to provide consulting services to the company for 12 months following his retirement. In connection with his retirement, incentive plan awards made to him under the company’s long-term incentive plan will result in a pre-tax charge to earnings in the fourth quarter of 2007 estimated to be approximately $1.9 million.
The company also announced that Gary Blackie, currently a director and president of the company, will assume the additional responsibilities of CEO.
