Rideout retiring from Clarke; Armoyan named chairman
TORONTO (Oct. 1, 2002) — Clarke Inc. chairman and chief executive Roy Rideout will retire Oct. 31 and will be replaced as chairman by George Armoyan, an investor and member of the board.
A new CEO will be named in November when second-quarter results are released, the company said.
Armoyan, called a “siginificant shareholder” of Clarke, is president of an investment group and is also chairman of Armco Capital, a real estate development company.
“Clarke will focus on improving returns from operations and taking a strong role in the continuing consolidation of this industry,” he said. “With the integration of its U.S. logistics acquisitions and the turnaround of its Concord operations, Clarke is positioned to deliver improved returns to shareholders as the business climate strengthens.”
In its most recent fiscal year (ended March 31, 2002), Clarke reported revenue of $381 million and net income of $6.7 million. Basic and
diluted earnings, after amortization of goodwill, were $1 per share.
Clarke is one of Canada’s largest trucking and logistics companies.
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