PRINCETON, N.J., Aug. 1, 2011 /PRNewswire/ -- AMREP Corporation
(NYSE: AXR) today announced two senior executive appointments.
Theodore J. Gaasche will become
President and Chief Executive Officer of the Company effective
today. Mr. Gaasche has served as AMREP's Vice President of
Corporate Development since February
2011. He also has been serving as Executive Vice
President, Operations of Spartan Organization, Inc., a private
company that advises various print, publishing and other portfolio
companies owned by Nicholas G.
Karabots, a director and the majority shareholder of the
Company. Mr. Gaasche held his prior position with AMREP on a
less than full-time basis while he also was employed by the Spartan
Organization. For over twenty years until 2008, Mr. Gaasche
held positions of increasing responsibility at various divisions of
SunGard Data Systems Inc., most recently as the Chief Executive
Officer of SunGard Availability Services, a division of SunGard
that provides disaster recovery, managed information technology and
related services. He received a BSBA in Accounting from
Shippensburg University, a Masters
Degree from Villanova University, and
also holds a Certified Public Accounting License. The Company
anticipates that Mr. Gaasche will continue to provide some services
to the Spartan Organization as a member of its Board of Directors
but this will not interfere with his full time responsibilities to
the Company.
"We are extremely pleased that Ted has agreed to serve as
AMREP's President and Chief Executive Officer," said Edward B. Cloues II, Chairman of the Board of
Directors of the Company. Mr. Cloues continued: "Ted played a
key role in SunGard's aggressive and successful acquisition
program, and in addition to his extensive experience in complex
transactions in a public company environment, he has a strong,
customer-oriented focus in operations." Mr. Gaasche added: "I
am looking forward to working with our talented employees to
address the strategic opportunities presented in our Media Services
businesses, and to developing new opportunities to provide clients
with cost effective, industry leading solutions. I also plan
to focus on enhancing our real estate strategy in Rio Rancho, New Mexico."
The Company also announced today that the leadership of the
Company's Media Services businesses will be unified under
Michael P. Duloc, who will become
the President and Chief Executive Officer of these businesses,
effective immediately. Mr. Duloc, who joined the Company in
1993 and has held various senior executive positions in Media
Services since then, is currently the President and Chief Executive
Officer of the Company's Kable Media Services and Kable Newsstand
Distribution Services businesses. Previously he served as
President and Chief Operating Officer of Kable Fulfillment
Services.
The Company's Media Services businesses consist of subscription
fulfillment services performed by Palm Coast Data LLC and newsstand
distribution, product fulfillment and specialty packaging services
provided by Kable Media and its subsidiaries. Mr. Cloues
commented: "Mike's top priority will be to ensure that Company
initiatives and resources are aligned to provide high levels of
client satisfaction. Mike is a proven and well regarded
industry veteran with deep experience in all of our Media Services
businesses, and we expect that he and Ted
Gaasche will work together to grow these businesses."
Mr. Duloc added, "This unified approach to AMREP's Media
Services businesses will allow us to better meet the rapidly
evolving needs of our distribution and fulfillment clients and
prospects."
The Company also reported that John F.
Meneough has stepped down from his position as President and
Chief Executive Officer of Palm Coast Data LLC, a position he has
held since 2002, but is expected to remain with the Company in an
advisory capacity until the end of its fiscal year next
April 30. "John has been a very
important part of our organization and was instrumental in the
consolidation initiatives to increase customer value and our
competitive position," said Mr. Cloues. "We thank John for
his many accomplishments on behalf of Palm Coast Data and are
grateful that he will be available to assist us in the future."
Mr. Meneough commented: "I am proud of what we achieved
as part of the AMREP family of companies and want to thank the Palm
Coast Data employees and clients for their support through the
years." He added, "I will be working with Ted, Mike and the
Media Services team to ensure a smooth and seamless transition of
leadership in our important Palm Coast Data operations."
AMREP Corporation's AMREP Southwest Inc. subsidiary is a major
landholder and leading developer of real estate in New Mexico, and its Media Services operations,
conducted by its Kable Media Services, Inc. and Palm Coast Data LLC
subsidiaries, distribute magazines to wholesalers and provide
subscription and product fulfillment and related services to
publishers and others.
This press release contains statements that are forward-looking
within the meaning of the federal securities laws. These
statements are subject to numerous risks and uncertainties that
could cause results to differ materially from those anticipated.
Factors that could cause actual results to differ from those
anticipated include, but are not limited to, the failure of the new
management team to perform as anticipated and the failure to
consummate the Company's strategic objectives. Further
information about these and other relevant risks and uncertainties
may be found in the Company's Form 10-K and its other filings with
the Securities and Exchange Commission, all of which are available
from the Commission, as well as from other
sources. Recipients of this press release are cautioned
to consider these risks and uncertainties and to not place undue
reliance on the forward-looking statements contained therein.
AMREP Corporation disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
SOURCE AMREP Corporation