Leatt Corporation Founder to Focus on R&D and Strategic Planning -- New Acting CEO Appointed
May 12 2010 - 11:30AM
Marketwired
Leatt Corporation (Company) (PINKSHEETS: LEAT), a Nevada, USA
corporation headquartered in Cape Town, South Africa and the
developer of the Leatt-Brace®, a Neck Brace System designed to help
prevent potentially devastating motor sport injuries to the
cervical spine (neck), today announced that, as the final part of
the current restructuring of its Global operations, Sean Macdonald,
Chartered Accountant (SA), the Company's Chief Financial Officer,
has been appointed as acting Chief Executive Officer, effective May
6, 2010. Dr. Christopher Leatt, the Company's Founder, Chairman and
former Chief Executive Officer, will now focus on strategic
planning and product research and development while remaining
Chairman of the Board of Directors.
According to Dr. Leatt: "The Board and I have decided that the
Company would be better served if I focused on my core strengths;
innovative product research and development as well as strategic
planning. Mr. Macdonald has proven himself to be an effective and
professional executive and I am confident that he will do an
excellent job as acting CEO, while also handling his chief
financial officer duties with the assistance of a controller. This
arrangement streamlines and, I believe, improves the executive
management of our company while reducing overhead. Mr. Macdonald
will act as the CEO under a 180 day probationary period and then,
upon satisfactory completion of that period and assuming a uniquely
qualified CEO candidate is not presented to the Board during that
period, Mr. Macdonald will be made CEO with a new vice president of
finance to handle day-to-day financial management duties. This
structure allows each part of the management to focus on their
respective strengths and grow the business on its core product
competence basis."
Mr. Macdonald said; "I am excited about the opportunity of being
involved in growing this company to new heights and I feel
confident that we have only just started to untap our current and
future product market possibilities. I have been developing, over
the last few years, to become a career CEO and I am excited to now
move into this role."
Mr. Macdonald's experience includes full financial and
operational control, along with the implementation of complete
reporting information system for key decision-making. He has held
key financial and managerial positions at CycleLab, Investec Asset
Management, Joel Herman Property Group, USABCO and KPMG. Sean is a
Graduate of the University of Cape Town with a double major in
finance and information systems and is a chartered accountant.
About The Leatt Corporation: The Leatt Corporation is the
exclusive global distributor of the Leatt-Brace®, a Neck Brace
designed to prevent or lessen the severity of potentially
devastating motor sport injuries to the cervical spine (neck). The
Company has its product development group located in Cape Town,
South Africa. Product information is at http://www.leatt-brace.com.
URLs referenced herein and their contents are not part of this
press release.
FORWARD LOOKING STATEMENTS: This press release may contain
forward-looking statements, as defined in the Private Securities
Litigation Reform Act of 1995, as amended. Such statements include
words like "expect," "should," "anticipate," "may," "hope,"
"believe," "seek," "project," and variants thereof. These
statements involve risks and uncertainties, and actual results may
differ significantly from those indicated by any forward-looking
statement.
CONTACT: IR: PW RICHTER 804.644.2182 email:
prosage@comcast.net
Leatt (QB) (USOTC:LEAT)
Historical Stock Chart
From May 2024 to Jun 2024
Leatt (QB) (USOTC:LEAT)
Historical Stock Chart
From Jun 2023 to Jun 2024