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THE XXXXXX GROUP INC.
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(NYSE, TSE, ME: LWN) NEWS
Contact: Sitrick and Company
Xxxxxxx Xxxxxxxxxxxx
(000) 000-0000
FOR IMMEDIATE RELEASE
THE XXXXXX GROUP ELECTS XXXX XXXXXXX AS ITS NEW CEO
Xxxxxx Xxxxxxxx Announces Intention to Step Down
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VANCOUVER, BC, December 1, 1999, THE XXXXXX GROUP INC. (NYSE, TSE, ME: LWN), The
Xxxxxx Group Inc. announced today that Xxxxxx Xxxxxxxx has expressed his
intention to step down as the Company's President and Chief Executive Officer
effective December 2, 1999. Xxxx Xxxxxxx, a member of the Company's Board and
its Audit and Compensation Committees, has been selected by the Board of
Directors to replace Xx. Xxxxxxxx as President and Chief Executive Officer.
Xxxx X. Xxxxx, Chairman of The Xxxxxx Group Inc. said "a year ago, Xxx Xxxxxxxx
was asked by the Board of Directors to step into the job of President and CEO at
a time of crisis for the Company. He provided badly-needed strength and
stability during an extraordinarily difficult period in the Company's history.
The Board appreciates all that he has done for the Company and respects Bob's
decision to step down at this time. We will miss him."
Xx. Xxxxx added "the Company is very fortunate that Xxxx Xxxxxxx has agreed to
accept the position of President and CEO. At Xxxxx'x, and throughout his career,
he has demonstrated the ability to provide strong leadership in challenging
situations and to successfully lead consumer-focussed companies.
"The Company's funeral home and cemetery operations will greatly benefit from
Paul's extensive experience in bringing about operational improvement in
highly-decentralized consumer businesses. He also brings to the Company
particular expertise in creating value through the development of information
systems necessary for effective corporate decision making. The Board of
Directors and management look forward to working with Xxxx in successfully
completing The Xxxxxx Group's restructuring."
Xx. Xxxxxxx, prior to assuming his new position with The Xxxxxx Group, served as
President and Chief Executive Officer of Xxxxx'x Restaurants Inc., one of the
largest food service operators in
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Canada. He previously served as President of Black Photo Corporation and as
Senior Vice President and Chief Information Officer of Xxxxx'x Hospitality Inc.
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Based in Vancouver, The Xxxxxx Group Inc. owns or operates more than 1,100
funeral homes and more than 400 cemeteries across the United States, Canada, and
the United Kingdom. The Company employs approximately 13,000 people and derives
approximately 90 percent of its revenue from its US operations.
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