Attached files
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8-K - FORM 8-K - Horizon Lines, Inc. | g26266e8vk.htm |
EX-99.1 - EX-99.1 - Horizon Lines, Inc. | g26266exv99w1.htm |
Exhibit 99.2
PRESS
RELEASE For
information contact:
information contact:
Investment
Community
|
Trade Media | Financial News Media | ||
Jim Storey
|
Barbara Yeninas | Meaghan Repko | ||
Director, Investor Relations
|
BSY Associates | Joele Frank, Wilkinson Brimmer Katcher | ||
704-973-7107
|
732-817-0400 | 212-355-4449 |
HORIZON
LINES ANNOUNCES MANAGEMENT CHANGES
CHARLOTTE,
NC (February 24, 2011) Horizon Lines, Inc. (NYSE: HRZ) today announced that the
companys Board of Directors has named Alex J. Mandl to the position of Chairman and appointed
Stephen H. Fraser as interim President and Chief Executive Officer (CEO), succeeding Chairman,
President and Chief Executive Officer Charles G. Chuck Raymond, who is retiring.
Additionally, Brian W. Taylor has been named Executive Vice President and Chief Operating Officer
(COO), succeeding John V. Keenan, who has been granted a leave of absence. Mr. Taylor assumes the
COO responsibilities in addition to his current role as Chief Commercial Officer. At the same
time, the Board has promoted Michael T. Avara from Senior Vice President and Chief Financial
Officer to Executive Vice President and Chief Financial Officer. All changes are effective March
11, 2011.
In naming Mr. Mandl and Mr. Fraser to the positions of Chairman and Chief Executive Officer,
respectively, the Board has split the responsibilities of chairman and chief executive officer into
two positions. Both Mr. Mandl and Mr. Fraser are members of the companys Board. Mr. Fraser will
serve as President and Chief Executive Officer until the Board identifies a new CEO to serve on a
permanent basis. The Board is initiating a search process and is engaging a leading executive
search firm to assist in identifying candidates to serve as CEO.
Chuck Raymond and John Keenan are highly regarded veterans of the industry and have made
tremendous contributions to our company over their decades of service, said William J. Flynn, Lead
Independent Director of the Horizon Lines Board of Directors. Both have been instrumental in the
growth of the company and steered it through recent challenges presented by the global economic
recession and the Department of Justice investigation.
Horizon Lines is fortunate to have talented, committed and highly qualified directors and
executives who are ready to step into these roles, and we are confident that we have the right team
in place to lead the company forward, Mr. Flynn continued. Horizon Lines is moving ahead on its
current strategies and business goals, and we expect a seamless transition for our customers and
for all of our stakeholders.
About Alex J. Mandl
Mr. Mandl has served as a Director of the company since June 2007. Mr. Mandl has been the Chairman
of the Board of Gemalto, a global leader in digital security, since December 2007. From June 2006
to November 2007, he was the Executive Chairman of Gemalto. Mr. Mandl also serves as the President
and CEO and a member of the Board of Gemplus, positions he
Horizon Lines News Release | Page 2 of 3 |
held since August 2002. He has served as a principal in ASM Investments, a company focusing on
technology investments, since April 2001. Previously, Mr. Mandl served as Chairman and CEO of
Teligent, and President and COO of AT&T. Prior to AT&T he served as Chairman and CEO of Sea-Land
Service, Inc., the domestic and international predecessor of Horizon Lines. At Sea-Land Service,
Mr. Mandl played an integral role in the successful turnaround efforts of the company, including
growing revenue by nearly 100 percent during his tenure. Mr. Mandl currently serves on the boards
of Gemalto and Dell Inc. Mr. Mandl holds an MBA from the University of California at Berkeley and a
BA in economics from Willamette University.
About Stephen H. Fraser
Mr. Fraser has served as a Director of the company since June 2010. From September 2008 to December
2009, he served as Executive Vice President, Corporate Strategy, at GENCO Supply Chain Solutions,
where he also served as CEO of GENCOs three reverse logistics business units. From May 2000 to
January 2008, Mr. Fraser was President and CEO of May Logistics Services and ADS Logistics, two
logistics companies with common ownership. From 1996 to 2000, Mr. Fraser served in a variety of
leadership positions at GATX Corporation. From 1988 to 1995, Mr. Fraser was focused on building a
series of companies involved in intermodal environmental logistics, which he joint ventured with,
and subsequently sold to, GATX Capital. Mr. Fraser began his career and worked 10 years at the
international container, crane and vessel leasing company Sea Containers, where he served in both
domestic and international positions. He serves on the boards of Nautilus Holding Corporation and
Focus Products Group. Mr. Fraser holds a BA in Economics and Political Science from Columbia
University.
About Brian W. Taylor
Mr. Taylor, previously Senior Vice President, Chief Commercial Officer, is responsible for the
companys sales and pricing teams and recently led the companys expansion into the commercial Asia
market, which launched in December 2010. A 27-year veteran of Horizon Lines and its predecessors,
Mr. Taylor has held management positions in sales and operations in the U.S. and Asia. He received
his Bachelor of Commerce and Master of Business Administration in Economics and Financial
Management from Concordia University.
About Michael T. Avara
Mr. Avara has served as Senior Vice President and Chief Financial Officer of Horizon Lines since
2008. He is responsible for the accounting, finance, treasury, risk management and investor
relations functions of the company. Prior to rejoining Horizon Lines in March 2004, Mr. Avara, a
certified public accountant, spent 20 years in various accounting and finance functions at CSX
Corporation and its subsidiaries, including Horizon Lines and Sea-Land Service, Inc. Mr. Avara
received both a MBA in Finance and a BA in Accounting from Loyola College in Baltimore, Maryland.
About
Horizon Lines
Horizon Lines, Inc., is the nations leading domestic ocean shipping and integrated logistics
company. The company owns or leases a fleet of 20 U.S.-flag containerships and operates five port
terminals linking the continental United States with Alaska, Hawaii, Guam, Micronesia, and Puerto
Rico. The company provides express trans-Pacific service between the U.S. West Coast and the ports
of Ningbo and Shanghai in China, manages a domestic and overseas service partner network and
provides integrated, reliable and cost competitive logistics solutions. Horizon Lines, Inc., is
based in Charlotte, NC, and trades on the New York Stock Exchange under the ticker symbol HRZ.
Horizon Lines News Release | Page 3 of 3 |
Forward
Looking Statements
The information contained in this press release should be read in conjunction with our filings made
with the Securities and Exchange Commission. This press release contains forward-looking
statements within the meaning of the federal securities laws. These forward-looking statements are
intended to qualify for the safe harbor from liability established by the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are those that do not relate solely to
historical fact. They include, but are not limited to, any statement that may predict, forecast,
indicate or imply future results, performance, achievements or events. Words such as, but not
limited to, will, seeking, scheduled, expects, anticipates and similar expressions or
phrases identify forward-looking statements.
See the section entitled Risk Factors in our Form 10-K filed with the SEC on February 4, 2010,
and in our Form 10-Q for the period ended June 20, 2010, for a discussion of risks and
uncertainties that may affect us. In light of these risks and uncertainties, expected results or
other anticipated events or circumstances discussed in this press release might not occur. We
undertake no obligation, and specifically decline any obligation, to publicly update or revise any
forward-looking statement, whether as a result of new information, future events or otherwise.
Those factors and the other risk factors described therein are not necessarily all of the important
factors that could cause actual results or developments to differ materially from those expressed
in any of our forward-looking statements. Other unknown or unpredictable factors also could harm
our results. Consequently, there can be no assurance that actual results or developments
anticipated by us will be realized or, even if substantially realized, that they will have the
expected consequences.
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