Checkpoint Systems CEO Receives Inducement Grant of Non-Qualified Options
December 31 2007 - 6:17PM
Business Wire
Checkpoint Systems, Inc. (NYSE: CKP), a leading manufacturer and
marketer of identification, tracking, security and merchandising
solutions for the retail industry and its supply chain, announced
today that the Compensation Committee of the Board of Directors on
December 27, 2007 made an inducement grant of non-qualified stock
options exercisable for 270,000 shares of the Company�s common
stock to Robert van der Merwe, the Company�s newly appointed
President and Chief Executive Officer. The inducement grant is in
addition to options to purchase 230,000 shares of the Company�s
common stock, as well as 20,000 restricted stock units, granted
under the Company�s 2004 Omnibus Incentive Compensation Plan. All
of the stock options have an exercise price of $22.71 per share,
the last sales price of the Company�s common stock on the date of
grant, December 27, 2007, when Mr. van der Merwe was appointed as
the Company�s new President and Chief Executive Officer. Mr. van
der Merwe has been a member of the Company�s Board of Directors
since October 25, 2007 and will continue to serve on the Company�s
Board of Directors in his new position as the Company�s President
and Chief Executive Officer. Since April 2005, Mr. van der Merwe
served as President and Chief Executive Officer of Paxar
Corporation, a global leader in providing innovative merchandising
systems to retailers and apparel customers. He became Chairman of
the Board of Paxar in January 2007 and served in these capacities
until Paxar�s sale to Avery Dennison in June 2007. Prior to joining
Paxar, Mr. van der Merwe held numerous executive positions with
Kimberly-Clark Corporation from 1980 to 1987 and from 1994 to 2005,
including the positions of Group President of Kimberly-Clark�s
global consumer tissue business and Group President of Europe,
Middle East and Africa. Earlier in his career, Mr. van der Merwe
held managerial positions in South Africa at Xerox Corporation and
Colgate Palmolive. The terms and conditions of the equity awards,
as well as Mr. van der Merwe�s employment agreement and related
compensation arrangements established in connection with his
appointment as President and Chief Executive Officer, are described
in the Company�s Current Report on Form�8-K filed today with the
Securities and Exchange Commission. Checkpoint Systems, Inc.
Checkpoint Systems, Inc. is the leading supplier of retail shrink
management solutions. Checkpoint's global team helps retailers -
and their suppliers - reduce theft, increase inventory visibility
and provide consumers with greater merchandise availability through
the company's rapidly evolving RF technology, expanding shrink
management offerings and Check-Net labeling solutions. Checkpoint
has more than one million RF devices installed in stores today and
has secured more than 100 billion products. Scaling cost
efficiently, Checkpoint's solutions provide increased revenues and
profits to a fast-growing community of successful retailers and a
superior experience for their consumers. Listed on the NYSE
(NYSE:CKP), Checkpoint operates in every major geographic market
and employs 3,700 people worldwide. For more information, visit
www.checkpointsystems.com. Caution Regarding Forward-Looking
Statements This press release includes information that constitutes
forward-looking statements. Forward-looking statements often
address our expected future business and financial performance, and
often contain words such as "expect," "forecast," "anticipate,"
"intend," "plan," believe," "seek," or "will." By their nature,
forward-looking statements address matters that are subject to
risks and uncertainties. Any such forward-looking statements may
involve risk and uncertainties that could cause actual results to
differ materially from any future results encompassed within the
forward-looking statements. Factors that could cause or contribute
to such differences include: changes in our senior management and
other matters relating to implementation of our succession plan;
our ability to integrate recent acquisitions and to achieve related
financial and operational goals; changes in international business
conditions; foreign currency exchange rate and interest rate
fluctuations; lower than anticipated demand by retailers and other
customers for our products; slower commitments of retail customers
to chain-wide installations and/or source tagging adoption or
expansion; possible increases in per unit product manufacturing
costs due to less than full utilization of manufacturing capacity
as a result of slowing economic conditions or other factors; our
ability to provide and market innovative and cost-effective
products; the development of new competitive technologies; our
ability to maintain our intellectual property; competitive pricing
pressures causing profit erosion; the availability and pricing of
component parts and raw materials; possible increases in the
payment time for receivables as a result of economic conditions or
other market factors; changes in regulations or standards
applicable to our products; the ability to implement cost reduction
in field service, sales, and general and administrative expense,
and our manufacturing and supply chain operations without
significantly impacting revenue and profits; our ability to
maintain effective internal control over financial reporting; and
additional matters disclosed in our Securities and Exchange
Commission filings. We do not undertake to update our
forward-looking statements, except as required by applicable
securities laws.
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