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 user 2010-03-15 at 11:47:06 am Views: 47
  • #23744–828985.html

    Former CEO leaving Lexmark’s board: Mann leaves with ‘mixed

    This year’s annual meeting of Lexmark
    International will be the last for the man who helmed the company at its
    inception.Former CEO Marvin Mann, who retired from the position in
    1998, has decided to retire from his seat on the company’s board of
    directors. It will be the first time since the printer maker’s inception
    as a spinoff of IBM that Mann, previously an IBM executive, hasn’t been
    involved in some form.”You do something like this with mixed emotions,”
    Mann, 76, said last week. “I will miss being involved and miss seeing
    the team and being in touch with the people.”I was involved with the
    company from the first day, and that was almost 20 years ago, so it’s
    time for me to move on.”Mann said he considered stepping down last year
    but was persuaded to stay longer.Lexmark CEO and Chairman Paul Curlander
    said Mann will be missed.”No one has contributed more to the building
    of Lexmark than Marvin Mann,” he said.

    Mann said that while he
    will no longer be actively involved, “I will view from afar with a great
    deal of interest.”"They’re a great group of people,” he said of his
    Lexmark colleagues. “They’ve done a terrific job in a very tough,
    competitive environment over a very long period of time.”Mann said he’s
    retiring from the boards of the various businesses on which he serves
    but will continue to serve on several university boards.

    He said
    he plans to spend more time with his children and grandchildren, as well
    as travelling more.”There’s no problem filling the time,” he said. “The
    problem is finding enough time to do the things you want to do.”Asked
    about his favorite memories of Lexmark over the years, he responded, “It
    would take a book to write that.”"There are so many challenges we faced
    and managed our way through and so many great people who had great
    ideas and were willing to work hard to change and do things in different
    ways,” he said.Another director, James F. Hardymon, 75, is also
    retiring. Hardymon, who led Textron Inc. and served in numerous roles at
    Emerson Electric, had been a Lexmark director since 1998.

    said Hardymon has served as presiding director “for three of the last
    four years during a very challenging time for Lexmark.”"On a personal
    level, I have greatly appreciated his experienced counsel,” Curlander

    With Hardymon’s retirement, only Curlander, Kathi Seifert
    and Jean-Paul Montupet will be up for re-election.The company’s annual
    meeting, always a low-key affair, will be at 8 a.m. April 22 at the
    Embassy Suites on Newtown Pike. Proof of ownership of the company’s
    stock is required for admission.

    The meeting will mark the first
    use of the say-on-pay advisory vote that the company agreed to adopt
    last year. Stockholders had approved the proposal brought by sponsor
    Amalgamated Bank in 2008 and 2009 before the company’s board agreed to
    implement it after last year’s vote. The vote is non-binding and merely
    reflects the stockholders’ view of whether they approve of the company’s
    executive compensation policies.

    The company’s proxy statement,
    issued in advance of the annual meeting, showed that the company’s top
    leaders saw significant pay increases in 2009, except for
    Curlander.Curlander’s total pay fell below the other three top officers
    because he requested, in an effort to control costs, that he not be
    given a long-term incentive award in 2009.