AGT chiefs walk as KAGT shares buy is finalised

News by

17 September 2003

Several Applied Graphics Technologies (AGT) directors have resigned following the completion of a tender offer by KAGT Acquisition for all of the pre-press groups outstanding shares.

KAGT has accepted the resignations of president and chief executive Joseph Vecchiolla, Fred Drasner, John Dreyer, Philip Guarascio, Martin Krall, Marne Obernauer Jr, John Walter and Mortimer Zuckerman.

At the same time Samuel Frieder, James Kohlberg, Gordon Woodward and Christopher Lacovara have been elected to the board.

Nat Buonfiglio replaces chief financial officer and treasurer Kenneth Torosian.

We hope to continue to build the business of AGT, which we feel has been somewhat constrained by its previous financial position, said KAGT principal Christopher Lacovara.

KAGT decided to buy AGT, which owns Seven in the UK, in June.

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