Macfadden Implements a New Board of Directors
Wednesday, 28 March 2007
Macfadden and Associates, Inc. (Macfadden) announced today that it has implemented a new Board of Directors in conjunction with the transfer of the company's remaining equity to the Employee Stock Ownership Plan (ESOP) Trust. Russell Hall will serve as the Chairman of the Board. Ronald Torrence and David Binns have been named Directors of the Board.
The Board of Directors is responsible for providing leadership and guidance for the company while representing the interests of shareholders in all matters. Building on the momentum of a successful transition to a 100 percent employee-owned company, the Board will work diligently to protect the shareholders' assets and ensure that the company achieves a return on its investments. In addition, the Board will oversee how management serves the long-term interests of share owners and other stakeholders.
Mr. Hall has served as Chief Executive Officer since August 2004. As Chairman, he will ensure the Board's full discharge of duties, including fiduciary duty to provide oversight. "I am thrilled to have such high caliber leaders serving Macfadden as part of the Board of Directors", said Russell Hall, "I am confident that their years of experience and capabilities will take Macfadden to the next level, and that they will earnestly represent the interests of our stakeholders."
Mr. Torrence has served as Macfadden's Acting Chief Financial Officer since December 2005 and was instrumental in effecting the recent 100 percent stock purchase transaction. With more than 40 years of experience in the financial arena, Mr. Torrence is focused on facilitating growth within the company while maintaining strong financial performance.
David Binns, Associate Director at Beyster Institute, is a well-known author and ESOP expert with extensive experience providing consulting and advisory services to companies with ESOPs. From 1984 to 1991, Mr. Binns served as Executive Director of The ESOP Association, the national trade association representing the interests of companies with employee stock ownership plans (ESOPs) and professionals. Mr. Binns' extensive background in employee ownership coupled with his experience both domestically and internationally in enterprise development, uniquely qualifies him for a role on Macfadden's Board of Directors. He will serve as an expert resource to the Board in the areas of legal, financial and human resource implications of the structure and implementation of Macfadden's employee ownership plan.
"I am pleased to be serving Macfadden in this capacity and look forward to the opportunity to help shape the direction of the company," said Mr. Binns. "The culture of employee ownership at Macfadden has greatly contributed to the growth and success of Macfadden. I am honored to provide valuable insight and guidance to this dedicated team."