TORRANCE, CA - Virco Mfg. Corporation (Nasdaq:VIRC) announced today that its Board of Directors has unanimously determined to reconstitute itself into a smaller and nimbler structure. As a result, the Board will be reduced in size to 5 members, which is expected to save in excess of $250,000 per year.
These savings are in line with the percentage savings achieved by the Company in other areas over the past several years.
To implement this reconfiguration, six current directors have tendered their resignations. They were replaced by two new independent directors, Robert Lind and Donald Rudkin, who join existing new independent director, Michael DiGregorio.
Chairman of the Board and CEO Robert Virtue said: "We have worked diligently through the recent recession to make changes in our organization to maintain our position as the most trusted supplier of furniture and equipment for education, both in America and internationally. I want to personally thank our departing directors for their many years of service."
Mr. Virtue continued, "As we anticipate a growing recovery in the education market, the agility of our new, leaner Board will help us capitalize on growth opportunities. These directors bring new experience and broad strengths to our current team and I look forward to working with them to the benefit of our customers and stockholders."
Source: Virco Mfg. Corporation
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