Frank Gerace, president and CEO of Multi-Color Corporation, has provided the required notice that he does not intend to renew his employment agreement when it expires on March 31, 2011. Under the terms of the agreement, his contract would have renewed automatically unless he or the company provided a notice of non-renewal at least 24 months prior to its expiration.
"My decision to invoke the non-renewal terms of the employment agreement is the first step in moving forward with an effective succession plan as I prepare for my eventual retirement from Multi-Color," says Gerace. "I will be working closely with our board over the next two years to provide for a smooth transition, taking into consideration the long-term strategy and interests of the company."
Gerace was promoted to president, and appointed a director, in May 1999, and was elected chief executive officer in August 1999. Prior to that time, he served as the company's vice president of operations, from April 1998 to May 1999. Gerace is currently the chairman of the Tag & Label Manufacturers Institute.
Multi-Color Corp., based in Sharonville, OH, USA, is a public company traded on the Nasdaq exchange (LABL). Established in 1916, it produces labels for home and personal care, wine and spirits, food and beverage and automotive products. The company is the world’s largest producer of in-mold labels, and among the largest producers of pressure sensitive, heat transfer and wet-glue applied labels, as well as shrink sleeves. Multi-Color has 14 manufacturing locations worldwide; eight in the US, five in Australia and one in South Africa.