Frank Gerace, president and CEO of Multi-Color Corporation (Nasdaq: LABL), has announced that he will retire on June 15. He had indicated to the company’s directors last year that he did not intend to seek renewal of his contract. He will be succeeded by Nigel Vinecombe.
Gerace, 57, has served as president and as a director since May 1999, and was elected chief executive officer in August 1999. Prior to that, he had served as the company’s vice president of operations from April 1998 to May 1999.
“I have had the extraordinary privilege to lead this company for 12 years,” says Gerace. “Multi-Color’s success over these years is due to the wonderful associates who have trusted and supported me. I am forever grateful to them and wish them well in the future. I am looking forward to spending time with family and pursuing other personal interests."
"The company would like to express its sincere appreciation to Frank for his strong leadership at a critical time in the Company's history,” says Larry Kellar, Multi-Color’s chairman. “Under Frank's leadership, the company has grown from a domestic company with sales in 1999 of $50 million to an international company with sales of approximately $275 million."
Gerace is also chairman of the Tag & Label Manufacturers Institute, a two year elected position in the industry’s North American association. His term concludes in October.
Nigel Vinecombe, Multi-Color's current chief operating officer, will succeed Gerace. Vinecombe, 46, became COO in May 2009 and was president of the International Business Unit. He became a director of Multi-Color in February 2008, the time the company acquired Collotype International Holdings Pty Ltd., based in Australia. From 2000 to February 29, 2008, he served as group managing director of Collotype.
"We are confident that Nigel has the background, knowledge and industry experience to effectively lead the company into the future," states Kellar.