RANCHO DOMINGUEZ, Calif., May 19, 2004 (PRIMEZONE) -- UTi Worldwide Inc. (Nasdaq:UTIW) today announced changes to its board of directors aimed at strengthening the company's corporate governance and leading to a majority of the board's members qualifying as independent directors.
Effective immediately, J. Simon Stubbings has been elected non-executive chairman of the board, succeeding Matthys J. "Tiger" Wessels, who now becomes vice chairman. Stubbings, 59, who has served on the board since 1998, no longer performs consultancy services for UTi and has been designated an independent director by the board under NASDAQ's guidelines.
In addition, the company announced that Peter Thorrington, 58, UTi's president and chief operating officer, who has previously announced plans to retire during 2004, will step down as a director at the time of the 2004 annual meeting in June. Thorrington's resignation from the board will open a vacancy for an independent director, for which the company has initiated the search process. On his retirement from UTi later this year, Thorrington has agreed to become a special advisor to the company.
The company's actions are designed to give UTi a board composed of a majority of independent directors once the new vacancy is filled, while preserving the deep industry knowledge and experience of three of the company's founders on the board. Once fully constituted, the board will be led by an independent chairman and composed of a majority of independent directors plus three directors who are also active members of UTi's management team.
"UTi, as a global company, has looked to pattern its board of directors in line with the leading principles for corporate governance globally," Wessels said. "Our desire for an independent chairman derives from the precepts of the Cadbury Code, which has become a model for corporate governance around the world since its development by Britain's Sir Adrian Cadbury in 1992. We also looked to the latest guidance and regulatory reform in the United States and determined that now was the right time to implement changes that we have been reviewing for some time. All of us on the board are pleased we could turn to Simon Stubbings' experience and talent to lead us as chairman."
Stubbings also serves as a non-executive director of Hitachi Credit (UK) PLC, listed on the London Stock Exchange. Previously, he was the managing partner of Theodore Goddard, a law firm in London, England. Stubbings added: "I am pleased to be following in the leadership tradition that Tiger Wessels has set for this remarkable company. The changes being announced today enhance the independence of the board and at the same time preserve the invaluable knowledge and experience the company's founders bring to the board."
About UTi Worldwide
UTi Worldwide Inc. is an international, non-asset based global integrated logistics company providing air and ocean freight forwarding, contract logistics, customs brokerage and other supply chain management services. The company serves a large and diverse base of global and local companies, including customers operating in industries with unique supply chain requirements such as the pharmaceutical, apparel, chemical, automotive and technology industries. The company seeks to use its global network, proprietary information technology systems, relationships with transportation providers and expertise in outsourced logistics services to deliver competitive advantage to each of its customers' global supply chains.
Safe Harbor Statement
Certain statements in this news release may be deemed to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The company intends that all such statements be subject to the "safe-harbor" provisions contained in those sections. Such statements may include, but are not limited to, the company's discussion of its plans to elect an independent director and the value of changes being implemented within the Board of Directors. Many important factors may cause the company's actual results to differ materially from those discussed in any such forward-looking statements, including general economic, political and market conditions, including those in Africa, Asia and Europe; risks of international operations; the success and effects of new strategies; and the other risks and uncertainties described in the company's filings with the Securities and Exchange Commission. Although UTi believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in forward-looking statements will be realized. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by UTi or any other person that UTi's objectives or plans will be achieved. The historical results achieved by the company are not necessarily indicative of its future prospects. UTi undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.