Global Imaging Shareholders Elect New Director, Reelect Two Incumbents31 Aug, 2004
Global Imaging Shareholders Elect New Director, Reelect Two Incumbents
Shareholders of Global Imaging Systems, Inc. elected Raymond Schilling, senior vice president and chief financial officer, to a three-year term on the Board of Directors. Incumbents reelected to three-year terms were Thomas S. Johnson, chairman and CEO of Global Imaging Systems, and R. Eric McCarthey, senior vice president of The Coca-Cola Company.
Tom Johnson said, "Ray Schilling was a co-founder of Global and has been our key financial officer since day one. No one works harder, is more dedicated or more deserving of a board position. He not only oversees our accounting and financial reporting, but also supervises all of our financing efforts, including our relations with banks, investment banks and debt-rating agencies. We know that Ray will be a big asset to the board, just as he has been a major contributor to the company's overall success." Mr. Schilling replaces Carl Thoma, who chose not to stand for reelection.
"Carl was our first chairman of the board and the real founder of Global," Mr. Johnson said. "His venture capital fund provided the money to launch Global, and they fully supported Global through the early lean years. With his investor partners now out of our stock, Carl thought it was time to step aside. We will be forever grateful to Carl, not only for the funding he brought to Global, but also for his wisdom, his knowledge of the financial community and his understanding of how businesses prosper. He was always willing to share freely his expertise in the joint pursuit of our goals. We will miss his many contributions."
Shareholders also approved the company's 2004 Omnibus Long-Term Incentive Plan. In addition, they approved an amendment to Global's certificate of incorporation, increasing authorized shares of common stock from 50 million to 80 million and authorized share of preferred stock from 10 million to 20 million. "We have no immediate plans to issue more common shares except for the incentive plan and our ongoing acquisition program. We have no preferred shares outstanding or any current plans to issue preferred shares."