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EXACT PICKS CFO

Exact, the Dutch company that owns the Macola and Synergy lines, has named Max Timmer as CFO of Exact Holding as of January 1. For those of you who understand Dutch governance, he will be nominated to the board of managing directors at the first general shareholder meeting in January.
Before April 9, the managing board was comprised only by chief executive Raj Patel and Jim Kent, vice president. The company has had a bit of management churn. The three members of the prior supervisory board declined to continue in office in new terms, citing an impasse with larger shareholders, and were replaced at the April 9 general meeting. At that time, the company also didn't renew the contract of Kent, a former reseller who served on the management board for four years. Exact's Web site shows Patel as the only current member of the managing board. The only American in top management, Mitch Alcon, president of the Americas, is one of four division presidents serving on the executive committee. The top financial person, Cees Vermonden, has the title finance director. One of the most interesting statements came in the annual report which termed 2008 a "challenging year". Gotta wonder what it will say about 2009.
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