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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) AUGUST 9, 1999
SENSORMATIC ELECTRONICS CORPORATION
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(Exact name of Registrant as specified in its charter)
DELAWARE 1-10739
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(State or other jurisdiction of incorporation) (Commission File Number)
951 YAMATO ROAD, BOCA RATON, FLORIDA 33431-0700
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(Address of principal executive offices) (Zip Code)
(561) 989-7000
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(Registrant's telephone number, including area code)
NOT APPLICABLE
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(Former name or former address, if changed since last report)
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Item 5. OTHER EVENTS.
On August 9, 1999, Sensormatic Electronics Corporation (the "Company")
announced the resignation and retirement of Bob Vanourek as president and chief
executive officer, and the appointment of Per-Olof Loof to those positions
effective August 23, 1999. A copy of the Company's press release in connection
with such announcement is attached hereto as Exhibit 99.1 and is incorporated by
reference herein.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL STATEMENTS AND EXHIBITS.
(c) The following Exhibit is filed with this report:
Exhibit 99.1 - Press Release dated August 9, 1999
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SENSORMATIC ELECTRONICS CORPORATION
(Registrant)
Date: August 11, 1999 By: /s/ Garrett E. Pierce
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Garrett E. Pierce
Senior Vice President, Chief
Administrative Officer and
Chief Financial Officer
(Principal Financial Officer)
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EXHIBIT INDEX
Exhibit 99.1 - Press Release dated August 9, 1999
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Exhibit 99.1
Investor Contact: Alison Tanner, CFA
Director of Investor
Relations
(561) 989-7556
Media Contact: Debbie Coller
Director of Corporate
For Immediate Release Communications
(561) 989-7035
SENSORMATIC ANNOUNCES NEW PRESIDENT AND CEO
Former Executive of NCR Corporation's Largest Division to Lead the Company
Through Next Phase of its Turnaround and Return to Accelerated Growth
Boca Raton, FL, August 9, 1999 - Sensormatic Electronics Corporation (NYSE:
SRM) today announced the resignation and retirement of Bob Vanourek as
president and chief executive officer, and the appointment of Per-Olof Loof,
48, previously a senior vice president in charge of NCR's largest division, its
$2.9 billion Financial Services Group, to those positions effective August 23,
1999.
Vanourek joined Sensormatic in October 1995 as president and chief
operating officer and was appointed chief executive officer in August 1996.
Vanourek has been credited with leading the Company through several challenging
years of restructuring while setting the stage for quality growth in the
future.
"Under Bob's leadership, significant improvements have been made in
expense controls, strengthening of the balance sheet, product quality, and in
building the infrastructure through new management information systems," said
Ronald Assaf, Sensormatic's chairman. "A record number of new products have
been launched and critical new customer commitments have been won. His
contributions have been substantial. Certainly the excellent financial
performance of the Company in the past quarter reflects those contributions."
"I think Sensormatic has a great future and I will miss the dedicated
and talented employees who have worked so hard with me over the past four years
to get the Company back on track," said Vanourek. "I am proud of their efforts
and the building blocks we have put in place."
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Previously, Loof led NCR's Financial Solutions Group which is based in
London. This business unit contributes a significant majority of NCR's profits
as the largest manufacturer of ATMs in the world.
Before joining NCR, Loof was president and CEO of AT&T ISTEL Corp., a
leading Europe-based systems integrator. Prior to his AT&T career, Loof spent
12 years with Digital Equipment Corp., holding a variety of management
positions, including vice president of Sales and Marketing for Europe, and vice
president, Financial Services Enterprises. In this capacity, he directed the
growth of that business and its many European operations, integrating acquired
as well as ongoing Digital businesses. During his tenure, this business group
tripled to $1.3 billion.
"Per-Olof Loof is a seasoned international executive, and he has
consistently demonstrated the ability to substantially improve both the top and
bottom lines," said Assaf. "Under his leadership, NCR's Financial Solutions
Group achieved significant growth in revenues and profits, and it solidified
its position as the undisputed leader in Self Service Solutions, especially
ATMs, increasing NCR's ATM output from 30,000 units in 1996 to 47,000 units in
1998. His extensive experience in European sales, service and marketing will be
particularly beneficial to Sensormatic, as we focus on strengthening our
operations and presence in that region," Assaf added.
Loof, who will also be joining Sensormatic's Board of Directors,
stated, "I am deeply honored to have the opportunity to lead this outstanding
organization and to build upon the platform for growth that has been
established over the past four years. This is a company with outstanding
products, cutting-edge technology and very talented and dedicated people. I
look forward to using my experience in rapidly growing technology businesses to
lead Sensormatic to accelerated growth and profitability."
Prior to joining Digital, Loof was a senior consultant and manager
with Arthur Andersen & Co. in both the United States and Europe. A native of
Sweden, Loof has a degree in economics and business administration from the
Stockholm School of Economics. He and his family will relocate to Boca Raton
during the fall.
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This news release discusses certain forward-looking matters that
involve risks and uncertainties that could cause actual results to vary
materially from estimates. Risks and uncertainties include, but are not limited
to, the Company's ability to successfully market its products and services to
current and new customers and to develop and provide innovative and
cost-effective products and solutions, as well as risks from changes in
international operations, exchange rate risks, market conditions for the
Company's products, competition, and changes in the economic climate, any of
which could cause actual results to vary materially from the future results
indicated, expressed or implied, in such forward-looking statements. Readers
are cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date of this press release. The Company undertakes
no obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
Sensormatic Electronics Corporation is the leading supplier of
electronic security systems to the retail, commercial and industrial
marketplaces. Sensormatic is also the leader in integrated source tagging - a
process where consumer goods manufacturers insert anti-theft tags at the point
of manufacturing or packaging. For additional information on Sensormatic, visit
our website at www.sensormatic.com.
