Identive Announces Appointment of David Wear as EVP Finance
GlobeNewswire 2012-05-03
SANTA ANA, Calif. and ISMANING, Germany, May 3, 2012 (GLOBE NEWSWIRE)
-- Identive Group, Inc. (Nasdaq:INVE) (Frankfurt:INV), a provider of
products and services for the identification, security and RFID
industries, announced that David Wear, 44, has joined the Company today
as Executive Vice President, Finance, and will be based at the
Company's offices in Ismaning, Germany.
Wear will assume the role of Executive Vice President, Chief Financial
Officer and Company Secretary on July 1, 2012, replacing Melvin
Denton-Thompson, who will remain with the Company as Executive Vice
President for Special Projects through March 31, 2013 to, among other
things, facilitate the transition of the CFO role.
Wear has nearly 25 years' experience in finance and financial
management on a global basis, with significant experience in the
security industry. For more than 15 years he served in regional and
divisional management roles within the security businesses of United
Technologies Corporation (UTC), where his responsibilities included
regional oversight of internal controls and Sarbanes-Oxley compliance.
As a regional CFO, he managed financial operations and reporting for
the UTC Fire and Security, Chubb and Williams subsidiaries in Europe
and Asia and oversaw the transition from UK GAAP to US GAAP. Most
recently Wear was responsible for finance transformation and
restructuring programs for the $1.0 billion UK operations of UTC Fire
and Security. He qualified as a Chartered Management Accountant in
1991.
"David's record as a successful business leader and his deep expertise
in the global security industry are ideal prerequisites to take on this
important role on our management team to support our financial strategy
and growth initiatives," said Ayman S. Ashour, Chairman and Chief
Executive Officer of Identive. "We welcome David to our team and
believe his strong operational experience as a CFO and his proven
ability to balance cost reductions and growth will benefit Identive and
our stockholders and enhance our communications with the capital
markets."
Ashour added, "I am very grateful to Melvin for helping to guide
Bluehill ID since our early start-up days in 2008, and Identive since
its combination with Bluehill in 2010. Melvin has been an important
contributor in transforming Identive to a high-growth global technology
company, and has agreed to help as needed with the transition period
for David Wear."
About Identive
Identive Group, Inc. (Nasdaq:INVE) (Frankfurt:INV) is focused on
building the world's signature company in Secure ID. The company's
products, software, systems and services address the markets for
identity management, physical and logical access control, cashless
payment, NFC solutions and a host of RFID-enabled applications for
customers in the government, enterprise, consumer, education and
healthcare sectors. Identive's mission is to build a lasting business
of scale and technology based on a combination of strong
technology-driven organic growth and disciplined acquisitive expansion.
The company delivers up-to-date information on its activity and the
industry trends through its industry-leading social media initiatives
and educational resource, Ask Identive.com. For additional information,
please visit www.identive-group.com or follow on Twitter at
@IdentiveGroup.
The Identive Group, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=8072
CONTACT: Darby Dye
+1 949 553-4251
ddye@identive-group.com
Lennart Streibel
+49 89 9595-5195
lstreibel@identive-group.com
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