Mac-Gray Corporation Appoints New Board Member Addition of Experienced Operations Executive Strengthens Company's Board
WALTHAM, Mass., Feb. 1, 2012 /PRNewswire/ -- Mac-Gray Corporation (NYSE: TUC), the nation's premier provider of laundry facilities management services to multi-unit housing locations, today announced that Paul R. Daoust, 64, has been elected to the Company's Board of Directors. He will serve as a Class III director with a term expiring at the Company's 2012 annual meeting of stockholders. Daoust will serve on the Compensation Committee.
Daoust is currently non-executive chairman of the board of HighRoads, Inc., a privately held technology-enabled services company that automates the supplier management lifecycle for the human resources function of Fortune 500 companies. He has served in that role since December 2008. Previously, Daoust served as Interim CEO of Salary.com, Inc., formerly a NASDAQ company and provider of software as a service compensation solutions, from January 2010 to October 2010. He also served on Salary.com's Board of Directors from November 2006 to October 2010 when the company was acquired by Kenexa Corporation. Daoust also served as a director of Gevity HR, formerly a public company and a provider of human resources management solutions, from May 2006 to June 2009 when the company was acquired by TriNet.
"Paul's extensive experience in guiding companies through various stages of growth make him a valuable addition to our Board," said Chairman Thomas E. Bullock. "As demonstrated throughout his impressive career, he is a recognized leader in areas including human resources, operations and supply chain management. Appointing a director of Paul's prominence underscores our commitment to strong corporate governance and to the independence of Mac-Gray's Board. We are delighted to welcome him to our Board, and we look forward to his counsel."
Christopher T. Jenny, a Director of the Company since 2005, notified Mac-Gray's Board of Directors that, due to the demands of his other professional commitments, he does not intend to stand for reelection at the Company's 2012 annual meeting of stockholders. Accordingly, Jenny's term as a Class III Director will expire upon the 2012 annual meeting. Jenny has no disagreements with the Company on any matter relating to the Company's operations, policies or practices.
"We would like to thank Chris for his service and contributions during the past six years," Bullock said. "He has been an outstanding member of our Board, and we wish him continued success."
Following Daoust's appointment, Mac-Gray's Board of Directors now consists of nine independent directors. In anticipation of Jenny's departure, the Board of Directors expects to return to an eight-person Board effective upon the Company's 2012 annual meeting, with two Class III director seats to be filled at that meeting.
Prior to his non-executive chairman role at HighRoads, Inc., Daoust served as the chairman and chief executive officer of HighRoads from February 2005 until December 2008. Prior to that, Daoust was President of Daoust Consulting, LLC, a provider of management consulting services to early- and mid-stage companies. From October 2000 to July 2003, Daoust was chairman of the board and chief executive officer of GRX Technologies, Inc., a privately-held software company focused on supply chain management for the commercial insurance industry. Daoust also served as executive vice president and chief operating officer of Watson Wyatt Worldwide, one of the world's largest human resource consulting firms, from June 1993 to June 1998. He worked for Watson Wyatt for more than 28 years and served on its board of directors for nine years. He also currently serves on the advisory boards of Brodeur Partners, Employ Insight and LaborMetrix, Inc.
Daoust holds a B.A. in Mathematics from Boston College and a Masters of Actuarial Science with distinction from the University of Michigan and he is a Fellow of the Society of Actuaries.
About Mac-Gray Corporation
Founded in 1927, Mac-Gray derives its revenue principally through the contracting of debit-card- and coin-operated laundry facilities in multi-unit housing facilities such as apartment buildings, college and university residence halls, condominiums and public housing complexes. Mac-Gray manages approximately 86,000 laundry rooms located in 43 states and the District of Columbia. Mac-Gray also sells and services commercial laundry equipment to retail laundromats and other customers through its product sales division. To learn more about Mac-Gray, visit the Company's website at www.macgray.com.
Safe Harbor Statement
This news release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the Safe Harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of complying with these Safe Harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of the Company, may be identified by use of the words "believe," "expect," "intend," "anticipate," "project," or similar expressions. Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties and other factors that could cause actual results to differ materially from such forward-looking statements. Certain factors which could cause actual results to differ materially from the forward-looking statements include, but are not limited to, general economic conditions, changes in multi-housing vacancy rates, the Company's ability to renew long-term customer contracts, and those risks set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2010 under "Risk Factors" and in other reports subsequently filed with the Securities and Exchange Commission.
Michael J. Shea
Chief Financial Officer
Executive Vice President
SOURCE Mac-Gray Corporation