SANTA ANA, Calif. and ISMANING, Germany, May 3, 2012
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.
Contacts:
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