MORRISVILLE, N.C., Aug. 16 /PRNewswire-FirstCall/ -- Alliance One International, Inc. announced today that all proposed matters on the ballot for its 2007 annual shareholders meeting were approved by the shareholders. Prior to the meeting, Mr. Albert Monk withdrew his name from the ballot, and has resigned from the Company's Board. The Company wants to thank Mr. Monk for his decades of dedication and service to the Company, both while an executive officer, and most recently as a director.
The Company also announced that the Board of Directors has approved an amendment to its Bylaws decreasing the size of the Board of Directors from 13 to 11 directors.
Additionally, the Board authorized the repurchase of up to $200 million of its senior notes in open market transactions from time to time, subject to compliance with the Company's credit facilities and indentures.
The Company also announced, as anticipated, that Brian Harker, Chairman of the Board, resigned from the Board of Directors effective August 16, 2007. Mr. Harker's leadership, perseverance and service culminated in the successful merger of DIMON and Standard Commercial and the integration that followed. The Company extends its best wishes to both Brian and his wife Angie as they begin their next life chapter.
Effective as of Mr. Harker's resignation, the Company's Board of Directors also unanimously elected the Company's Chief Executive Officer, Robert E. "Pete" Harrison, its Chairman. Following the meetings Pete commented, "the strong foundation following the merger and integration, strategically places Alliance One as a valued provider of goods and services to the world's cigarette manufacturers with significant scale, good people and a well balanced global foot print. We continued to evaluate our business and value proposition, while striving to develop additional opportunities that will ultimately translate to further improved customer and shareholder value. We feel confident about our direction and resolve."
