German based supplier of Components, ZEGO Aktiengesellschaft (formerly known as ACG Advanced Component Group AG), announced that its Chief Financial Officer, Mr.

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Stephen Griffiths, will leave the company at the end of the month.
May 11, 2006 15:23 (evertiq)
Mr. Griffiths started working for AZEGO in 2002, since 1.11.2002 he has been Board Member (CFO). In the last three years he successfully pursued and implemented strict cost-saving measures. These included a significant reduction of the operating and head-office function expenses, the divestiture of unprofitable subsidiaries in Germany and abroad, and a major rationalization of the group with the dismantling of the former holding-structure.
To finalize some of these restructuring measures and to prepare the 2005 financial statements, Mr. Griffiths had accepted the Supervisory Board's request for a temporary extension of his contract which originally ended on December 31st, 2005.
The Supervisory Board and the Board of Directors thank Mr. Griffiths for his successful work during the last years.

In a further measure to rationalize expense- and management structures, the company's Supervisory Board intends to reduce the number of Board Members. A direct replacement for the Board position of Mr. Griffiths will therefore not be made. Until the necessary change in the company's statutes can be adopted at the company's Annual General Meeting in late July, the Supervisory Board will appoint a temporary member of the Board.