CIMdata PLM Industry Summary Online Archive
18 September 2007
Company News
Avatech Solutions Announces Multi-Year Contract with CEO
Avatech Solutions, Inc . announced it has entered into a multi-year contract with President and Chief Executive Officer George M. Davis.
Thom Waye, Chairman of Avatech, commented, "Since George was appointed President and CEO in May 2007, he has been instrumental in realigning Avatech's organization and operations in order to increase the company's productivity, efficiency, communication and performance. I am pleased that Avatech will continue to benefit from his strong leadership over the next three years.
"In addition, I would like to emphasize that under the new compensation program we have structured, bonus compensation is directly linked to our operating and strategic plans, with a majority emphasis on profitability. This new agreement, which awards all additional incentive in equity, demonstrates complete buy-in from our CEO and represents a compensation structure that becomes increasingly more rewarding as the company excels. This approach incentivizes management to perform at the highest levels and on a basis fully aligned with the interests of shareholders while providing for the least amount of cash flow out of the company.
"I applaud George's willingness and, more importantly, desire to be paid in such a way that he is clearly working for the benefit of Avatech's shareholders."
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