RANCHO DOMINGUEZ, Calif., Dec. 10, 2003 (PRIMEZONE) -- UTi Worldwide Inc. (Nasdaq:UTIW) today announced that Peter Thorrington, president and chief operating officer, will retire from his executive positions with the company in 2004 to focus on charitable work. Thorrington, 58, will remain fully active with the company until a successor is announced, at which time a transition period and exact retirement date will be determined. On retirement, Thorrington will continue as a director of the company.
Thorrington, along with Chairman of the Board Matthys J. "Tiger" Wessels, Chief Executive Officer Roger I. MacFarlane and President-Asia Pacific Region Alan C. Draper, co-founded UTi Worldwide in 1995. The four have worked together in the international supply chain management field since the 1970s. In 1995, with the formation of UTi, Thorrington took the reins as chief executive of the company's European division, and was promoted to president and chief operating officer of the company in May 2000. He has served on the board of directors since 1995.
"We wish Peter success and fulfillment in his coming endeavors," Wessels said. "While he will be greatly missed by all of us in the UTi Worldwide family, the superb operating organization Peter has helped to build at UTi will continue as a lasting legacy to his leadership talents."
MacFarlane added: "After a working relationship that has spanned four decades, it will certainly be difficult to say goodbye to a great colleague, collaborator and friend. I'm pleased that we will not lose the benefit of Peter's valuable insight and guidance as he continues on the UTi board of directors and that we will have this important transition period in which to assure a smooth transfer to new leadership."
"My decision to retire comes with greatly mixed emotions," Thorrington said. "To leave my friends and colleagues of so many years will not be easy. My business journey has been exciting and personally fulfilling. Looking ahead, my retirement will now make it possible for me to follow my interests and passions, especially in the field of Christian service.
"I will miss the day-to-day dialogue with my partners and the special relationships I have formed within the UTi family, our customers and carriers. I am fortunate to have worked with partners of the highest integrity and business acumen, and I know UTi has the foundation, vision and momentum to continue to thrive and prosper. I look forward to contributing through the board to our company's ongoing success."
As a result of Thorrington's planned retirement, the company also announced that PTR Holdings Inc. and Union-Transport Holdings Inc., both shareholders of UTi in which Thorrington and a trust established for Thorrington's descendants have interests, and Thorrington individually intend to sell from time to time an aggregate of approximately 800,000 ordinary shares over the next approximately 12 months. The selling shareholders have indicated that such sales will only be made in compliance with U.S. securities laws. This announcement does not constitute an offer to sell or the solicitation of an offer to buy such shares, nor shall there be any sale of such shares in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About UTi Worldwide
UTi Worldwide Inc. is an international, non-asset based supply chain management company providing air and ocean freight forwarding, contract logistics, customs brokerage and other logistics-related services. The company serves a large and diverse base of global and local companies, including customers operating in industries with unique supply chain requirements such as the pharmaceutical, apparel, chemical, automotive and technology industries. The company seeks to use its global network, proprietary information technology systems, relationships with transportation providers and expertise in outsourced logistics services to optimize the operation of its customers' global supply chains.
Safe Harbor Statement
Certain statements in this news release may be deemed to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The company intends that all such statements be subject to the "safe-harbor" provisions contained in those sections. Such statements may include, but are not limited to, the successful transition to new executive leadership, the future contributions of Mr. Thorrington to the company, the company's continued success, and any other statements, which are not historical facts. Many important factors may cause the company's actual performance to differ materially from that indicated in any such forward-looking statements, including increased competition; the risks associated with new executive leadership; integration risks associated with acquisitions; the effects of changes in foreign exchange rates; changes in the company's effective tax rates; industry consolidation making it more difficult to compete against larger companies; general economic, political and market conditions, including inventory build-up, economic slowdowns and consumer confidence; work stoppages or slowdowns or other material interruptions in transportation services; risks of international operations; the success and effects of new strategies; disruptions caused by conflicts, wars and terrorism; and the other risks and uncertainties described in the company's filings with the Securities and Exchange Commission. Although UTi believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in forward-looking statements will be realized. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by UTi or any other person that UTi's objectives or plans will be achieved. The historical results achieved by the company are not necessarily indicative of its future prospects. UTi undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.