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Chairman's Corner November Board Report
Chairman's Corner November Board Report
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FOR IMMEDIATE RELEASE
Board Report from the Annual Meeting
Paul Irvine, chairman of PMMI’s board of directors and CEO of Plexpack.
Earlier this month we wrapped up our 2017 Annual Meeting in Richmond, Virginia. For those who weren’t able to make it, here are just a few pieces of business we announced after our Board Meeting.
I’m pleased to announce that the Board approved 55 new member companies, bringing PMMI’s ranks to a record high of 836.
We also selected new officers for 2017. Mark Anderson, president and CEO, ProMach Inc. will become our new chairman. Emmanuel Cerf, vice president of sales, Polypack, Inc., will serve as our vice chairman, and I will become immediate past chair. Chuck Yuska will remain our president and CEO until he retires in May, at which time Jim Pittas, currently chief operating officer, will take over the position.
As for the rest of our Board of Directors, we welcomed five new additions for Board terms that will start on Jan. 1, 2018 and will end on Dec. 31, 2021.
- Liz Churchill, vice president of sales and marketing at Matthews Marking Systems in Pittsburgh.
- Matt Jones, vice president of sales and marketing at Dorner Manufacturing Co. in Hartland, Wisconsin.
- Bruce Larson, director of business development at Barry-Wehmiller Companies, Inc. in St. Louis.
- Ross Long, vice president, Marketing and Aftermarket at Bosch Packaging Technology, Kliklok Woodman division in Decatur, Georgia.
- Martin Prakken, owner and CEO of BluePrint Automation, in South Chesterfield, Virginia.
Our final piece of business from the Board Meeting was our financials with projections for 2017 showing revenues over $43 million and operating expenses of $45 million.
It is important to note that PMMI operates on a two-year budget cycle, with PACK EXPO Las Vegas traditionally being a deficit year. That said, projections show our revenues are expected to come in better than budget and our operating expenses are projected to come in under budget. With strong investment portfolio returns, PMMI is projecting to do $2.3 million better than budget – maintaining PMMI’s strong financial position.