LaserCard Corporation, a provider of highly secure multi-biometric ID cards, has announced that its CEO, Richard Haddock, will retire on March 31, 2008.
The company also said that effective immediately, director Bernard Bailey will assume the position of chairman of the board of directors. Current chairman Don Mattson will step into the newly created role of vice-chairman and the company would begin a formal search for a replacement CEO.
The company said that in this capacity, Mr Bailey will play a more active role in certain operational activities of the company in order to effect a smooth transition as Mr Haddock approaches his retirement.
Mr Haddock has been with LaserCard for over 26 years, serving the corporation in numerous executive positions, culminating in his role as the CEO for the past three years.
Mr Haddock said: I am pleased to have been part of the team that has built the company to what it is today, and now feel secure in stepping down that the company is in good hands to move it to the next level of success.
Mr Bailey said: We are pleased that Richard has played a pivotal role in making LaserCard a much stronger company since taking over as CEO three years ago.