Lexmark CEO Curlander To Retire

Lexmark International's Chairman and CEO Paul Curlander plans to retire in the spring 2011 as part of a planned management succession process, according to the company.

Lexmark's board of directors has appointed Paul Rooke to succeed Curlander as president and CEO effective today. Rooke also was elected a director of the company. Curlander has led the company for the last 12 years and is assuming the role of executive chairman effective today until he retires in the spring following a transition period.

Curlander, 57, joined Lexmark at its spinoff from IBM in March 1991 and worked for IBM for 17 years before that.

"The Board would like to express its sincere gratitude and appreciation to Paul for the many contributions he has made as CEO," said Jean-Paul L. Montupet, presiding director of Lexmark, in a statement. "Under Paul's leadership Lexmark has established itself as a world leader in imaging products, solutions and services."

Rooke, 52, also has been with Lexmark since its formation and currently holds the title of executive vice president and president of the company's Imaging Solutions Division since July 2007. From 2002 to July 2007, Rooke served as executive vice president and president of the Printing Solutions and Services Division.

NEXT: Rooke Plans To Drive Differentiation

"Paul Rooke and I have worked closely together since the formation of Lexmark," said Curlander, in a statement. "He has been involved in all aspects of our operations and in the formulation of our key business strategies. I have great confidence in Paul and his ability to lead Lexmark forward."

In a statement, Rooke said he looks forward to driving differentiate itself in the market.

"I am honored to follow Paul as CEO," said Rooke. "His vision, leadership, and strong focus on building Lexmark's portfolio of technology, products, solutions, services and software have positioned Lexmark as a much stronger company with a broad set of capabilities."

"I am committed to creating value for our customers and our investors," he said in the statement. "I am excited about leading Lexmark forward at a time when the industry and our customers are moving even faster to products, software and services that provide solutions to key business problems and processes."

Meanwhile, Lexmark reported third-quarter earnings of $72 million (90 cents per diluted share) on sales of $1.02 billion, compared to earnings of $10 million (13 cents per share) on sales of $958 million for the same period last year.