August 21, 2002
Garmin® Ltd. Announces Co-CEO Retirement and
CAYMAN ISLANDS/August 21, 2002 / PRNewswire — Garmin Ltd.
(Nasdaq: GRMN) today announced that Gary Burrell will retire as
co-CEO on August 24, 2002, his 65th birthday. Mr. Burrell will
remain as co-chairman and a director of the company as well as
chairman of its U.S. subsidiaries. In these capacities, Mr. Burrell
will continue to provide support for several ongoing business
development activities. Dr. Min Kao, who is currently co-chairman
and co-CEO of Garmin Ltd., will continue as co-chairman and a
director of the company and will become the sole CEO. Dr. Kao
will also continue to hold his present positions as president
of the company’s U.S. subsidiaries and of its Taiwan subsidiary.
Gary Burrell and Min Kao both have degrees in electrical engineering.
They together founded the Garmin group of companies in 1989 and
have jointly led the group since its founding.
Commenting on his retirement, Mr. Burrell said, "I feel
fortunate and privileged to have had the opportunity to help build
a company which has not only become a leader in general aviation
and consumer GPS products, but whose products have helped improve
the safety of navigation. As I reach retirement age, I hope to
devote more time to my family, to traveling with my wife and to
philanthropy. Min Kao has been my partner from the beginning.
He is both an exceptional manager and leader and an exceptional
engineer and he has been a driving force behind Garmin's
growth and success. I am confident that he will continue to lead
the company with the same skill and values that have been the
foundation for our success."
"Garmin's success is built on the principles of innovation,
convenience, performance, value, and service that Gary Burrell
has always cherished," Dr. Kao said. "I look forward
to helping to continue to serve and delight our customers with
The company also announced that, in advance of proposed Nasdaq
rule changes that would require that listed companies have a board
composed of a majority of independent directors, it has restructured
its board of directors to have a majority of independent directors.
Ruey-Jeng Kao has resigned as a director and the board voted to
reduce the number of directors from six to five. The board is
now composed of Gary Burrell, Min Kao and three independent directors,
Gene M. Betts, Donald H. Eller and Thomas A. McDonnell.
Through its operating subsidiaries,
Garmin Ltd. designs, manufactures, and markets navigation, communications
and information devices, most of which are enabled by GPS technology.
Garmin is a leader in the general aviation and consumer markets
and its products serve aviation, marine, general recreation, automotive,
wireless and OEM applications. Garmin Ltd. is incorporated in
the Cayman Islands, and its principal subsidiaries are located
in the United States, Taiwan and United Kingdom. For more information,
visit the Investor Relations site of Garmin Ltd. at www.garmin.com
or contact the Investor Relations department at 913-397-8200.
Notice on forward-looking statements:
This release includes projections
and other forward-looking statements regarding Garmin Ltd. and
its business. Any statements regarding the company’s future
financial position, revenues, earnings, product introductions,
plans and objectives are forward-looking statements. The forward-looking
events and circumstances discussed in this release may not occur
and actual results could differ materially as a result of risk
factors affecting Garmin. Information concerning risk factors
that could affect Garmin's actual results is contained in
the Annual Report on Form 10-K for the year ended December 29,
2001 filed by Garmin with the Securities and Exchange Commission
(Commission file number 0-31983). A copy of Garmin's 2001
Form 10-K can be downloaded from http://www.garmin.com/aboutGarmin/invRelations/finReports.html.