And So it Begins… Marcum to Leave when Standard Takes Over Central
Current Central Parking CEO James Marcum to Leave Company
Following Post-Merger Transition Period
CHICAGO, Sept. 7, 2012 (GLOBE NEWSWIRE) — Standard Parking Corporation (Nasdaq:STAN), one of the nation’s leading providers of parking management, ground transportation and other ancillary services, today announced that James Marcum, the current Chief Executive Officer of Central Parking, will not serve as Chief Operating Officer of Standard Parking following the expected closing of the previously-announced merger of the two companies. While Standard Parking and Mr. Marcum were unable to reach agreement on the terms of the Chief Operating Officer role, Mr. Marcum will remain an active member of the executive-level integration planning committee for as long as is determined to be ideal for the combined company, and for at least three months in all events, in order to facilitate a smooth and effective post-closing integration of the two companies.
James Wilhelm, President and Chief Executive Officer of Standard Parking, explained, “On behalf of our company, I want to thank Jim Marcum for his exceptional leadership in helping to move this merger towards completion, which remains on track for a closing by the end of the quarter. We look forward to benefiting from his counsel as we complete the final stages of the merger and begin to integrate the companies after closing. We remain confident in the abilities of our combined leadership team to generate strong results and create tangible, compelling value for our stockholders.”
Mr. Marcum noted, “Both Standard Parking and Central Parking are great companies with strong management teams and a bright future. I have enjoyed working with the two teams on the transaction, and look forward to continuing to work with Jim and the team on the post-closing activities.”