HOOFDDORP, January 11 - The Board of Directors of CEVA Group plc. announced today that David G. Kulik , CEVA's Vice Chairman and former CEO, has advised the Company of his retirement , effective February 22nd, 2008. The Company also announced that they have entered into an agreement with Mr. Kulik wherein he will be a consultant to management as well as continue in his position as Chairman of the Board of ANJI-TNT, the joint venture between CEVA Logistics and Shanghai Automotive Industries Corporation - SAIC.
Gareth Turner, partner of Apollo Management, said "Dave has been a leader in the global logistics industry having been the CEO of CTI LogistX for a number of years and then with TNT as head of their Logistics division. He led the recovery and sale of TNT Logistics and was integral in the transformation of the company to CEVA as a portfolio company of Apollo Management. We are also pleased that he will continue to be associated with CEVA into the future and we thank him for his past service to the Company."
Kulik stated, "I am extremely proud of this organization and the success of 50,000 dedicated people in the transition to CEVA. I have been fortunate to lead the Company during an exciting period and I am confident that Apollo has positioned CEVA to achieve even greater levels of growth under the leadership of our industry's best management team. Thank you to all for your contribution and loyalty to CEVA."
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