1 December 2006 — Lincolnshire (IL): ACCO Brands has announced that Forrest M Schneider has resigned from its board of directors.
Schneider is president and chief executive officer of Lane Industries. Lane Industries was the principal shareholder of General Binding Corporation, which merged with the former ACCO World subsidiary of Fortune Brands in August, 2005 to create ACCO Brands Corporation.
Over the past 14 months, in a series of transactions, Lane Industries has reduced its holdings in ACCO Brands to approximately 5 percent of the company’s outstanding shares. Given Lane Industries’ reduced ownership stake, Schneider advised the company that he wished to focus more of his activities on Lane Industries’ other business interests.
With the resignation, the ACCO Brands board will have eight members until a search to replace Schneider is completed.