ATI founder quits after 20 years at firm
Wants to 'spend more time with family'
ATI chairman and founder K Y Ho has decided to call it a day, and is quitting the company to "spend more time with family and pursue my personal interests".
Ho created ATI in 1985 and served as its CEO until 1 June 2004. On that date he handed the mantle of power over to Dave Orton, who joined the company in April 2000 as its President and COO. James Fleck, currently an independent director, will take over Ho's role as chairman, albeit in a non-executive capacity.
Orton will join the board too, provided he wins the support of shareholders at an election due to take place on 26 January 2006.
Ho has assumed a lower profile over the past few years while Canadian securities regulators investigated insider trading claims made against him, his wife Betty, and a number of other senior staffers and their partners. It was alleged they avoided losses and maximised their charitable tax breaks by selling or donating ATI shares ahead of a profit warning issued in May 2000.
In March and April 2005, a number of the accused entered into settlements with the Ontario Securities Commission (OSC), as did ATI itself, coughing up CAD900,000 ($743,000) to put to rest claims it failed to disclose key financial performance information and made "misleading statements" to the Commission during its investigation.
However, the Hos were last month formally cleared of all charges. ®