In June 2002, the company announced that, as part of its succession plan, Richard W. Gochnauer, 52, would become the company's chief operating officer and a member of the board of directors, when he joined the company on July 22 [REF].
In December 2010, the company announced that P. Cody Phipps, the company's Chief Operating Officer, would become president and CEO when Richard W. Gochnauer, CEO, retired at the annual shareholders' meeting in May 2011 [REF].