Garmin Ltd. announced that Gary Burrell will retire as co-CEO on August 24, 2002, his 65th birthday. Mr. Burrell will remain as co- chairman and a director of the company as well as chairman of its U.S. subsidiaries. In these capacities, Mr. Burrell will continue to provide support for several ongoing business development activities. Dr. Min Kao, who is currently co-chairman and co-CEO of Garmin Ltd., will continue as co- chairman and a director of the company and will become the sole CEO. Dr. Kao will also continue to hold his present positions as president of the company's U.S. subsidiaries and of its Taiwan subsidiary. Gary Burrell and Min Kao both have degrees in electrical engineering. They together founded the Garmin group of companies in 1989 and have jointly led the group since its founding.
The company also announced that, in advance of proposed Nasdaq rule changes that would require that listed companies have a board composed of a majority of independent directors, it has restructured its board of directors to have a majority of independent directors. Ruey-Jeng Kao has resigned as a director and the board voted to reduce the number of directors from six to five. The board is now composed of Gary Burrell, Min Kao and three independent directors, Gene M. Betts, Donald H. Eller and Thomas A. McDonnell.