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CHICAGO, Sept. 7, 2012 (GLOBE NEWSWIRE) -- Standard Parking Corporation (Nasdaq:STAN), one of the nation's leading providers of parking management, ground transportation and other ancillary services, today announced that James Marcum, the current Chief Executive Officer of Central Parking, will not serve as Chief Operating Officer of Standard Parking following the expected closing of the previously-announced merger of the two companies. While Standard Parking and Mr. Marcum were unable to reach agreement on the terms of the Chief Operating Officer role, Mr. Marcum will remain an active member of the executive-level integration planning committee for as long as is determined to be ideal for the combined company, and for at least three months in all events, in order to facilitate a smooth and effective post-closing integration of the two companies.
James Wilhelm, President and Chief Executive Officer of Standard Parking, explained, "On behalf of our company, I want to thank Jim Marcum for his exceptional leadership in helping to move this merger towards completion, which remains on track for a closing by the end of the quarter. We look forward to benefiting from his counsel as we complete the final stages of the merger and begin to integrate the companies after closing. We remain confident in the abilities of our combined leadership team to generate strong results and create tangible, compelling value for our stockholders."
Mr. Marcum noted, "Both Standard Parking and Central Parking are great companies with strong management teams and a bright future. I have enjoyed working with the two teams on the transaction, and look forward to continuing to work with Jim and the team on the post-closing activities."
About Standard Parking
Standard Parking is a leading national provider of parking facility management, ground transportation and other ancillary services. With approximately 12,000 employees, Standard Parking manages approximately 2,200 facilities, containing over 1.2 million parking spaces in hundreds of cities across North America, including parking-related and shuttle bus operations serving more than 60 airports. More information can be found at
More information about Standard Parking is available at
http://ir.standardparking.com . You should not construe the information on this website to be a part of this release. Standard Parking's annual reports filed on Form 10-K, its quarterly reports on Form 10-Q and its current reports on Form 8-K are available on the Internet at
www.sec.gov and can also be accessed through the Investor Relations section of the Company's website.
More information about the transaction is accessible on our transaction specific website at:
About Central Parking
Central Parking is a leader in parking management serving large and small property owners, infrastructure funds and governmental clients to maximize service, revenue and value creation. With operations in 39 states and Puerto Rico, Central Parking's locations include: mixed-use developments, office buildings, hotels, stadiums and arenas, airports, hospitals, universities, municipalities, and toll roads. In addition, through its USA Parking subsidiary, Central Parking is one of the premier valet operators in the nation with more four and five diamond luxury properties including hotels and resorts than any other valet competitor. Central Parking's over one million parking spaces operate under the brands Central Parking System, CPS Parking, New South Parking and USA Parking. Central Parking is owned by affiliates of Kohlberg & Company, L.L.C., Lubert-Adler Partners, L.P. and Versa Capital Management, LLC.