...President and Chief Executive Officer effective immediately. Mr. Godard joined the Company as President and CEO in March 2010. "We would like to thank Fred for his contributions during his time at IDC and we wish him well in his future endeavours," stated Del Lippert, Chairman of the Board. A search for a new President and CEO has been commenced under the direction of Georges Ata, Chairman of IDC's Compensation and Human Resources Committee, and is expected to be completed in the next three to four months months. At the request of the Board of Directors, Mr. Lippert will take on the role of Interim CEO until a new candidate has been selected. Mr. Lippert is a seasoned executive well versed in growing technology companies. He will continue to serve as Chairman of the Board of IDC during this interim period.
The Company also announced the appointment of Virginia Lee Williams to the role of Vice President of Sales & Marketing. Ms. Williams most recently served as Vice President of Sales for the Americas and China at Printronix, a global company based in Irvine, California. Prior to Printronix, Ms. Williams served as Vice President of Global Sales Operations for the Broadcast Communications Division of Harris Corporation.
The Board of Directors also announced that it plans to expand the Board and intends to appoint two additional members in the upcoming months. Additionally, the Company also announced that it has cancelled 2,983,783 common shares previously registered in the name of Adam Adamou. Graham McBride, Chairman of IDC's Audit Committee said, "These cancelled shares were taken from the 3,000,000 common shares previously pledged by Mr. Adamou as security for the repayment of the $552,000 loan made by IDC to him in December 2010 while he held the position of Executive Chairman. Concurrently with the cancellation of these securities, and in accordance with the agreement with Mr. Adamou, the $552,000 loan has been retired." The remaining 16,217 common shares from the share pledge will be released directly to Mr. Adamou. Mr. Adamou led an unsuccessful proxy fight against the Board in July 2012.