· The Board of Directors of Titan International Inc. (Titan) has been informed that Mr. J. Michael A. Akers resigned his position as a Titan Director, effective December 31, 2012.
· Cheri Holley has resigned her position as Secretary of Titan International, Inc. and its subsidiaries, effective December 28, 2012. Ms. Holley will remain an employee of Titan.
· Kent Hackamack has resigned his position as Treasurer of Titan International, Inc. and its subsidiaries, effective December 28, 2012. Mr. Hackamack will remain an employee of Titan.
Color on changes:
· All except Mike Akers remain as employees of the company.
· Mike Akers stepped down as part of the Titan Europe deal, he was President of Titan Europe, and he is retiring.
· Not sure who will replace him on the board but his son is taking his job to run Titan Europe and shareholders will vote on a board replacement.
· Cheri and Kent revoked their officer status due to tax implications within the Employment Agreement Obligations.
· Titan can deduct the payout of $6M as entitled under their Employment Agreements if they were not officers.
· Cheri is still Head Legal Counsel and Kent is with Corporate Development.
· Paul Reitz, current CFO is Treasurer now.
Titan, along with other US based capital goods companies such as CAT, DE, CMI, etc. should benefit at least moderately from the fiscal cliff deal. Below are a few of the pieces that have come out.
· 50% bonus depreciation is back for 2013 (section 179). This was set to revert to the regular 5 year schedule (20%).
· The biodiesel tax credit of $1.00/gallon is back for all of 2013, and retroactive for 2012.
· The R&D tax credit is back for 2013, and retroactive for 2012 (tax credit equal to 20% of the qualified expense over the base amount as well as an alternative simplified credit of 14%).