KANSAS CITY, MO, Apr 21, 2011 (MARKETWIRE via COMTEX) -- H&R Block (NYSE: HRB) today announced that Robert A. Gerard has been elected chairman of the company's board of directors, effective immediately. Gerard replaces Richard Breeden, who stepped down April 18.
Gerard is the general partner and investment manager of GFP, L.P., a private investment firm, and has been a member of the H&R Block board since October 2007. Previously, he was CEO of Royal Street Communications, a developer and operator of telecommunications networks.
"H&R Block is an outstanding company with a strong brand and I'm proud to be named chairman," said Gerard. "The company has been successful this year in reaching younger taxpayers, which will prove beneficial to H&R Block as their tax situations evolve and become more complex. I am optimistic about H&R Block's future."
Gerard spent nearly 15 years in senior executive positions with Morgan Stanley & Co., Dillon Read & Co., and Bear Stearns. Prior to that, he served in the United States Department of the Treasury, completing his service as assistant secretary for capital markets and debt management.
"Bob has been a valued board member for the last three years and he will be an outstanding chairman," said Alan Bennett, H&R Block's president and CEO. "He has been a strong supporter of our service improvement initiatives, as well as our product and marketing acquisition programs. Combined, these programs led to client growth in both the retail and digital segments."
H&R Block Inc. (NYSE: HRB) is one of the world's largest tax services providers, having prepared more than 550 million tax returns worldwide since 1955. In fiscal 2010, H&R Block had annual revenues of $3.9 billion and prepared more than 23 million tax returns worldwide, utilizing more than 100,000 highly trained tax professionals. The Company provides tax return preparation services in person, through H&R Block At Home(TM) online and desktop software products, and through other channels. The Company is also one of the leading providers of business services through RSM McGladrey. For more information, visit our Online Press Center.
Forward Looking Statements This announcement may contain forward-looking statements, which are any statements that are not historical facts. These forward-looking statements, as well as the Company's guidance, are based upon the Company's current expectations and there can be no assurance that such expectations will prove to be correct. Because forward-looking statements involve risks and uncertainties and speak only as of the date on which they are made, the Company's actual results could differ materially from these statements. These risks and uncertainties relate to, among other things, uncertainties regarding the Company's ability to attract and retain clients; meet its prepared returns targets; uncertainties and potential contingent liabilities arising from our former mortgage loan origination and servicing business; uncertainties in the residential mortgage market and its impact on loan loss provisions; uncertainties pertaining to the commercial debt market; competitive factors; the Company's effective income tax rate; litigation defense expenses and costs of judgments or settlements; uncertainties regarding the level of share repurchases; and changes in market, economic, political or regulatory conditions. Information concerning these risks and uncertainties is contained in Item 1A of the Company's 2010 annual report on Form 10-K and in other filings by the Company with the Securities and Exchange Commission. The Company does not undertake any duty to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
Kate O'Neill Rauber