Jung will replace Tony Alvarez II, co-founder and co-chief executive of Alvarez & Marsal (A&M), the corporate advisory and turnaround management services firm. Mr. Alvarez has served as chief executive officer of IBC since the Company filed Chapter 11 in September 2004.
Michael Anderson, a long-time member of IBC's Board of Directors, who was elected Board Chairman on January 24, 2007, said, "Craig Jung is the right choice to lead the Company going forward. He is a highly respected executive with prior CEO and COO experience and a proven track record in leading performance turnarounds."