New CEO to Lead Moto Photo

Moto Photo, Inc. announced that Lawrence P. Destro has been named Chief Executive Officer of the Company effective July 1, 2001.

Michael F. Adler will remain as Chairman of the Board on a full-time basis through the end of the year to assist Mr. Destro as he transitions into his new role. Thereafter, Mr. Adler will continue as Chairman of the Board and consult with the Board and Mr. Destro.

Mr. Destro, age 54, comes to Moto Photo from an almost 20-year career in the quick service Restaurant industry. Most recently, he was President of Allied-Domecq's international business (Baskin-Robbins, Dunkin' Donuts and Togos) where he was responsible for 4,000 stores in 50 countries. Prior to Allied-Domecq, Mr. Destro was with Taco Bell for 13 years in financial, business development and general management roles. He holds a Bachelors degree as well as an MBA and a Masters in Education.

In making the announcement, Michael Adler said, "Moto Photo is extraordinarily fortunate to be able to attract a leader with Larry's qualifications. We conducted a national search that involved talking with over 100 candidates. Larry clearly is the cream of the crop. He has extensive successful Franchising experience and is strategic, articulate, uncommonly bright and a strong team builder. His drive, values and curiosity will serve him well as he takes over the helm at Moto."

Larry Destro commented, "This is a very challenging and exciting opportunity for me. Moto Photo and the photofinishing, portraiture and retail business are all in a major state of change. With the combination of competitive saturation and technological transformation, we must carefully and strategically evaluate our future course of action. I am thrilled to be at Moto Photo to lead our company and franchisees to a more profitable future."

Moto Photo, Inc. is a Dayton, Ohio based franchisor and operator of 357 one-hour photofinishing stores and portrait studios in the U.S. and Canada.