Checkpoint Systems, Inc. Appoints Jeff Richard Executive Vice President and Chief Financial Officer
May 10 2013 - 12:00PM
Business Wire
Checkpoint Systems, Inc. (NYSE: CKP) today announced the
appointment of Jeff Richard as Executive Vice President and Chief
Financial Officer, effective May 28, 2013. Mr. Richard will replace
Raymond D. Andrews who is retiring from Checkpoint on July 31,
2013. Mr. Andrews will remain with the Company in the interim to
ensure an orderly transition of responsibilities.
Mr. Richard, age 45, has extensive financial leadership
experience, most recently serving as Executive Vice President and
Chief Financial Officer at Safety-Kleen Systems, Inc, a $1.5
billion environmental services company, from 2010 to 2013. At
Safety-Kleen, Mr. Richard led a broad set of turnaround initiatives
to drive profitable, sustainable growth, which significantly
improved operational performance and equity value. He recapitalized
the company and led a dual-path liquidity IPO and sale plan that
concluded with the sale of Safety-Kleen to the company’s largest
competitor in December 2012.
From 2006 to 2010, Mr. Richard served as Chief Operating Officer
and Chief Financial Officer at Pavestone Company, where he
successfully guided the company through the economic downturn and
housing market collapse, focusing on gaining market share and cost
take-out, while building strong relationships with customers, the
banking and private equity community and vendors. Previously, Mr.
Richard was Vice President of Financial Planning & Analysis at
Electronic Data Systems Corp. and Chief Financial Officer and Vice
President of Americas Operations at Jacuzzi Brands, Inc. Earlier in
his career he worked in a variety of financial positions at Tyco
International Ltd., ultimately serving as Chief Financial Officer
for Tyco’s $2.2 billion Plastics & Adhesives segment, where he
was responsible for all segment financial and control functions
including consolidation, financial reporting, tax, treasury and
investor relations. Mr. Richard has a bachelor’s degree in business
administration from Louisiana State University.
Checkpoint’s President and Chief Executive Officer, George
Babich, said, “We are delighted to have attracted Jeff to join the
Checkpoint team and we welcome him. He is a strong financial and
operational executive with outstanding leadership experience. His
track record of revitalizing businesses, positioning them for
sustainable, profitable growth is impressive and I look forward to
working with him as we continue to identify opportunities to
increase shareholder value at Checkpoint.
“We sincerely thank Ray Andrews for his many contributions,
particularly in the past two years of intense organizational change
and turnaround activity. Ray has been a valuable member of
Checkpoint’s leadership team since 2007, and we extend best wishes
for his retirement.”
George Babich, President and Chief Executive Officer, will host
a conference call to discuss the new appointment on Monday, May 13
at 11 a.m. Eastern Time, which will be simultaneously broadcast
over the Internet. Listeners may access the call live at
http://ir.checkpointsystems.com. A replay will be available
following the event.
Checkpoint Systems, Inc.
Checkpoint Systems is a global leader in shrink management,
merchandise visibility and apparel labeling solutions. Checkpoint
enables retailers and their suppliers to reduce shrink, improve
shelf availability and leverage real-time data to achieve
operational excellence. Checkpoint solutions are built upon more
than 40 years of RF technology expertise, diverse shrink management
offerings, a broad portfolio of apparel labeling solutions,
market-leading RFID applications, innovative high-theft solutions
and its Web-based Check-Net® data management platform. As a result,
Checkpoint customers enjoy increased sales and profits by improving
supply-chain efficiencies, by facilitating on-demand label printing
and by providing a secure open-merchandising environment enhancing
the consumer’s shopping experience. For more information, visit
www.checkpointsystems.com.
Forward-Looking Statement
This press release includes information that constitutes
forward-looking statements. Forward-looking statements often
address our expected future business and financial performance, and
often contain words such as “expect,” “anticipate,” “intend,”
“plan,” “believe,” “seek,” or “will.” By their nature,
forward-looking statements address matters that are subject to
risks and uncertainties. Any such forward-looking statements may
involve risk and uncertainties that could cause actual results to
differ materially from any future results encompassed within the
forward-looking statements. Factors that could cause or contribute
to such differences include: the impact upon operations of legal
compliance matters or internal controls review, improvement and
remediation, including the detection of wrongdoing, improper
activities, or circumvention of internal controls; our ability to
integrate acquisitions and to achieve our financial and operational
goals for our acquisitions; changes in international business
conditions; foreign currency exchange rate and interest rate
fluctuations; lower than anticipated demand by retailers and other
customers for our products; slower commitments of retail customers
to chain-wide installations and/or source tagging adoption or
expansion; possible increases in per unit product manufacturing
costs due to less than full utilization of manufacturing capacity
as a result of slowing economic conditions or other factors; our
ability to provide and market innovative and cost-effective
products; the development of new competitive technologies; our
ability to maintain our intellectual property; competitive pricing
pressures causing profit erosion; the availability and pricing of
component parts and raw materials; possible increases in the
payment time for receivables as a result of economic conditions or
other market factors; changes in regulations or standards
applicable to our products; the ability to successfully implement
global cost reductions in operating expenses including, field
service, sales, and general and administrative expense, and our
manufacturing and supply chain operations without significantly
impacting revenue and profits; our ability to maintain effective
internal control over financial reporting; and additional matters
disclosed in our Securities and Exchange Commission filings. We do
not undertake to update our forward-looking statements, except as
required by applicable securities laws.
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