United Stationers Inc. (USTR) said Chief Executive Richard W.
Gochnauer will retire in May and be succeeded by President and
Chief Operating Officer P. Cody Phipps.
The North American wholesale distributor of business products
appointed seven-year company veteran Phipps, 48 years old, to his
current posts in September. Prior to joining United Stationers,
Phipps was a partner in McKinsey & Co.'s Chicago office.
Gochnauer, 61, joined United Stationers in July 2002 as chief
operating officer and that November was appointed president and
CEO.
Gochnauer said Phipps "is well prepared" for the new role and
will take "full responsibility for the execution of our 2011
plan."
The company reported its third-quarter earnings rose 9% as net
sales improved just 1.9% amid soft demand and lower technology and
flu-related sales. Margins strengthened but operating expenses were
up amid growth initiatives and the reinstatement of
employee-related benefits earlier this year. The company has been
tightly managing costs.
Shares were recently up 18 cents at $66.90.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com