DEERFIELD, Ill., May 6, 2015 /PRNewswire/ -- United
Stationers Inc. (NASDAQ: USTR), a leading supplier of workplace
essentials, today announced that its Board of Directors has
appointed current Board member Robert B.
Aiken Jr., 52, interim president chief executive officer,
effective immediately. Mr. Aiken will succeed P. Cody Phipps, who has resigned as president
and chief executive officer and as a director to pursue another
opportunity.
The Board has established a search committee to oversee the
process of identifying a permanent chief executive officer. The
committee consists of independent directors Jean S. Blackwell, Paul
S. Williams and Stuart A. Taylor
II, who will serve as committee chair. The search
process will include a full review of internal and external
candidates.
"The Board and Cody believe that now is the right time to pursue
a leadership transition," said Charles K.
Crovitz, chairman of United Stationers' board of directors.
"On behalf of the Board, I want to thank Cody for his years of
service to the company and wish him all the best."
Crovitz continued, "Bob Aiken is
an accomplished executive and proven leader with significant
strategic, merchandising and operations experience, and we are
grateful that he has agreed to step in to lead the company through
this transition. Bob understands our business well and we are
confident in his ability to work closely with our strong management
team and committed employees to drive execution of our
strategy. We will continue to position the company to create
value for our customers and deliver sustained profitable growth for
our shareholders by becoming the fastest and most convenient
solution for workplace essentials."
Mr. Aiken rejoined the United Stationers' board of directors in
February 2015 after previously
serving as a director from December
2010 to May 2014. Throughout
his career, Mr. Aiken has held chief executive officer positions at
companies with revenues of up to $18
billion. Most recently, he was chief executive officer
of Feeding America, the nation's leading domestic hunger-relief
organization. Prior to this role, Mr. Aiken was chief
executive officer of the food company portfolio at Bolder Capital,
a private equity firm. From 2004 to 2010, Mr. Aiken served in
senior leadership positions at U.S. Foodservice, Inc., a leading
foodservice distributor, where he most recently served as president
and chief executive officer. Prior to joining U.S.
Foodservice, Mr. Aiken was president of Milwaukee Sign Co. and
president and chief executive officer of Metz Baking Company. He
began his career as a corporate attorney.
Company Overview
United Stationers Inc. is a leading supplier of workplace
essentials, with 2014 net sales of $5.3
billion. The company stocks a broad assortment of over
160,000 items, including technology products, traditional office
products, janitorial and breakroom supplies, office furniture,
industrial supplies, and automotive aftermarket tools. The
Company's network of 77 distribution centers allows it to deliver
these products to approximately 30,000 reseller customers. One of
the Company's wholly owned subsidiaries is an online retailer which
sells direct to end consumers. This network, combined with United's
breadth and depth of inventory, enables the Company to ship most
products overnight to more than ninety percent of the U.S. and
major cities in Mexico and
Canada. For more information,
visit unitedstationers.com.
United Stationers common stock currently trades on the NASDAQ
Global Select Market under the symbol USTR. As previously
announced, on June 1, 2015, United
Stationers will become Essendant Inc. and will trade on the NASDAQ
Global Select Market under the symbol ESND.
Forward-Looking Statements
This news release contains forward-looking statements, including
references to goals, plans, strategies, objectives, projected costs
or savings, anticipated future performance, results or events and
other statements that are not strictly historical in nature.
These statements are based on management's current expectations,
forecasts and assumptions. This means they involve a number
of risks and uncertainties that could cause actual results to
differ materially from those expressed or implied here. These
risks and uncertainties include, but are not limited to the
following: end-user demand for products in the office,
technology, and furniture product categories may continue to
decline; United's reliance on key customers, and the risks inherent
in continuing or increased customer concentration and
consolidations; prevailing economic conditions and changes
affecting the business products industry and the general economy;
United's ability to effectively manage its operations and to
implement growth, cost-reduction and margin-enhancement
initiatives; the impact of United's repositioning, restructuring
and rebranding activities on United's customers, suppliers, and
operations; United's reliance on supplier allowances and
promotional incentives; United's reliance on independent resellers
for a significant percentage of its net sales and, therefore, the
importance of the continued independence, viability and success of
these resellers; continuing or increasing competitive activity and
pricing pressures within existing or expanded product categories,
including competition from product manufacturers who sell directly
to United's customers; the impact of supply chain disruptions or
changes in key suppliers' distribution strategies; United's ability
to maintain its existing information technology systems and the
systems and e-commerce services that it provides to customers, and
to successfully procure, develop and implement new systems and
services without business disruption or other unanticipated
difficulties or costs; the creditworthiness of United's customers;
United's ability to manage inventory in order to maximize sales and
supplier allowances while minimizing excess and obsolete inventory;
United's success in effectively identifying, consummating and
integrating acquisitions; the risks and expense associated with
United's obligations to maintain the security of private
information provided by United's customers; the costs and risks
related to compliance with laws, regulations and industry standards
affecting United's business; the availability of financing sources
to meet United's business needs; United's reliance on key
management personnel, both in day-to-day operations and in
execution of new business initiatives; and the effects of
hurricanes, acts of terrorism and other natural or man-made
disruptions.
Shareholders, potential investors and other readers are urged to
consider these risks and uncertainties in evaluating
forward-looking statements and are cautioned not to place undue
reliance on the forward-looking statements. For additional
information about risks and uncertainties that could materially
affect United's results, please see the company's Securities and
Exchange Commission filings. The forward-looking information
in this news release is made as of this date only, and the company
does not undertake to update any forward-looking
statement. Investors are advised to consult any further
disclosure by United regarding the matters discussed in this
release in its filings with the Securities and Exchange
Commission and in other written statements it makes from time to
time. It is not possible to anticipate or foresee all risks
and uncertainties, and investors should not consider any list of
risks and uncertainties to be exhaustive or complete.
For Further Information Contact:
Todd Shelton
Senior Vice President and Chief Financial Officer
(847) 627-7000
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/united-stationers-names-board-member-robert-b-aiken-jr-interim-chief-executive-officer-300078213.html
SOURCE United Stationers