RR Donnelley Chairman and CEO Bill Davis to Retire
Tuesday, July 29, 2003
CHICAGO, July 28-- William L. Davis, chairman, president and chief executive officer of RR Donnelley, today announced his plans to retire. Davis will remain with the company until his replacement is named. The board of directors is conducting a search for a successor. "Heading up RR Donnelley during a time of great industry change has been a tremendous experience," said Davis. "The hard and sometimes gut-wrenching work of our employees has set this company on a solid course for long-term success with customers. "When I joined RR Donnelley in 1997, my personal goal was to lead for a period of five to seven years and retire. While I will miss being part of the team, I'm eager to begin this new stage of my life." Board member and former vice chairman James R. Donnelley commended Davis' accomplishments in making RR Donnelley a modern manufacturing operation. "Bill accomplished what the board asked him to do," said Donnelley. "Our strategy is sound and our future is bright." Under Davis' leadership, RR Donnelley embarked on a major transformation from a commercial printer to an integrated communications solutions provider. A highly recognized brand, the company has ranked first in its category among FORTUNE magazine's "America's Most Admired Companies" list for three consecutive years. Davis brought continuous improvement, marketing and other capabilities into the company, enabling solutions that help customers sell more, save more and build their brands. The company's financial outlook remains positive. Earlier this week, the company announced its 33rd consecutive annual increase in its quarterly dividend. Earnings for 2003 remain on track, in a range of $1.25 to $1.40 per diluted share. The company noted that it will likely come in at the lower end of that range, due to continued softness in the markets it serves.