Valassis Extends CEO's Contract for Three More Years
Wednesday, May 14, 2008
Press release from the issuing companyLIVONIA, Mich., May 13 -- Valassis,one of the nation's leading marketing services companies, is pleased to announce that Alan F. Schultz, Valassis Chairman, President and Chief Executive Officer, has agreed to a three-year extension of his employment agreement.
Schultz's previous contract was set to expire on Dec. 31, 2008, and under the new agreement, he will continue to lead Valassis through January 2012.
"I have studied leadership my entire career -- as a West Point military officer, automotive business executive, entrepreneur and board member of several publicly held companies," said Board member Joseph B. Anderson Jr., Chairman of Valassis' Corporate Governance/Nominating Committee. "Al stands out as the highest example of leadership. He had a vision and has led his team to execute this vision despite significant opposition. Valassis is fortunate to have a leader of his caliber."
Under Schultz's leadership, the company has nearly quadrupled revenues and significantly diversified its customer base and product portfolio. In March of 2007, he led the company through a $1.2 billion acquisition of ADVO, Inc., the nation's largest direct mail marketer. Today, shared mail represents more than half of the company's revenue, and the significant improvements made to this business have contributed greatly to the company's strong financial performance since the acquisition. On May 1, 2008, Valassis reported its third consecutive quarter of earnings growth. This positive momentum is evidence of the strong strategic rationale behind the shared mail acquisition and business integration plan.
"Al drove this acquisition under enormous scrutiny by investors, Board members and employees," said Kenneth V. Darish, Presiding Director. "He believed the acquisition would improve earnings and brighten the future of Valassis. He was right and his vision continues to come to life with each step in the integration process. The Board has tremendous confidence in him."
Wallace S. Snyder, President and Chief Executive Officer of the American Advertising Federation, and Valassis Board member, lauds Schultz for his strategic thinking and positioning Valassis at the forefront of consumer and client trends. "He has transformed Valassis from essentially a one-product company serving the consumer packaged goods industry to a global company offering more than 20 products and services to clients in a variety of industries."
Schultz is quick to point out the company's success is the result of a collaborative effort. "It is my privilege and honor to work with an incredibly talented and results-driven team," Schultz said. "Our continued success is a tribute to the dedication of many and the spirit of teamwork throughout the company."
Valassis has been recognized throughout Schultz's leadership for its best place to work practices, corporate citizenship, business ethics, products, innovation and diversity.
"Al has been a true champion for diversity and has brought about real change at the company," said Board member Marcella A. Sampson. "Today, 38% of Valassis associates are minorities. I have had the privilege of working with Al closely during the last 10 years. He has a true desire to make the company one of the best places to work for everyone."
Schultz joined Valassis from Deloitte and Touche in 1984 and has held leadership positions throughout the company, including sales, marketing, operations and finance. He assumed his current role at Valassis in 1998.
Interested parties can review details of the employment agreement amendment by consulting the Form 8-K filed by the company today with the Securities and Exchange Commission.
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