Valassis Board Extends CEO Contract to 2008
Wednesday, July 17, 2002
Proven Leader Drives Results at Valassis for 18 Years LIVONIA, Mich., July 16 -- Valassis, the leading company in marketing services and Connective Media , announced that its Board of Directors had extended the employment contract of President and CEO, Alan F. Schultz, through December 31, 2008. Schultz stated, "Our Company has grown, and our team has many achievements we can be proud of. But we're still far from finished with the job. I'm very excited about the future of Valassis. We'll continue to execute our strategic growth plan of expanding our product offerings and our client base, and I'm confident that our integrated solutions approach to business will become the model for how things are done most effectively in advertising and marketing." Schultz has been Chairman, President and CEO of Valassis since 1998, when he was promoted from Chief Operating Officer of the company. His accomplishments span an 18-year career with the company, but are particularly notable during his tenure as the company's head. Valassis has driven many improvements under Schultz' leadership, increasing profits by almost 60% and market capitalization by over 100%. He has leveraged the company's strong cash flow through a balanced approach to investment, reducing debt by $130 million, repurchasing over 15 million shares of Valassis stock, and investing in new businesses. During his tenure as CEO, the company has built a substantial one-to-one marketing effort, from a zero base in 2000 to what is expected to be over $40 million in revenue in 2002. "I have observed Al Schultz as both an industry participant and Valassis Board member, and have found him to be highly effective through both perspectives. Through his clear corporate vision and strategy, the company has expanded its client base, dramatically increased its production capabilities and cost-efficiencies, and increased both revenue and profits. This has been accomplished with sound leadership values, as the company holds a premier position on Fortune's 100 Best Companies to Work for in America, as well as many other notable employee, client and shareholder recognition awards. Our board commends his efforts, and strongly believes in his ability and integrity," said Brian J. Husselbee, Valassis Board member and CEO of NCH Marketing Services, Inc., the industry's leading coupon clearing organization. Schultz joined Valassis from Deloitte and Touche in 1984. Since that time, he has held a variety of leadership positions throughout the company, including sales, marketing, operations and finance. Schultz is a CPA. He graduated with distinction in 1981 from the University of Michigan with a BBA in finance and accounting. He resides in Northville, Michigan with his wife Eva, and their two sons.