Moore Appoints “VP of Cut Our Expenses By $100 Million”
Press release from the issuing company
Bannockburn, Illinois / Toronto, Ontario, - Robert G. Burton, President and Chief Executive Officer of Moore Corporation (NYSE/TSE: MCL), announced today that he has appointed James E. Lillie as Executive Vice President of Operations.
Mr. Burton stated:
“I need a proven leader at my side who has the ability to make the difficult, but necessary, decisions required to achieve Moore’s goal of $100 million in cost savings and create an organizational structure that will consistently deliver improved financial performance. Jim Lillie is that person. I have made Jim personally accountable for ensuring we deliver on our cost savings commitment in the next 12 to 18 months.”
“There is no doubt in my mind that Jim is more than up for the challenge. In the more than eight years I have worked with Jim he has consistently proven himself to be a committed and very disciplined leader who does not shy away from doing whatever is necessary to control costs and improve value for customers and shareholders. He is a “no excuses” manager who will immediately raise the performance level of those around him. I’m confident he will play a vital role in increasing accountability that translates to value at Moore.”
In regard to his appointment, Mr. Lillie said:
“I look forward to meeting the challenges at Moore head-on and to aggressively knocking down barriers that have distracted our focus from our customers and deteriorated the value we provide our investors. Mr. Burton is a dynamic leader with an incredible track record of delivering on his promises. The team Bob has built will deliver value through a very hands-on approach to the business. Together, the team is accountable and committed to turning Moore’s financial performance around while at the same time greatly elevating the value we provide our investors, customers and employees.”
In addition to his primary responsibility of leading the company’s $100 million cost containment program, Mr. Lillie will also be charged with developing an organization structure that eliminates layers of management and unnecessary or duplicative business processes; centralizing the company’s purchasing activity in order to leverage its purchasing size and volume; rationalizing the company’s warehouse and distribution locations; consolidating freight and logistics activities; and improving operational efficiency while creating developmental synergies in its various business units. Mr. Lillie will also be responsible for managing the company’s legal affairs, human resources, benefits and investor relations activities. He will report directly to Mr. Burton.
Mr. Lillie recently served as Executive Vice President of Operations at World Color Press (NYSE:WRC) Mr. Lillie also held a series of senior management positions where he was responsible for operations, manufacturing, re-engineering, finance and administration functions. Mr. Lillie left World Color in the fall of 1999, following the sale of the company to Quebecor Printing. Mr. Lillie, a resident of Wilton, Connecticut, earned his B.A. from the University of Wisconsin in 1983. Mr. Lillie is also an investor in Chancery Lane/GSC Investors, L.P. a private equity vehicle led by Theodore Ammon and GSC Partners, a private investment firm, which recently completed a $70.5 million strategic investment in Moore.
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