CHICAGO, Feb. 24 -- RR Donnelley & Sons Company announced today that it has named Glenn R. Richter, currently the Chief Financial Officer of Sears, Roebuck and Co., as Executive Vice President and Chief Financial Officer, effective April 1, 2005. To ensure an orderly transition, Kevin J. Smith has agreed to remain with RR Donnelley as Executive Vice President and Chief Financial Officer until the end of the Company's first quarter on March 31, 2005.
"Glenn is a world class executive and he is the right person to become RR Donnelley's Chief Financial Officer as we enter the next stage of our development," said Mark A. Angelson, Chief Executive Officer of RR Donnelley. "Our leadership group is pleased to welcome to RR Donnelley a business executive of Glenn's caliber who will fit in well with our team. This is an opportunistic hire for the Company and we look forward to working with Glenn as we continue to execute upon our strategic objectives. Separately, I am pleased to confirm that we will meet or exceed our previously announced earnings guidance for the fourth quarter and full year 2004 and to reaffirm our previously announced earnings guidance for 2005. We look forward to discussing this in greater detail on our fourth quarter earnings conference call on March 1."
Angelson added, "I thank Kevin Smith for his contributions in helping to create the new RR Donnelley. He was the right individual for the job and made a strong contribution to the renaissance of the Company and in implementing internal procedures to achieve compliance with Section 404 of the Sarbanes- Oxley Act. He was a superb CFO for the integration environment that RR Donnelley has been working in since the Moore Wallace acquisition and will make further significant contributions in his career."
Kevin J. Smith, Chief Financial Officer of RR Donnelley, said, "I have enjoyed the opportunity to contribute to the creation of the framework for the new RR Donnelley. I will focus on finalizing RR Donnelley's fourth quarter and full year 2004 financial results, and achieving a smooth and orderly transition."
Mr. Richter has served in a variety of executive management roles with Sears, Roebuck and Co., including most recently Executive Vice President and Chief Financial Officer, as well as Chairman of the Board of Sears Canada. He played an important role in the Company's agreement to merge with Kmart.
Mr. Richter, said, "I am pleased to have the opportunity to work with Mark and the entire leadership team as RR Donnelley seeks to further expand its leadership position as the premier global provider of print and related products and services."
Prior to joining Sears, Mr. Richter held a number of senior financial positions, including Chief Financial Officer of Dade Behring Holdings, Inc., a NASDAQ traded company. He also held various finance roles at PepsiCo, Inc. and early in his career served as a consultant at McKinsey & Company. He earned a bachelor's degree from George Washington University and an MBA from Duke University's Fuqua School of Business.
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