ENGLEWOOD, Colo., Aug. 29 -- Cenveo, Inc. today announced that James R. Malone, who was named CEO of the company in June, has been named to the additional position of Chairman of the company's board of directors, effective immediately.
Susan Rheney, who had served as interim Chairman for 8 months and helped guide Cenveo through its search for a new CEO, will leave the board effective August 31, 2005.
Cenveo also announced that it is seeking additional independent directors. Cenveo's board said it is interested in appointing individuals to the board who will provide additional viewpoints in the boardroom, and emphasized that it welcomes dialogue with its stockholders in its director search.
"As the entire board anticipated, Jim Malone has hit the ground running as Cenveo's CEO. The positive changes that Jim has introduced in Cenveo's business, and the leadership he has provided to the company since being named CEO have been tremendous and are already yielding significant results. We are delighted with his success and the direction he is providing for Cenveo," said Susan Rheney. "The board is unanimous in its conviction that consolidating leadership of the company and the board under Jim's direction is the right choice for Cenveo as it moves forward to aggressively pursue its business plan."
"I look forward to continuing to lead the company towards fulfilling its enormous financial and performance potential for the benefit of our shareholders, customers, suppliers and employees," said Jim Malone. "I thank Susan for her service as interim Chairman during a difficult period for Cenveo, thank the board of directors for their trust in me, and pledge to do my utmost to continue to earn the confidence of all shareholders of Cenveo as we carry out our program to rebuild the company."
In addition, Cenveo announced that the board would appoint an independent lead director.
About Jim Malone
Mr. Malone led the restructuring team at InaCom Corporation, a $5 billion public company with over 10,000 employees that was a leading single-source provider of information technology products and service to Fortune 1000 companies. In addition, Mr. Malone's successful career includes CEO positions with Anchor Glass Container Corporation, a leading glass container manufacturer; Grimes Aerospace, a global provider of integrated avionics, engines, systems and service solutions for the airlines industry; and Purolator Products Company. Under Mr. Malone's leadership, Purolator's market capitalization grew from $12 million to $350 million.
Mr. Malone is a graduate of Indiana University in Bloomington, Indiana. He currently serves on the boards of AmSouth Bancorporation in Birmingham, AL, Ametek, Inc. in Paoli, PA and Brown Jordan International, Inc. in Pompano Beach, FL.
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