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RR Donnelley Lands CFO from Heidrick & Struggles

Press release from the issuing company

CHICAGO--March 31, 2004-- R.R. Donnelley & Sons Company announced today that Kevin J. Smith has been named Executive Vice President and Chief Financial Officer of the company, effective upon the filing of the company's first quarter 2004 report on Form 10-Q in early May. Mr. Smith will join the Company as an officer on April 12, 2004. He will report directly to RR Donnelley Chief Executive Officer Mark A. Angelson and will have responsibility for the company's worldwide finance, procurement, tax and investor relations activities. Smith, 49, joins RR Donnelley from Heidrick & Struggles International Inc., the eminent executive search and leadership services consulting firm, where he served as Chief Financial Officer. While in that role, Mr. Smith led a significant restructuring effort that reduced the company's cost structure by $200 million and returned it to profitability while improving operating margins and free cash flow. "Kevin is an experienced public company chief financial officer with an outstanding reputation for integrity," said Angelson. "With more than two decades as a senior financial executive for diverse global organizations, he has a broad-based range of financial and operational expertise across several industries, including the manufacturing and services sectors." Angelson added, "Kevin has a highly successful track record in restructuring underperforming businesses, considerable expertise in the integration of strategic business combinations, and a deep understanding of internal controls and corporate governance. I believe that he is exceptionally well qualified to take on this role and that he will be a valuable source of insight and counsel in building the new RR Donnelley." Prior to joining Heidrick & Struggles, Smith was Executive Vice President and Chief Financial Officer of True North Communications Inc., one of the world's largest advertising and marketing communications holding companies, until that company's sale to The Interpublic Group of Companies in 2001. A Certified Public Accountant, Smith began his career at Deloitte & Touche LLP and held positions of increasing responsibility at Beatrice International Food Company and its affiliates, including Senior Vice President and Chief Financial Officer. He served subsequently in several senior financial and executive roles for Alexander & Alexander Services Inc. and related entities. Smith holds an MBA from the University of Chicago and a BBA in accounting from Pace University in New York. Angelson said, "I thank Jim Sulat for agreeing to serve as interim CFO during these last several months and for conducting himself and the company's financial function with precision and the highest integrity during that period. We were extraordinarily fortunate to have a financial executive of Jim's caliber to step into this role. We wish Jim and his family well as they remain in New York City and Jim pursues other business interests."