RR Donnelley Names Sears, Roebuck and Co. Senior Executive, Glenn R. Richter, as New Chief Financial Officer
February 24 2005 - 6:31AM
PR Newswire (US)
RR Donnelley Names Sears, Roebuck and Co. Senior Executive, Glenn
R. Richter, as New Chief Financial Officer Current CFO, Kevin J.
Smith, To Step Down At End Of First Quarter CHICAGO, Feb. 24
/PRNewswire-FirstCall/ -- RR Donnelley & Sons Company
(NYSE:RRD) 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. About RR Donnelley
RR Donnelley (NYSE:RRD) is the world's premier full-service global
print provider and the largest printing company in North America,
serving customers in the publishing, healthcare, advertising,
retail, telecommunications, technology, financial services and many
other industries. Founded more than 140 years ago, the company
provides solutions in commercial printing, forms and labels, direct
mail, financial printing, print fulfillment, business communication
outsourcing, logistics, online services, digital photography, color
services, and content and database management. The largest
companies in the world and others rely on RR Donnelley's scale,
scope and insight through a comprehensive range of online tools,
variable printing services and market- specific solutions. For more
information, visit the company's web site at
http://www.rrdonnelley.com/. Use of Forward-Looking Statements This
news release contains "forward-looking statements" as defined in
the U.S. Private Securities Litigation Reform Act of 1995. Readers
are cautioned not to place undue reliance on these forward-looking
statements and any such forward-looking statements are qualified in
their entirety by reference to the following cautionary statements.
All forward-looking statements speak only as of the date of this
news release and are based on current expectations and involve a
number of assumptions, risks and uncertainties that could cause the
actual results to differ materially from such forward-looking
statements. Many of the factors that could cause material
differences in the expected results of RR Donnelley relate to the
integration of Moore Wallace Incorporated, which was acquired by RR
Donnelley on February 27, 2004. These factors include, without
limitation, the following: the development and execution of
comprehensive plans for asset rationalization, the ability to
eliminate duplicative overhead without excessive cost or adversely
affecting the business, the potential loss of customers and
employees as a result of the transaction, the ability to achieve
procurement savings by leveraging total spending across the
organization, the success of the organization in leveraging its
comprehensive product offering to the combined customer base as
well as the ability of the organization to complete the integration
of the combined companies without losing focus on the business. In
addition, the ability of the combined company to achieve the
expected net sales, accretion, cash flow and synergy savings will
also be affected by the effects of competition (in particular the
response to the transaction in the marketplace), the effects of
pricing of paper and other raw materials and fuel price
fluctuations and shortages of supply, the rate of migration from
paper- based forms to digital formats, the impact of currency
fluctuations in the countries in which RR Donnelley operates,
general economic and other factors beyond the combined company's
control, and other risks and uncertainties described in RR
Donnelley's periodic filings with the Securities and Exchange
Commission (SEC). Readers are strongly encouraged to read the full
cautionary statements contained in RR Donnelley's filings with the
SEC. RR Donnelley disclaims any obligation to update or revise any
forward-looking statements. DATASOURCE: RR Donnelley CONTACT:
Investors: Dan Leib, Vice President, Investor Relations,
+1-312-326-7710, , or Media: Doug Fitzgerald, Sr. Vice President,
Marketing & Communications, +1-312-326-7740, , both of RR
Donnelley Web site: http://www.rrdonnelley.com/
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