PORT WASHINGTON, N.Y.,
Oct. 8, 2018 /PRNewswire/
-- Systemax Inc. (NYSE:SYX) today announced a CEO
succession plan under which Barry
Litwin, a member of the Systemax Board of Directors and
currently the Chief Executive Officer of Adorama, Inc., will join
the Company as Chief Executive Officer on January 7, 2019. Larry Reinhold, President and Chief Executive
Officer and a member of the Systemax Board of Directors, will step
down from his management roles at the Company on that date and will
assist Mr. Litwin in his transition to his new responsibilities
over the next several months. Mr. Litwin and Mr. Reinhold
will remain on the Board of Directors.
Richard Leeds, Executive
Chairman, said, "Barry Litwin has
been a valued member of our Board of Directors and during the past
year we have seen firsthand his management abilities and expertise.
We look forward to continuing to benefit from his acumen in sales
growth and operational excellence, which will be critical in the
continued execution of our ongoing business initiatives.
Barry is already very familiar with the Company through his board
membership and we expect the transition will be seamless."
Barry Litwin said, "Systemax is
well-positioned for its next stage of growth, as we build and
execute a clear and differentiated strategy to provide customers
with exceptional value. We will strive to enhance our leading
end-to-end customer experience, our integrated digital and
high-touch sales and service capability and, our position as a
single source for premier branded and innovative products and
services. I am excited to lead Systemax and our associates to
the next level of growth."
Mr. Leeds continued, "Larry has been with Systemax for nearly 12
years and ascended to the CEO role three years ago, and working
closely with the Board, has successfully led the Company through
numerous planned restructuring and business improvement
initiatives. Larry has done an exceptional job leading the
Company, and shareholder value has grown significantly through this
process. With these initiatives complete, we determined with
Larry that the time is right for him to move on to new challenges,
and for us to further leverage the platform Larry helped us
build."
Larry Reinhold said, "With a
singular focus on the MRO and industrial equipment market, Systemax
is well positioned to capitalize on its future growth opportunities
and this marks an ideal time for me to pursue other
interests. I wish to thank all of our associates for their
efforts and support over the years and look forward to working with
Barry during the transition. I will remain a significant
shareholder and I'm excited to continue to serve as a consultant
and a Board member to the company."
Barry Litwin has served as Chief
Executive Officer of Adorama since 2015. His previous
executive roles included overseeing the e-commerce businesses and
digital strategy for Sears Holdings, Inc., Office Depot, and Newark
Electronics, Inc., in addition to serving as an advisor to several
early stage technology companies. Barry graduated from Indiana University with a BS degree, and an MBA in
Operations from Loyola University,
Quinlan School of Business in
1992.
About Systemax Inc.
Systemax Inc. (www.systemax.com),
through its operating subsidiaries, is a provider of industrial
products in North America, going
to market through a system of branded e-Commerce websites and
relationship marketers. The Company's primary brand is Global
Industrial(www.globalindustrial.com).
Forward-Looking Statements
This press release
contains forward looking statements within the meaning of that term
in the Private Securities Litigation Reform Act of 1995 (Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934). Additional written or oral forward
looking statements may be made by the Company from time to time in
filings with the Securities and Exchange Commission or
otherwise. Statements contained in this press release that
are not historical facts are forward looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, and are based on management's
estimates, assumptions and projections and are not guarantees of
future performance. The Company assumes no obligation to
update these statements. Forward looking statements may include,
but are not limited to, projections or estimates of revenue, income
or loss, exit costs, cash flow needs and capital expenditures,
statements regarding future operations, expansion or restructuring
plans, including our exit from and winding down of our sold NATG
operations, financing needs, compliance with financial covenants in
loan agreements, plans relating to products or services of the
Company, assessments of materiality, predictions of future events
and the effects of pending and possible litigation, as well as
assumptions relating to the foregoing. In addition, when used in
this release, the words "anticipates," "believes," "estimates,"
"expects," "intends," and "plans" and variations thereof and
similar expressions are intended to identify forward looking
statements.
Other factors that may affect our future results of
operations and financial condition include, but are not limited to,
unanticipated developments in any one or more of the following
areas, as well as other factors which may be detailed from time to
time in our Securities and Exchange Commission filings: risks
involved with e-commerce, including possible loss of business and
customer dissatisfaction if outages or other computer-related
problems should preclude customer access to our products and
services; the Company's management information systems and other
technology platforms supporting our sales, procurement and other
operations are critical to our operations and disruptions or delays
have occurred and could occur in the future, and if not timely
addressed would have a material adverse effect on us; we could
suffer a data security breach due to our e-commerce and data
storage systems being hacked by those seeking to steal Company
information, vendor, employee or customer personal information, or
due to employee error, resulting in disruption to our operations,
loss of information and privacy, legal claims and adverse material
impact on our reputation and business; meeting credit card industry
compliance standards in order to maintain our ability to accept
credit cards; technological change has had and can continue to have
a material effect on our product mix and results of operations;
general economic conditions will continue to impact our business;
extreme weather conditions could disrupt our product supply chain
and our ability to ship or receive products, which would adversely
impact sales; our international operations are subject to risks
such as fluctuations in currency rates and foreign regulatory
requirements, and our operations are subject to the impact of newly
enacted US and foreign tariffs, and political uncertainty; and
managing various inventory risks, such as being unable to
profitably resell excess or obsolete inventory and/or the loss of
product return rights and price protection from our
vendors.
Investor/Media Contacts:
Mike
Smargiassi
The Plunkett Group
212-739-6729
mike@theplunkettgroup.com
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SOURCE Systemax Inc.