Warren G. Lichtenstein Appointed as Interim Chief Executive
Officer;
James R. Henderson Appointed as Chief
Executive Officer of ModusLink Supply Chain Business
ModusLink Global Solutions™, Inc. (the “Company”) (NASDAQ: MLNK) today
announced that its Board of Directors has appointed Warren G.
Lichtenstein as its interim Chief Executive Officer, replacing John J.
Boucher who resigned as President and Chief Executive Officer on March
23, 2016 to pursue other interests. Mr. Lichtenstein will remain
Chairman of the Board. The Company also disclosed today that James R.
Henderson has been appointed as the Chief Executive Officer of the
Company’s principal operating subsidiary, ModusLink Corporation
(“ModusLink”).
“Jim is an experienced business executive with an impressive track
record in sales, operations and supply chain management,” stated Mr.
Lichtenstein. “I’ve worked with Jim for years and his knowledge of our
industry and the markets we serve, along with his extensive hands-on
operational experience, make him the perfect fit to lead ModusLink in
this important period in our corporate evolution. We have the cash
resources on hand to grow our core business and enhance operational
capabilities. On behalf of the Board, I would like to welcome Jim to
ModusLink and look forward to collaborating with him as we continue to
execute our strategy while driving long-term shareholder value.”
Mr. Henderson is a seasoned industry veteran with significant public
company and turnaround experience. Throughout his career, he has held
various leadership positions with global corporations and supply chain
and distribution businesses. Most recently, Mr. Henderson served as
Acting Chief Executive Officer of School Specialty, Inc., a leading
distributor of educational supplies, furniture and curriculum products
to the education and healthcare industries, where he helped navigate the
Company’s turnaround, enhance distribution and manufacturing
capabilities to stabilize the core business, and drive process
improvements throughout. Prior to School Specialty, he served as Chief
Executive Officer of Point Blank Solutions, a worldwide leader in the
manufacturing and distribution of protective products and ballistic
armor to the U.S. Military, Federal and Law Enforcement agencies, and
international markets. Previously, he was CEO of other public companies
across multiple industries.
“While the global market remains challenging, we have strong and
long-standing client relationships, a strategic global footprint, and
some of the best talent in the industry. My focus over the coming year
is to continue to drive operational efficiencies on behalf of our
employees and the clients they serve, while working with the team to
grow sales and expand our pipeline across the globe. I look forward to
taking on this role and working with the ModusLink team to deliver
unprecedented value for our clients,” stated Mr. Henderson.
In addition to his prior management roles, Mr. Henderson has and
currently serves on a number of corporate Boards. He has served as a
Director of Aerojet Rocketdyne since 2008, Chairman of the Board of
School Specialty, Inc. since June 2013, and a Board member of Aviat
Networks since January 2015. Previously, Mr. Henderson served as a
Director of RELM Wireless Corporation, DGT Holdings Corp., SL
Industries, Angelica Corporation, ECC International Corp., and Point
Blank Solutions, among others.
About ModusLink
ModusLink Corporation, a wholly-owned subsidiary of ModusLink Global
Solutions, Inc. (NASDAQ: MLNK), executes comprehensive supply chain and
logistics services that are designed to improve clients’ revenue, cost,
sustainability and customer experience objectives. ModusLink is a
trusted and integrated provider to the world’s leading companies in
consumer electronics, communications, computing, medical devices,
software and retail. The Company’s operations are supported by more than
25 sites across North America, Europe, and the Asia/Pacific region. For
details on ModusLink’s flexible and scalable solutions visit www.moduslink.com
and www.valueunchained.com,
the blog for supply chain professionals.
About ModusLink Global Solutions, Inc.
ModusLink Global Solutions, Inc. (NASDAQ: MLNK), through its
wholly-owned subsidiaries, ModusLink Corporation and ModusLink PTS,
Inc. (together “ModusLink"), executes comprehensive supply chain and
logistics services that are designed to improve clients’ revenue, cost,
sustainability and customer experience objectives. ModusLink is a
trusted and integrated provider to the world’s leading companies in
consumer electronics, communications, computing, medical devices,
software and retail. ModusLink’s operations are supported by more than
25 sites across North America, Europe, and the Asia/Pacific region. For
details on ModusLink’s flexible and scalable solutions visit www.moduslink.com and www.valueunchained.com,
the blog for supply chain professionals.
This release contains forward-looking statements, which address a
variety of subjects. All statements other than statements of historical
fact, including without limitation, those with respect to the Company’s
goals, plans, expectations and strategies set forth herein are
forward-looking statements. The following important factors and
uncertainties, among others, could cause actual results to differ
materially from those described in these forward-looking statements: the
Company’s ability to execute on its business strategy, including any
cost reduction plans and the continued and increased demand for and
market acceptance of its services, which could negatively affect the
Company’s ability to meet its revenue, operating income and cost savings
targets, maintain and improve its cash position, expand its operations
and revenue, lower its costs, improve its gross margins, reach and
sustain profitability, reach its long-term objectives and operate
optimally; failure to realize expected benefits of restructuring and
cost-cutting actions; the Company’s ability to preserve and monetize its
net operating losses; difficulties integrating technologies, operations
and personnel in accordance with the Company’s business strategy; client
or program losses; demand variability in supply chain management clients
to which the Company sells on a purchase order basis rather than
pursuant to contracts with minimum purchase requirements; failure to
settle disputes and litigation on terms favorable to the Company; risks
inherent with conducting international operations; and increased
competition and technological changes in the markets in which the
Company competes. For a detailed discussion of cautionary statements
that may affect the Company’s future results of operations and financial
results, please refer to the Company’s filings with the Securities and
Exchange Commission, including the Company’s most recent Annual Report
on Form 10-K and Quarterly Reports on Form 10-Q. Forward-looking
statements represent management’s current expectations and are
inherently uncertain. The Company does not undertake any obligations to
update forward-looking statements made by it.
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