Resources Connection, Inc. Reports Unexpected CEO Change
October 05 2016 - 4:05PM
Business Wire
- Anthony Cherbak announces his
retirement as President and Chief Executive Officer due to health
considerations
- Kate Duchene, EVP, named Interim CEO
pursuant to Emergency Succession Plan
- Search Committee of the Board is formed
to select permanent CEO, Ms. Duchene to be among candidates
Resources Connection, Inc. (NASDAQ: RECN) today announced the
unanticipated retirement of its President and Chief Executive
Officer (“CEO”), Anthony Cherbak, 62, due to health considerations,
effective October 7, 2016. Mr. Cherbak will remain a member of the
Board of Directors and will become a part-time employee of the
Company as a Special Advisor to the Interim CEO during a transition
period. Mr. Cherbak remains a nominee for reelection to the Board
of Directors at the Company’s 2016 Annual Shareholder meeting and
the Board of Directors continues to recommend that stockholders
vote in favor of his election.
Concurrent with Mr. Cherbak’s retirement as CEO, the Board of
Directors has activated its formal Emergency Succession Plan and
named Kate W. Duchene, 53, to the role of Interim CEO. Ms. Duchene
has most recently held the role of Chief Legal Officer, Executive
Vice President, Human Resources and Secretary, for the Company. She
has served in her executive capacity at the Company since 2000. In
2012, Ms. Duchene also assumed leadership and financial
responsibility for the Company’s legal consulting business. Ms.
Duchene is a graduate of Stanford University and received her law
degree from New York University School of Law. Ms. Duchene will be
a candidate for the permanent CEO role, along with other senior
leaders at the Company who have been identified in the Company’s
Succession Plan. The Board has formed a Search Committee to
determine the search strategy and to select the Company’s permanent
CEO. The search may extend to external candidates.
“We are extremely grateful to Tony for his excellent leadership
of the Company and his many contributions as CEO,” said Donald B.
Murray, Chairman of the Board of Directors. “We accept Tony’s
retirement news with deep regret but understand that his health
comes first and he must address a recent medical issue. We are also
delighted that Tony is able to continue to serve as a Board member
and Special Advisor. His contributions -- given his previous
experience and character -- are invaluable.”
Mr. Murray also stated: “The Board fully and unanimously
endorses Kate for the role of Interim CEO. She has been a
significant contributor to our Company for many years and is fully
equipped to lead the Company forward. Kate is a great role model
for working women and she embodies the culture of the Company
fully.”
ABOUT RGP
Resources Global Professionals (“RGP”), the operating subsidiary
of Resources Connection, Inc. (NASDAQ: RECN), is a multinational
business consulting firm that helps leaders execute internal
initiatives. Partnering with business leaders, we drive internal
change across all parts of a global enterprise – accounting;
finance; governance, risk and compliance management; corporate
advisory, strategic communications and restructuring; information
management; human capital; supply chain management; and legal and
regulatory.
RGP was founded in 1996 within a Big Four accounting firm.
Today, we are a publicly traded company with over 3,300
professionals, annually serving over 1,800 clients around the world
from 68 practice offices.
Headquartered in Irvine, California, RGP has served 86 of the
Fortune 100 companies.
The Company is listed on the NASDAQ Global Select Market, the
exchange’s highest tier by listing standards. More information
about RGP is available at http://www.rgp.com. (RECN-F)
Certain statements in this press release are “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Such forward-looking statements may be identified by words such as
“anticipates,” “believes,” “can,” “continue,” “could,” “estimates,”
“expects,” “intends,” “may,” “plans,” “potential,” “predicts,”
“remain,” “should” or “will” or the negative of these terms or
other comparable terminology. Such statements and all phases of the
Company’s operations are subject to known and unknown risks,
uncertainties and other factors that could cause our actual
results, levels of activity, performance or achievements and those
of our industry to differ materially from those expressed or
implied by these forward-looking statements including the risks and
uncertainties identified in our most recent Quarterly Report on
Form 10-Q and our other public filings made with the Securities and
Exchange Commission (File No. 0-32113). Additional risks and
uncertainties not presently known to us or that we currently deem
immaterial may also affect our business or operating results.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof.
The Company does not intend, and undertakes no obligation, to
update the forward-looking statements in this press release to
reflect events or circumstances after the date hereof or to reflect
the occurrence of unanticipated events, unless required by law to
do so.
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version on businesswire.com: http://www.businesswire.com/news/home/20161005006341/en/
for Resources Connection, Inc.Media Contact:Michael
Sitrick(US+) 1-310-788-2850mike_sitrick@sitrick.comorAnalyst
Contact:Herb Mueller, Chief Financial Officer(US+)
1-714-430-6500herb.mueller@rgp.com
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