BUSINESS of print 805
Q&A: Cenveo CEO James Malone
ENGLEWOOD, CO—New Cenveo CEO James Malone discussed dissident shareholder Bob Burton, the September 14 special shareholder meeting and company direction in an exclusive interview with Printing Impressions. View the entire Q&A on www.piworld.com.
PI: How is the evaluation of strategic alternatives progressing, and what is the time frame for completion?
Malone: Employees in the field and at the corporate office have been receptive to different ideas about how to grow the company and improve the efficiencies and effectiveness of the people we have. As far as a time line, clearly we’ve got a line drawn in the sand with the September 14 date on dealing with the shareholder action.
We believe (Burton’s suggestions for maximizing shareholder value) may be great for him and his number of shares, but there’s 89 percent of the company out there that might have a different view of it.
PI: Burton has questioned the wisdom of hiring a CEO before the end of the strategic evaluation period, as your salary/benefits package may add another expense to shareholders in the event of a sale. How do you respond?
Malone: The Board felt strongly, and I agree, that the asset is damaged if it drifts very long. The overarching responsibility is to make sure that the company/asset is moving forward and has a direction to it. That requires a leader. At the same time, these other influences need to be dealt with, directly, and with a level of immediacy.
PI: How much of an issue is lack of industry experience for a CEO?
Malone: I believe our organization is enthusiastic about my past experience in being able to strategize, to marshal resources, and to redirect and refocus some of our resources.
We are a multiple market supplier to a customer base with needs beyond printing. Pure printing accounts for no more than 35 to 40 percent of our business. (Printing expertise) is only one, perhaps small, element of what’s required in terms of the experience necessary to be brought into this situation.