Cenveo Welcomes Burton Into Fold
ENGLEWOOD, CO—Robert Burton, the swashbuckling printing executive with a thirst for rebuilding challenges—touting a resume that includes the pre-sale sprucing up of Moore Corp. and World Color—and a reputation of cost and headcount reductions to meet that end, is back in the industry with Cenveo.
The former Mail-Well and its board of directors, sensing a pending loss in the September 14 scheduled proxy battle, reached an agreement with Burton Capital Management (BCM) and Toronto hedge fund Goodwood on September 9 that averted the shareholder contest. As part of the deal, Burton is the company's new chairman and CEO.
Cenveo's board will also be populated with the independent directors BCM and Goodwood had proposed in June—Patrice Daniels, Leonard Green, Mark Griffin, Michael (Max) Harris, Thomas Oliva and Robert Obernier. Another newcomer to the board is Robert Kittel, partner of Goodwood Fund. The only returning board member is Jerome (Jerry) Pickholz.
The company also named Sean Sullivan its CFO, replacing Michel Salbaing.
Burton replaces James Malone, who became CEO on June 22. As recently as August 29, Malone had added the role of chairman to his CEO title.
Burton, however, had been garnering favor in the eyes of shareholders, particularly with the August 25th announcement that he had purchased $2 million worth of stock, giving him 11.2 percent of the company's common stock. He is the company's largest shareholder.
Earlier this year, Burton aggressively pursued the leadership position at Creo prior to its acquisition by Eastman Kodak.