STAMFORD, CT—The management team at Cenveo has awarded college scholarships to 51 children of company employees in the first year of a program originated by Robert Burton. The program awarded students based upon a number of criteria, including educational success, community service, athletic team and club participation.
ROBERT BURTON, chairman and CEO of Cenveo Inc., is very decisive in his quest to uncover $100 million in cost savings at the publicly held printing conglomerate (ranked #5 on the 2005 Printing Impressions 400 listing of largest U.S. and Canadian printers) he took over last fall in a forceful, and sometimes contentious, takeover. Citing the need for a major overhaul, he immediately fired the existing board and senior managers, and brought in his own team from his former World Color and Moore Corp. days. Numerous plant closures, cutbacks and rounds of staff reductions have since followed company-wide. Appeasing analysts and stakeholders, Cenveo’s once-floundering
STAMFORD, CT—Thomas Oliva, a longtime manager under Robert Burton in previous executive stints with World Color and Moore Corp., has been promoted to president of Cenveo Inc. Oliva will direct all of Cenveo's sales and manufacturing endeavors, while reporting directly to Burton, the chairman and CEO of Cenveo. He will also retain his spot on the company's board of directors. In filling the previously vacant president's role, Burton cited Oliva's "track record of delivering outstanding results over an extended period of time." The pair have worked together for the past 12 years, and Burton believes Oliva can help increase shareholder value. According to Burton, Cenveo has
STAMFORD, CT—Cenveo Inc. appears to have embarked on its quest to realize $75 million in cost savings for 2006. One of the action items cited by Robert Burton, chairman and CEO, was plant consolidation and rationalization. On December 13, Cenveo closed the doors of its Waterbury, CT, facility, according to the Waterbury Republican-American, resulting in the dismissal of 65 employees. The newspaper also quoted Gary Myzel, estimating and purchasing manager, as saying that another Cenveo plant in Atlanta was also closed. And layoffs have been rumored at the plant's label facility in New Albany, IN. Burton was unavailable for comment. The company, formerly known as Craftsmen Litho,
ENGLEWOOD, CO—Citing a net loss of $97 million for the first nine months of 2005, new Cenveo Chairman and CEO Robert Burton declared the financial results of the company "unacceptable" and vowed to turn the company around in short order. "Looking back at Cenveo's results for the first nine months of the year, it is clear that the financial results of the company are completely unacceptable," Burton said in a release announcing the company's third quarter results. "Turning our performance around, and doing so quickly and effectively, is my Number One mandate." Burton is also confident that he will be able to reduce the company's overall
Cenveo Plans Cost Savings ENGLEWOOD, CO—Cenveo announced a comprehensive plan to reduce operating expenses and streamline management functions, a plan that includes the elimination of about 125 jobs—mostly managerial positions. Through these moves, the company expects to save $9 million in 2005 and generate annual savings of $20 million. After having his May 6 formal proposal to take over Cenveo rejected, veteran print executive Robert Burton of Burton Capital Management informed the troubled printer that he will seek a special meeting of shareholders with the intention of removing the existing board members and replacing them with a slate that will "affirmatively act in the best