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8-K - FORM 8K DAVID SMITH - PSS WORLD MEDICAL INC | form8k.htm |
Exhibit
99.1
PSS
WORLD MEDICAL APPOINTS GARY A. CORLESS AS PRESIDENT AND
CHIEF
EXECUTIVE OFFICER
CEO
David A. Smith Steps Down as Chairman and CEO
Delores
P. Kesler Named Chairman of the Board
JACKSONVILLE, Fla., February 3, 2010
– PSS World Medical, Inc. (NASDAQ:PSSI) today announced that its Board of
Directors has unanimously appointed Gary A. Corless, currently the Company’s
Executive Vice President and Chief Operating Officer, as President and Chief
Executive Officer, effective immediately. Mr. Corless succeeds David
A. Smith, who has terminated his employment with the Company by mutual
agreement. Mr. Corless has also been appointed a Director on the
Company’s Board and a member of the Executive Committee. In addition,
Delores P. Kesler, a Director since 1993, has been appointed Chairman of the
Board of Directors.
Ms.
Kesler said, “We thank David for his outstanding leadership during his
lengthy career at PSS World Medical. His contributions have been
instrumental in developing the Company into the industry leader it is
today. David and Gary have worked closely together, and we expect
this transition to be seamless for our customers, suppliers and
employees.”
“We
are extremely fortunate to have in Gary Corless a leader with exceptional
judgment, experience and institutional knowledge, all of which will allow PSS
World Medical to continue doing what it does best – offering customers the best
service, products and solutions in the industry,” Ms. Kesler
added. “Gary has been an integral part of our leadership team for two
decades, having helped develop and implement the strategy that has made PSS
World Medical a leader in medical product distribution. We have
confidence in Gary’s leadership and believe that, with the added support of the
rest of the management team and our dedicated employees, PSS World Medical will
continue to excel.”
Mr.
Corless said, “I have spent my entire professional career at PSS World Medical
and I am very proud to be its next CEO. I look forward to extending
our successful track record of building value for shareholders and providing our
customers with first-rate service and the most compelling product
offerings. I am confident that PSS World Medical is well-positioned
for the future, with the right strategy, the right team and the best
opportunities in the industry.”
The
Company noted that it recently confirmed its increased financial goals for
fiscal 2010, of $1.15 - $1.17 for GAAP earnings per share, concurrent with its
January 27, 2010 third quarter earnings release. The Company said
that it does not anticipate that this announced organizational change will have
a material impact on the financial statements, the achievement of those earnings
goals, or on its system of internal financial controls.
Gary A.
Corless joined PSS World Medical in 1990, most recently serving as Chief
Operating Officer since August 2005. From May 2002 to August 2005, he
served as President of the Physician Business, Physician Sales & Service and
Executive Vice President of PSS World Medical. From April 1999 to May
2002, Mr. Corless served as President of the Elder Care Business, Gulf South
Medical Supply, leading the division to a dramatic rise in operational and
financial performance over the three-year period. From 1990 to 1999
he held various leadership positions with the Company. Mr. Corless
earned a B.S. in Finance from Florida State University.
Delores
P. Kesler was named Lead Director in March 2007 and has served on the Board of
Directors of the Company since July 1993. Ms. Kesler has been
Chairman and Chief Executive Officer of Adium LLC, a capital investment company,
since 1997. Ms. Kesler is also a founder of Accustaff, Inc. (now
Adecco Group), a consulting and staffing company, and served as its Chairman and
Chief Executive Officer from 1978 until 1997. Ms. Kesler currently
serves on the board of directors of The St. Joe Company, a real estate operating
company. Ms. Kesler also currently serves on the board of directors
of Horatio Alger Association of Distinguished Americans, Inc., University of
North Florida Foundation, and the Northeast Florida Hospice
Foundation.
PSS World
Medical, Inc. is a national distributor of medical products to physicians and
elder care providers through its two business units. Since its
inception in 1983, PSS has become a leader in the two market segments that it
serves with a focused market approach to customer services, a consultative sales
force, strategic acquisitions, strong arrangements with product manufacturers
and a unique culture of performance.
Certain
statements in this release are "forward-looking statements" made pursuant to the
Private Securities Litigation Reform Act of 1995 and other federal securities
laws. These forward-looking statements are identified by the use of words such
as "expect," "may," "will," "should," "believe," "plan," "anticipate," and
"estimate" among others. These statements involve a number of risks and
uncertainties, many of which are outside the control of the Company. Actual
results may differ materially from those identified in the forward-looking
statements. Among the factors that could cause results to differ materially are
the following: the uncertainty surrounding the impact of the
management change described in this press release as well as other personnel
changes; fluctuating demand for our products and services; national and global
economic conditions, including our and our customers' ability to obtain
financing; the introduction of new products and services offered by us and our
competitors; uncertainty of the impact of the presidential administration's
health care policies and legislative proposals; proper functioning of our data
processing and information technology systems; our ability to successfully
execute our global sourcing strategy; pricing pressures on large national and
regional accounts and GPOs; customer credit quality and our ability to collect
our accounts receivable, particularly in states with significant budget
deficits; our ability to compete with other medical supply companies and direct
manufacturers; multi-tiered cost structures where certain institutions can
obtain more favorable prices for medical products than us; our ability to
maintain relationships with our suppliers and customers; our ability to retain,
and the effects of the loss of, sales reps and key management; our ability to
execute our growth strategy; increased operating costs, including fuel prices;
risks involved in maintaining a large amount of inventory; our indebtedness may
limit our ability to obtain additional financing or react to market conditions;
we face litigation and product liability exposure; weather-related events such
as hurricanes may disrupt our and our customers' business; we may be deemed to
infringe other persons intellectual property; our business is subject to
numerous federal, state and foreign laws and regulations, including state
pedigree laws and regulations; general business competitive and economic factors
and conditions; and other factors described from time to time in the Company's
reports filed with the Securities and Exchange Commission. PSS assumes no
obligation to update the information in this release except as otherwise
required by law. Readers are cautioned not to place undue reliance on these
forward-looking statements that speak only as of the date hereof.
CONTACTS:
For
Investors:
Robert C.
Weiner, Vice President, Investor Relations
904-332-3287
For
Media:
Brian C.
Kosoy, Senior Associate, Public Relations
904-332-4175