Attached files
file | filename |
---|---|
8-K - MSC INDUSTRIAL DIRECT CO INC | v199528_8k.htm |
EX-10.02 - MSC INDUSTRIAL DIRECT CO INC | v199528_ex10-02.htm |
EX-10.01 - MSC INDUSTRIAL DIRECT CO INC | v199528_ex10-01.htm |
Exhibit 99.1
Contact:
Shelley Boxer
V.P. Finance
MSC Industrial Direct Co.,
Inc.
(516) 812-1216
Investors/Media:
Eric Boyriven/ Jeannine
Dowling
FD
(212) 850-5600
For
Immediate Release
MSC INDUSTRIAL DIRECT CO., INC.
ANNOUNCES MANAGEMENT SUCCESSION PLAN
- Erik Gershwind, Executive Vice
President and Chief Operating Officer, Appointed to Board of Directors
-
- David Sandler continues as CEO for 2-3
years, will transition to Vice Chairman of Board thereafter
-
Melville, NY, October
21, 2010 - MSC INDUSTRIAL DIRECT
CO., INC. (NYSE: MSM), “MSC” or the “Company,” one of the
largest direct marketers and premier distributors of Metalworking and
Maintenance, Repair and Operations (“MRO”) supplies to industrial
customers throughout the United States, today announced its management
succession plan for the position of Chief Executive Officer.
Under the
succession plan, David Sandler, President and Chief Executive Officer, will
continue in his current role through December 31, 2012, or no later than
December 31, 2013 as determined by the Company’s Board of
Directors. Erik Gershwind, Executive Vice President and Chief
Operating Officer, has been identified by the Company’s Board of Directors as
the successor to Mr. Sandler as the Company’s Chief Executive
Officer.
Upon his
transition from the position of Chief Executive Officer, Mr. Sandler will serve
as Vice Chairman of the Company’s Board of Directors until at least the end of
calendar 2016 or potentially longer. The Company has entered into a long term
succession agreement to retain and incentivize Mr. Sandler. The terms and
details of the agreement are available in an 8-K which was filed
today.
There are
no changes to management roles or responsibilities and no other executive
leadership changes at this time.
Mr.
Sandler commented, “I am gratified and humbled to continue to have the Board’s
confidence in affirming my long term leadership role at MSC. While my desire in
the coming years will be to eventually spend more time with my family, MSC has
not only represented a career to which I remain deeply committed but an
important part of my life as well. Our effective succession management process,
commitment to strong corporate governance and track record of successfully
transitioning leadership seamlessly makes MSC a company that is built to
last.”
MSC
INDUSTRIAL DIRECT CO., INC. ANNOUNCES MANAGEMENT SUCCESSION
PLAN Page -
2 -
The
Company also announced that Mr. Gershwind has been elected to the Company’s
Board of Directors. This election brings the number of Directors on the
Company’s Board to nine, of which five are independent directors.
Philip Peller, Lead Director of the Board of
Directors, said, “Over his 14-year career at MSC, Erik has worked through
positions of increasing responsibility, and is a key contributor to our current
strategy and success. Our Board of Directors has complete confidence in Erik and
we are delighted to welcome him as our newest member of the Board.”
Mr. Sandler concluded, “I’d like to congratulate Erik
on his appointment
to the Board and look forward to continuing to work
closely with him in the years to come as he continues to grow in his role and
builds upon his track record of leadership and key successes. Our shared vision
and values provide a solid foundation from which we will continue to execute on
our growth strategy and drive towards long term value creation for all
stakeholders.”
David
Sandler, age 53, was appointed President and Chief Executive Officer in November
2005. He previously served as Chief Operating Officer from November 2000 to
November 2005 and was promoted from Executive Vice President to President in
November 2003. In June 1999, he was appointed as a member of the Company’s Board
of Directors. Mr. Sandler previously served as Senior Vice President,
Administration and from 1989 to 1998 held various positions of increasing
responsibility throughout the Company. Mr. Sandler joined MSC in 1989 as a
result of the acquisition of Dancorp Inc., a New England-based industrial supply
distributor, where he was a founder and served as President and Chief Executive
Officer.
Erik
Gershwind, age 39, was appointed Executive Vice President and Chief Operating
Officer in October 2009. Prior to that, he was Senior Vice President, Product
Management and Marketing since December 2005. Prior to this
appointment, he held various positions of increasing responsibility in business
development, sales management, branch integration, and eCommerce at the Company.
Mr. Gershwind joined MSC in 1996 as manager of the Company’s acquisition
integration initiative, and in 1999 established MSC’s highly successful Internet
business as Director of eCommerce.
Mr.
Gershwind graduated summa cum laude with a B.S. in Economics from the Wharton
School of Business, University of Pennsylvania and magna cum laude with a J.D.
from Harvard Law School. He also serves on the board of directors for the
Gershwind and Jacobson charitable foundations and on the board of overseers for
the University of Pennsylvania Libraries.
About
MSC Industrial Direct Co., Inc.
MSC Industrial Direct Co., Inc. is one
of the largest direct marketers and premier distributors of Metalworking and
Maintenance, Repair and Operations (“MRO”) supplies to industrial customers
throughout the United States. MSC distributes approximately 600,000 industrial
products from approximately 3,000 suppliers to approximately 320,000 customers. In-stock availability is
approximately 99%, with next day standard delivery to the contiguous United
States on qualifying orders up until 8:00 p.m. Eastern Time. MSC reaches its
customers through a combination of approximately 22 million direct-mail
catalogs, 96 branch sales offices, 973 sales people, the Internet and
associations with some of the world's most prominent B2B ecommerce portals. For
more information, visit the Company's website at http://www.mscdirect.com.
CAUTIONARY
STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. Statements in this Press
Release may constitute "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Any statements contained herein
which are not statements of historical facts and that address activities, events
or developments that the Company expects, believes or anticipates will or may
occur in the future shall be deemed to be forward-looking statements.
Forward-looking statements are inherently subject to risks and uncertainties,
many of which cannot be predicted with accuracy and some of which might not even
be anticipated. Future events, actual results and performance, financial and
otherwise, could differ materially from those set forth in or contemplated by
the forward-looking statements herein. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the date
hereof. The inclusion of any statement in this release does not constitute an
admission by MSC or any other person that the events or circumstances described
in such statement are material. Factors that could cause actual results to
differ materially from those in forward-looking statements include, without
limitation, the success of the Company's management succession
plan. Additional information concerning other risks is described
under "Risk Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" in the Company's reports on Forms 10-K,
10-Q and 8-K that the Company files with the U.S. Securities and Exchange
Commission. The forward-looking statements in this press release are
based on current expectations and the Company assumes no obligation to update
these forward-looking statements.
# #
#