Anthony Cherbak announces his retirement as President and Chief
Executive Officer due to health considerations
Kate Duchene, EVP, named Interim CEO pursuant to Emergency Succession
Search Committee of the Board is formed to select permanent CEO, Ms.
Duchene to be among candidates
IRVINE, Calif.--(BUSINESS WIRE)--
Resources Connection, Inc. (NASDAQ: RECN) today announced the
unanticipated retirement of its President and Chief Executive Officer
("CEO"), Anthony Cherbak, 62, due to health considerations, effective
October 7, 2016. Mr. Cherbak will remain a member of the Board of
Directors and will become a part-time employee of the Company as a
Special Advisor to the Interim CEO during a transition period. Mr.
Cherbak remains a nominee for reelection to the Board of Directors at
the Company's 2016 Annual Shareholder meeting and the Board of Directors
continues to recommend that stockholders vote in favor of his election.
Concurrent with Mr. Cherbak's retirement as CEO, the Board of Directors
has activated its formal Emergency Succession Plan and named Kate W.
Duchene, 53, to the role of Interim CEO. Ms. Duchene has most recently
held the role of Chief Legal Officer, Executive Vice President, Human
Resources and Secretary, for the Company. She has served in her
executive capacity at the Company since 2000. In 2012, Ms. Duchene also
assumed leadership and financial responsibility for the Company's legal
consulting business. Ms. Duchene is a graduate of Stanford University
and received her law degree from New York University School of Law. Ms.
Duchene will be a candidate for the permanent CEO role, along with other
senior leaders at the Company who have been identified in the Company's
Succession Plan. The Board has formed a Search Committee to determine
the search strategy and to select the Company's permanent CEO. The
search may extend to external candidates.
"We are extremely grateful to Tony for his excellent leadership of the
Company and his many contributions as CEO," said Donald B. Murray,
Chairman of the Board of Directors. "We accept Tony's retirement news
with deep regret but understand that his health comes first and he must
address a recent medical issue. We are also delighted that Tony is able
to continue to serve as a Board member and Special Advisor. His
contributions -- given his previous experience and character -- are
Mr. Murray also stated: "The Board fully and unanimously endorses Kate
for the role of Interim CEO. She has been a significant contributor to
our Company for many years and is fully equipped to lead the Company
forward. Kate is a great role model for working women and she embodies
the culture of the Company fully."
Resources Global Professionals ("RGP"), the operating subsidiary of
Resources Connection, Inc. (NASDAQ: RECN), is a multinational business
consulting firm that helps leaders execute internal initiatives.
Partnering with business leaders, we drive internal change across all
parts of a global enterprise - accounting; finance; governance, risk and
compliance management; corporate advisory, strategic communications and
restructuring; information management; human capital; supply chain
management; and legal and regulatory.
RGP was founded in 1996 within a Big Four accounting firm. Today, we are
a publicly traded company with over 3,300 professionals, annually
serving over 1,800 clients around the world from 68 practice offices.
Headquartered in Irvine, California, RGP has served 86 of the Fortune
The Company is listed on the NASDAQ Global Select Market, the exchange's
highest tier by listing standards. More information about RGP is
available at http://www.rgp.com.
Certain statements in this press release are "forward-looking
statements" within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934. Such
forward-looking statements may be identified by words such as
"anticipates," "believes," "can," "continue," "could," "estimates,"
"expects," "intends," "may," "plans," "potential," "predicts," "remain,"
"should" or "will" or the negative of these terms or other comparable
terminology. Such statements and all phases of the Company's operations
are subject to known and unknown risks, uncertainties and other factors
that could cause our actual results, levels of activity, performance or
achievements and those of our industry to differ materially from those
expressed or implied by these forward-looking statements including the
risks and uncertainties identified in our most recent Quarterly Report
on Form 10-Q and our other public filings made with the Securities and
Exchange Commission (File No. 0-32113). Additional risks and
uncertainties not presently known to us or that we currently deem
immaterial may also affect our business or operating results. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. The Company does not
intend, and undertakes no obligation, to update the forward-looking
statements in this press release to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated
events, unless required by law to do so.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161005006341/en/
for Resources Connection, Inc.
Herb Mueller, Chief Financial Officer
Source: Resources Connection, Inc.
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