GREENVILLE, Wis., Feb. 04, 2019 (GLOBE NEWSWIRE) — School Specialty, Inc. (OTCQB: SCOO) (“School Specialty” or “the Company”), a leading provider of products and services to the education market, today announced that its Board of Directors has appointed Michael Buenzow as interim Chief Executive Officer. Mr. Buenzow succeeds Joseph Yorio, President and CEO of School Specialty since 2014, who has resigned from the Company to pursue other opportunities. Mr. Buenzow will begin his role effective immediately.
“I, along with the rest of School Specialty’s Board of Directors, am excited to welcome Michael to our team and believe that his skill set aligns well with the Company’s strategic objectives,” said Gus Halas, Chairman of the Board of Directors. “Michael has an impressive leadership background, and we are looking forward to utilizing his interim management expertise while we conduct a formal search process for a new CEO. We greatly appreciate everything that Joseph has done for School Specialty and wish him well in his future endeavors.”
Mr. Buenzow is a proven executive with more than 25 years of interim management and operational experience, having served as interim CEO for numerous companies including Bush Furniture and Huffy Bicycle. His experience spans a number of industries, including furniture, retail and consumer products. Based in Chicago, Mr. Buenzow currently is a Senior Managing Director at FTI Consulting.
Commenting on his appointment, Mr. Buenzow said, “I am eager to join the School Specialty team as the Company continues to lead the industry in creating safe, integrated learning environments that support positive outcomes for students. The Company has a strong future ahead, and I am looking forward to working closely with the entire School Specialty team and the Board of Directors to successfully execute on our strategic objectives and maximize shareholder value.”
Outgoing President and CEO, Joseph Yorio, said, “I am proud of all that we have accomplished in the four years that I have led School Specialty, but believe the time is right for me to move on to the next phase of my professional life. I have full confidence in the team and their ability to execute and drive long-term shareholder value.”
The appointment of Mr. Buenzow is coupled with a comprehensive search to hire a permanent CEO for School Specialty. This process is expected to commence shortly. Mr. Buenzow will remain in his role as interim CEO until the transition to a permanent CEO has been completed.
About School Specialty, Inc.
School Specialty designs, develops and delivers the broadest assortment of innovative and proprietary products, programs and services to the education marketplace, including essential classroom supplies, furniture, educational technology, supplemental learning resources, science-based curriculum, and evidence-based safety training and security. The Company applies its unmatched team of subject-matter experts and customized planning, development and project management tools to deliver this assortment as the 21st Century Safe School™, a concept built around best-practice school environments that support the social, emotional, mental, and physical safety of children – improving both their learning outcomes and school district performance. School Specialty serves the U.S. and Canada through a comprehensive network of distribution centers powered by a multi-channel approach. For more information, visit https://corporate.schoolspecialty.com/ or connect with us on Facebook, Twitter, Instagram, and Pinterest. Find ideas, resources and inspiration by visiting our blog: https://blog.schoolspecialty.com/.
Statement Concerning Forward-Looking Information
Any statements made in this press release about School Specialty’s future financial condition, results of operations, expectations, plans, or prospects constitute forward-looking statements. Forward-looking statements also include those preceded or followed by the words “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “should,” “targets” and/or similar expressions. These forward-looking statements, including without limitation statements regarding the Company’s prospects, executing on strategic objectives, maximizing shareholder value and the search for a permanent chief executive officer, are based on School Specialty’s current estimates and assumptions and, as such, involve uncertainty and risk. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from those contemplated by the forward-looking statements because of a number of factors, including the risk factors described in Item 1A of School Specialty’s Form 10-K for the fiscal year ended December 30, 2017, which risk factors are incorporated herein by reference. Other risks and uncertainties include, but are not limited to, the following: failure to comply with restrictive covenants under our credit facilities and other debt instruments; material adverse effects on our operating flexibility resulting from our debt levels; volatile or uncertain economic conditions; inability to timely respond to the needs of our clients; declining school budgets; cyberattack or improper disclosure or loss of sensitive or confidential company, employee or client data; risks relating to leadership transitions; and other factors that may be disclosed from time to time in our SEC filings or otherwise. Any forward-looking statement in this release speaks only as of the date on which it is made. Except to the extent required under the federal securities laws, School Specialty does not intend to update or revise the forward-looking statements.
Source: School Specialty, Inc