Wednesday, June 20, 2012
Black Box Corporation Announces CEO Succession Plan-Michael McAndrew, Executive Vice President And Chief Financial Officer To Become CEO
PITTSBURGH, PENNSYLVANIA, June 20, 2012 – Black Box Corporation (NASDAQ:BBOX) announced today that its Board of Directors has appointed Michael McAndrew as President and Chief Executive Officer, effective April 1, 2013. Mr. McAndrew, age 52, is currently the Company’s Executive Vice President, Chief Financial Officer, Secretary and Treasurer.
In order to ensure a smooth transition, R. Terry Blakemore, President and Chief Executive Officer, will continue in those positions until March 31, 2013. Mr. Blakemore will retire from the Company effective May 31, 2013 and is expected to remain a member of the Board of Directors until the 2013 Annual Meeting of Stockholders.
Mr. Thomas G. Greig, Chairman of the Board of Directors, noted, “As part of the Board’s succession planning process, the Board, with the assistance of a nationally-recognized consultant, conducted an extensive evaluation and determined that Mike McAndrew was the right person to lead Black Box in the future. Mike brings the best of both worlds – an intimate knowledge of our Company gained from his 22 years of experience as a Team Member, and a clear and exciting vision for our Company’s future. The Board, as a whole, and I, in particular, look forward to working closely with Terry and Mike through this transition. Mike’s passion for the business will be invaluable as we build upon the strong foundation already in place and take Black Box to new levels of success.”
Mr. McAndrew said, “I am honored to have been named the next President and Chief Executive Officer of Black Box. The communications integration market is complex and the pace of technological change in communications is rapid. I am committed to work closely with our Board of Directors, management and talented global team as we support our clients’ current communications systems and assist them as they convert future business requirements into effective and efficient solutions. I am confident that together we can build upon our successes and deliver innovation to our clients while generating returns for our shareholders.”
Mr. McAndrew was promoted to Executive Vice President on May 11, 2010. He had previously been promoted to the position of Vice President and Chief Financial Officer on December 13, 2002. He became Secretary and Treasurer on January 31, 2003. He was Manager of Corporate Planning and Analysis prior to December 13, 2002.
About Black Box
Black Box is a leading communications system integrator dedicated to designing, sourcing, implementing and maintaining today’s complex communications solutions. Black Box services more than 175,000 clients in approximately 150 countries with approximately 200 offices throughout the world. To learn more, visit the Black Box Web site at http://www.blackbox.com.
Black Box® and the Double Diamond logo are registered trademarks of BB Technologies, Inc.
Any forward-looking statements contained in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and speak only as of the date of this release. You can identify these forward-looking statements by the fact that they use words such as "should," "anticipate," "estimate," "approximate," "expect," "target," "may," "will," "project," "intend," "plan" and "believe" and other words of similar meaning and expression. One can also identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. Forward-looking statements are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those projected. Although it is not possible to predict or identify all risk factors, such risks and uncertainties may include, among others, levels of business activity and operating expenses, expenses relating to corporate compliance requirements, cash flows, global economic and business conditions, successful integration of acquisitions, the timing and costs of restructuring programs, successful marketing of the Company's product and services offerings, successful implementation of the Company's M&A program including identifying appropriate targets, consummating transactions and successfully integrating the businesses, successful implementation of the Company's government contracting programs, competition, changes in foreign, political and economic conditions, fluctuating foreign currencies compared to the U.S. dollar, rapid changes in technologies, client preferences, the Company's arrangements with suppliers of voice equipment and technology, government budgetary constraints and various other matters, many of which are beyond the Company's control. Additional risk factors are included in the Company's Form 10-K for the fiscal year ended March 31, 2012. The Company expressly disclaims any obligation or undertaking to release publicly any revisions to forward-looking statements as a result of future events or developments.
Contact: Black Box Corporation
Director – Investor Relations