PITTSBURGH--(BUSINESS WIRE) -- December 23, 2015 -- Black Box Corporation (NASDAQ:BBOX), a leading technology solutions provider, today announced that Michael McAndrew will be stepping down as the President and Chief Executive Officer of the company, effective upon the appointment of his successor. Mr. McAndrew will remain available to ensure a smooth transition. The Nominating & Governance Committee of the Board is in charge of succession planning and has engaged a national executive search firm to conduct an external search for candidates.
Mr. Thomas G. Greig, Chairman of the Board, stated, "We want to thank Mike for his many years of service to Black Box and his leadership during the Company's recent transformational efforts. Despite recent challenges, both Mike and I are optimistic about the future of the Company and agreed that now is the right time to transition to new leadership to take the company to its next phase of growth."
Mr. McAndrew added, "It has been my privilege to serve Black Box in my many roles over the past 26 years and most recently as CEO. I believe that with our transformational efforts well underway, now is the right time for a transition. I am excited to work with the Board to position our new leader for great success for the Company in the future. I remain committed to the Company and our team members, clients and stockholders until my successor is identified and a smooth transition has occurred."
Cautionary Forward-Looking Statements
This report contains "forward-looking statements," including the foregoing statements regarding CEO transition. When included in this press release, the words "plans" and "will" and any analogous expressions are intended to identify forward-looking statements. One can also identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. Such 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, the inability to recruit an acceptable successor to Mr. McAndrew, levels of business activity and macro conditions, many of which are beyond the Company's control. Additional risk factors are included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2015. These forward-looking statements 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 press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or any changes in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based.
About Black Box
Black Box is a leading technology solutions provider dedicated to helping customers build, manage, optimize and secure their IT infrastructure. Black Box delivers high-value products and services through its global presence and approximately 4,000 team members. 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.
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Source: Black Box Corporation
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