CDI Corp (CDI) CEO Freidheim Resigns

September 16, 2016 10:01 AM EDT

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CDI Corp (NYSE: CDI) announced that the Board of Directors has accepted the resignation of CEO and President, Scott Freidheim. Freidheim is leaving to pursue other, non-competitive, business interests. Chief Financial Officer, Michael Castleman, has been promoted to President and has agreed to serve as interim CEO while the Board of Directors selects a permanent CEO.

"Under Scott's direction, we established our strategic road map, strengthened our leadership team, improved our client service and retention, completed our first strategic acquisition and expanded our financial capacity," said Walter Garrison, Chairman of the CDI Board of Directors and the founder of the company. "The Board appreciates Scott's leadership during a time marked by challenges within our market and client footprint. We are also grateful to Michael Castleman for agreeing to accept the additional responsibilities of President and interim CEO."

Castleman joined the Company in October 2014 as Executive Vice President, Corporate Development and Operations and was promoted to CFO in March 2015. He was previously president of Kenmore, Craftsman and Diehard brands, where he was responsible for all strategy and operations related to product development and management, brand marketing, strategic sourcing, business development and brand extensions. He initially joined Kenmore, Craftsman and Diehard as Chief Financial Officer, responsible for financial management and operational performance improvement. Prior to that, he founded or co-founded several investment firms, including Lehman Brothers Venture Partners, the venture capital affiliate of Lehman Brothers Holdings, where he served as Managing Director and Co-Head.

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