Resources Connection (RECN) Announces Unanticipated Retirement of CEO Anthony Cherbak Due to Health
- Stocks dip as earnings pour in, consumer discretionary lags
- UPDATE: Alphabet (GOOG) Tops Q3 EPS Views; Revs Strong
- Twitter (TWTR) Tops Q3 EPS by 4c; Announces Restructuring, Workforce Reduction
- Cirrus Logic, Inc. (CRUS) Q2 Results and Guidance Beat Estimates
- Amazon.com (AMZN) Misses Q3 EPS by 26c, Offers Q4 Guidance
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
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 invaluable.”
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.”
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Corindus Vascular Robotics (CVRS) Reports FDA Clearance for Next-Gen Robotic System
- ExxonMobil (XOM) Commences Jet Engine Lubricant Production at Port Allen Plant
- Vertex Pharma (VRTX) Announces Positive Longer-Term ORKAMBI + KALYDECO Data in CF Progression Modification
Create E-mail Alert Related CategoriesCorporate News, Hot Corp. News, Management Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!