Veritiv (VRTV) Will Form New Services Segment; Management Appointments Made
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Veritiv Corporation (NYSE: VRTV) announced its intention to form a new business segment, Veritiv Services. The new segment will be part of Veritiv's long-term strategy designed to accelerate growth across the company.
"In just over two years as a public company, we have realized impressive financial and integration results that are meeting and exceeding the commitments we made to our shareholders, customers, suppliers and employees. Today, we are taking an important step in executing on our long-term growth strategy by announcing the creation of Veritiv Services," said Mary Laschinger, Chairman and CEO of Veritiv.
To support the new organizational structure, Laschinger also announced the appointments of three senior executives to lead Veritiv's Services, Print, and Packaging businesses. Reporting directly to her and based at Veritiv's headquarters office in Atlanta will be:
- Dan Watkoske, previously Senior Vice President – Print, will take leadership of the new Services segment as Senior Vice President – Veritiv Services. Watkoske will be responsible for expanding and accelerating value-added services to make the new segment a significant portfolio business for Veritiv. Today, Veritiv offers a broad range of logistics and value-added services that have tremendous growth potential for the company.
- Darin Tang, previously Senior Vice President – Packaging, will assume P&L responsibility for Veritiv's approximately $3.5 billion industry-leading Print segment as Senior Vice President – Print. His leadership, commercial skills and proven track record will be an important asset to the company's long-term print business.
- Tracy Pearson joins the Veritiv Senior Leadership Team as Senior Vice President – Packaging and will assume P&L responsibility for Veritiv's approximately $2.8 billion industry-leading Packaging segment.Pearson joins Veritiv following a 22-year career with International Paper (IP) where she most recently served as a Vice President & General Manager. In this role she led the company's $3 billion corrugated business in the Southern U.S., Mexico and Chile, where she oversaw 49 facilities. Prior to this role, Pearson held leadership positions in IP's Foodservice business, as well as their Container, Print and Communications Paper businesses. She is a proven leader with significant experience, and strong skills and knowledge in sales, marketing, operations and supply chain. Pearson earned a bachelor's degree in electrical engineering from the University of Minnesota.
"I am pleased to have Tracy join our Veritiv team, as well as continuing to have the leadership and experience of Dan and Darin as we embark on our growth strategy to create Veritiv Services, expand our packaging business, and continue to be an industry leader in our Print, Publishing and Facility Solutions businesses," Laschinger said.
Veritiv plans to build out the new Services segment over the next 12-18 months, and begin reporting as a standalone segment in 2018.
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