THOROFARE, N.J.--(BUSINESS WIRE)--Checkpoint Systems, Inc. (NYSE: CKP) today announced changes in senior leadership at its two strategic business segments, effective immediately:
- Per Levin is appointed President and Chief Sales Officer Shrink Management Solutions (SMS) and Merchandise Visibility Solutions. Mr. Levin will be responsible for driving SMS sales, field service, customer service and front-end marketing worldwide. In addition, he will have full responsibility for the worldwide Merchandise Visibility business. Previously he was President Merchandise Visibility and Apparel Labeling Solutions.
- Farrokh Abadi is appointed President and Chief Operating Officer Shrink Management Solutions. Mr. Abadi will be responsible for driving SMS research and development, operations, supply chain, product marketing and product management worldwide. Previously he was President Shrink Management Solutions.
- James Wrigley is appointed President Apparel Labeling Solutions (ALS). Mr. Wrigley will have full responsibility for ALS, driving sales and operations worldwide. Previously he was Group President Global Customer Management.
George Babich, Interim Chief Executive Officer and President, stated, “As I noted during Checkpoint’s first quarter conference call, I was going to evaluate the matrix reporting and decision-making structures with the goal of creating a focused organization with clear lines of accountability while improving the customer experience. That has been accomplished through the leadership changes announced today. The end result will be a company that is more fiercely competitive and closer to its customers.
“The Special Committee’s strategic review of Checkpoint’s business units continues. As previously stated, I will report those findings during the second quarter 2012 conference call.”
Checkpoint Systems, Inc.
Checkpoint Systems is a global leader in shrink management, merchandise visibility and apparel labeling solutions. Checkpoint enables retailers and their suppliers to reduce shrink, improve shelf availability and leverage real-time data to achieve operational excellence. Checkpoint solutions are built upon 40 years of RF technology expertise, diverse shrink management offerings, a broad portfolio of apparel labeling solutions, market-leading RFID applications, innovative high-theft solutions and its Web-based Check-Net® data management platform. As a result, Checkpoint customers enjoy increased sales and profits by improving supply-chain efficiencies, by facilitating on-demand label printing and by providing a secure open-merchandising environment enhancing the consumer’s shopping experience. For more information, visit www.checkpointsystems.com.
Caution Regarding Forward-Looking Statements
This press release includes information that constitutes forward-looking statements. Forward-looking statements often address our expected future business and financial performance, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” or “will.” By their nature, forward-looking statements address matters that are subject to risks and uncertainties. Any such forward-looking statements may involve risk and uncertainties that could cause actual results to differ materially from any future results encompassed within the forward-looking statements. Factors that could cause or contribute to such differences include: the impact upon operations of legal compliance matters or internal controls review, improvement and remediation, including the detection of wrongdoing, improper activities, or circumvention of internal controls; our ability to integrate the Shore To Shore acquisition we acquired in the second quarter of 2011 and other prior acquisitions and to achieve our financial and operational goals for our acquisitions; changes in international business conditions; foreign currency exchange rate and interest rate fluctuations; lower than anticipated demand by retailers and other customers for our products; slower commitments of retail customers to chain-wide installations and/or source tagging adoption or expansion; possible increases in per unit product manufacturing costs due to less than full utilization of manufacturing capacity as a result of slowing economic conditions or other factors; our ability to provide and market innovative and cost-effective products; the development of new competitive technologies; our ability to maintain our intellectual property; competitive pricing pressures causing profit erosion; the availability and pricing of component parts and raw materials; possible increases in the payment time for receivables as a result of economic conditions or other market factors; changes in regulations or standards applicable to our products; the ability to successfully implement global cost reductions in operating expenses including, field service, sales, and general and administrative expense, and our manufacturing and supply chain operations without significantly impacting revenue and profits; our ability to maintain effective internal control over financial reporting; risks generally associated with our company-wide implementation of an enterprise resource planning (ERP) system and additional matters disclosed in our Securities and Exchange Commission filings. We do not undertake to update our forward-looking statements, except as required by applicable securities laws.