CONCORD TOWNSHIP, Ohio--(BUSINESS WIRE)--Ranpak Holdings Corp. (NYSE: PACK, PACK.WS) (“Ranpak”), a leading provider of environmentally sustainable, systems-based, product protection solutions for e-commerce and industrial supply chains, today announced that Executive Chairman Omar Asali has agreed to expand his role at Ranpak and become Chief Executive Officer (“CEO”) effective immediately. As CEO, Mr. Asali will focus on accelerating growth and profitability for Ranpak. He will replace J. Mark Borseth as CEO.
Mr. Asali said, “Ranpak is at an exciting point in its history. As a leader in environmentally sustainable product protection systems, Ranpak is poised to take advantage of global e-Commerce trends and increased awareness of the importance of sustainability. I am excited to join this talented team as Chief Executive Officer, as we continue to identify opportunities to grow Ranpak’s business. As CEO, I am committed to capitalizing on Ranpak’s incredible potential, pursuing high levels of sustainable, profitable growth, and thereby maximizing value for Ranpak’s shareholders. Lastly,” Mr. Asali continued, “I want to thank Mark for his leadership of Ranpak during such an important period for the Company and I wish him all the best in his future endeavors."
Previously, Mr. Asali was the Chairman and CEO of One Madison Corporation, a special purpose acquisition company that acquired Ranpak. Prior to that, Mr. Asali served as Chief Executive Officer, President and a member of the Board of Directors of HRG Group (NYSE: SPB). He was also the Vice Chairman and member of the Nominating and Corporate Governance Committee of Spectrum Brands Holdings (NYSE: SPB) and a member of the Board of Directors and Chairman of the Compensation Committee and Nominating and Corporate Governance Committee of Fidelity & Guaranty Life (NYSE: FGL).
About Ranpak
Founded in 1972, Ranpak's goal was to create the first environmentally responsible system to protect products during shipment. The development and improvement of materials, systems and total solution concepts have earned Ranpak a reputation as an innovative leader in e-commerce and industrial supply chain solutions. Ranpak is headquartered in Concord Township, Ohio and has approximately 550 employees.
Forward-Looking Statements
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The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us taking into account information currently available to us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks include, but are not limited to: (1) our inability to secure a sufficient supply of paper to meet our production requirements; (2) the impact of the price of kraft paper on our results of operations; (3) our reliance on third party suppliers; (4) the high degree of competition in the markets in which we operate; (5) consumer sensitivity to increases in the prices of our products; (6) changes in consumer preferences with respect to paper products generally; (7) continued consolidation in the markets in which we operate; (8) the loss of significant end-users of our products or a large group of such end-users; (9) our failure develop new products that meet our sales or margin expectations; (10) our future operating results fluctuating, failing to match performance or to meet expectations; (11) our ability to fulfill our public company obligations; and (12) other risks and uncertainties indicated from time to time in filings made with the SEC. Should one or more of these risks or uncertainties materialize, they could cause our actual results to differ materially from the forward-looking statements. We are not undertaking any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. You should not take any statement regarding past trends or activities as a representation that the trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements.