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Rob van der Merwe Elected Chairman of Checkpoint Systems, Inc.
Posted by: gurufocus (IP Logged)
Date: December 10, 2008 10:13AM
THOROFARE, N.J.--(BUSINESS WIRE)--Checkpoint Systems, Inc. (NYSE: CKP), a leading global manufacturer of technology-driven loss prevention, merchandising and labeling solutions to the retail and apparel industries, Press Release: Rob van der Merwe Elected Chairman of Checkpoint Systems, Inc. Checkpoint Systems Inc. is a multinational manufacturer and marketer of retail asset tracking and protection products including integrated security automatic identification and retail merchandising solutions. The company is a leading provider of radio frequency and electromagnetic electronic article surveillance systems and tags security source tagging handheld labeling systems bar code labeling systems and retail merchandising systems. Checkpoint Systems Inc. has a market cap of $446.48 million; its shares were traded at around $10.19 with a P/E ratio of 9.4 and P/S ratio of 0.54. Checkpoint Systems Inc. had an annual average earning growth of 8.3% over the past 10 years. More on CKP: Gurus buys and sells of CKP 10-year financial history of CKP. Insider buys/sells of CKP.
THOROFARE, N.J.--(BUSINESS WIRE)--Checkpoint Systems, Inc. (NYSE: CKP), a leading global manufacturer of technology-driven loss prevention, merchandising and labeling solutions to the retail and apparel industries, today announced the election of Rob van der Merwe, 56, as Chairman of the Board of Directors, effective January 1, 2009.
Mr. van der Merwe will succeed George Off, 61, who served as Checkpoint’s Chairman since August 2002 and will continue to serve on the Board of Directors. Mr. van der Merwe has been President and Chief Executive Officer of Checkpoint since December 2007 and a member of the Company’s Board of Directors since October 2007. He will continue in his role as the Company’s President and Chief Executive Officer.
Mr. Off stated, “Rob is an exceptional leader with extensive experience in the retail, apparel and consumer marketplaces. Since becoming CEO, he has taken the steps to ensure that Checkpoint capitalizes on the strategic actions we initiated in 2007 and dramatically expanded those initiatives for profitable growth in 2008. Rob understands the challenges our customers face and has provided outstanding leadership as we work through the challenges created by the global economic turmoil. I am confident that as Chairman, President and CEO, Rob will guide Checkpoint to become a more valuable partner to the retail and apparel industry.”
Keith Elliott, Checkpoint’s Lead Director, said, “Rob is the right leader for Checkpoint in this difficult economic environment. He is capable of balancing today's realities with tomorrow's growth strategies, while effectively serving the Company’s shareholders. George did a wonderful job as Chairman and previously as CEO. His dedication, vision and inspired leadership formed the foundation for Checkpoint to successfully compete in this fast paced, evolving global economy. The transition between George and Rob has been exemplary and we look forward to their future contributions in their new responsibilities.”
Mr. van der Merwe, added, “I am honored that the Board selected me to succeed George as Chairman of Checkpoint. We are committed to navigating through these difficult economic times and prepared to execute on our strategy and build shareholder value.”
Checkpoint Systems, Inc.
Checkpoint Systems, Inc. is the leading supplier of retail shrink management solutions. Checkpoint's global team helps retailers - and their suppliers - reduce theft, increase inventory visibility and provide consumers with greater merchandise availability through the Company's rapidly evolving RF technology, expanding shrink management offerings and apparel labeling solutions. Checkpoint has more than one million RF devices installed in stores today and has secured more than 100 billion products. Scaling cost efficiently, Checkpoint's solutions provide increased revenues and profits to a fast-growing community of successful retailers and a superior experience for their consumers. Checkpoint operates in every major geographic market and employs 3,900 people worldwide. 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: our ability to integrate 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 implement cost reduction in 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; and additional matters disclosed in our U.S. Securities and Exchange Commission filings. We do not undertake to update our forward-looking statements, except as required by applicable securities laws.
Source: BusinessWire More on CKP: Gurus buys and sells of CKP 10-year financial history of CKP. Insider buys/sells of CKP.
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