Source Interlink Companies, Inc. (NASDAQ:SORC), one of the largest
publishers of magazines and online content for enthusiast audiences and
a leading distributor of DVDs, CDs, magazines, video games and books,
announced today the appointment of Greg Mays as Chairman and Chief
Executive Officer of Source Interlink Companies, Inc. effective
immediately.
"I am very pleased that Greg was elected CEO
of Source Interlink," said Ron Burkle, Managing Partner at Yucaipa
Companies, an investment firm with a significant investment in Source
Interlink. "Greg has the perfect combination of leadership and business
development skills needed here. His record of managing successful
companies for Yucaipa speaks for itself, and the vision he has set for
the future of Source confirms my confidence in the value of this
investment.”
"Greg is the ideal leader for Source Interlink
at this point in its development,” said
Terrence Wallock, Chairman of the Company’s
Nominating and Corporate Governance Committee. "We
are confident that Greg, together with Source’s
strong management team, will take the performance of Source to a whole
new level.”
Mr. Mays, who has served on the Company’s
Board of Directors since February 2005, commented on his appointment, "The
opportunity to join Source Interlink in this new capacity is truly
exciting. From my board position I have always been impressed with the
Company’s underlying technology,
state-of-the-art distribution systems and facilities, and strong market
position.” Mays continued, "As
its CEO, my immediate focus will be to reach out to key customers,
partners, and employees in order to gain a better understanding of where
we are hitting the mark and where we can realize new opportunities.
Source Interlink has set the pace for content and national distribution
and my job is to ensure that we continue to lead the field with
innovative, cost effective solutions that continue to bring unparalleled
value to our readers, retail partners, employees and investors.”
Operating executives reporting to Mr. Mays are Jim Gillis, President and
Chief Operating Officer of Source Interlink Companies, Steve Parr,
President of Source Interlink Media, and Alan Tuchman, President of
Source Interlink Distribution. Mr. Mays commented, "This
is a team of consummate professionals with whom I look forward to
working. Together we will add value to this company by executing our
strategic plan.”
About Gregory Mays
Greg Mays, has been on Source Interlink's Board of Directors since
February 2005 and has served as the Chairman of the Company's
Compensation and Corporate Governance Committees and been a member of
the Audit Committee. Mr. Mays is currently a Director of The Great
Atlantic & Pacific Tea Company, Inc. (A&P) and of Simon Worldwide Inc..
Mr. Mays had also been a Director of Pathmark Stores, Inc. from June
2005 until it was acquired by A&P last December, at which time he joined
the A&P Board. Mr. Mays has over thirty years experience in the
supermarket and retailing industry in senior executive positions. Most
recently, Mr. Mays served as Chairman and Chief Executive Officer of
Wild Oats Markets until its acquisition by Whole Foods Markets, Inc.
late last year. Prior to that, since 2000 Mr. Mays had maintained a
consultancy practice providing retail industry expertise and related
services to private equity organizations. Throughout the nineties Mr.
Mays served in a number of senior executive positions in the supermarket
retail industry.
About Source Interlink Companies, Inc.
Source Interlink Companies, Inc. (NASDAQ: SORC), a $2.2 Billion media
and marketing services company operating in 25 states, is one of the
largest publishers of magazines and online content for enthusiast
audiences and is also a leading distributor of home entertainment
products, including DVDs, music CDs, magazines, video games, books, and
related items. Source Interlink serves over 100,000 retail store
locations throughout North America. Supply chain relationships include
consumer goods advertisers, subscribers, movie studios, record labels,
magazine and newspaper publishers, confectionary companies and
manufacturers of general merchandise.
The Company's fully integrated businesses and activities include:
-
Publishing more than 75 magazines, providing enthusiast media content
including television and radio programs, over 100 events, 90 related
Web sites and 400 branded products for automobile, marine, equine,
outdoor sports, home tech and daytime television
-
Distribution and fulfillment of entertainment products to major retail
chains throughout North America and directly to consumers of
entertainment products ordered through the Internet
-
Import and export of periodicals to more than 100 markets worldwide
-
Managing product selection and placement of impulse items at checkout
counters
-
Processing and collection of rebate claims and management of
point-of-purchase sales data
-
Design, manufacture and installation of wire fixtures and displays in
major retail chains
-
Licensing of children's and family-friendly home entertainment products
For more information, please visit the Company’s
Web site at http://www.sourceinterlink.com.
This press release contains certain "forward-looking statements" within
the meaning of Section 21E of the Securities Exchange Act of 1934 and
the U.S. Private Securities Litigation Reform Act of 1995, including
statements relating to, among other things, future business plans,
strategies and financial position, working capital and capital
expenditure needs, growth opportunities, and any statements of belief
and any statements of assumptions underlying any of the foregoing.
These forward-looking statements reflect Source Interlink's current
views about future events and are subject to risks, uncertainties,
assumptions and changes in circumstances that may cause future events,
achievements or results to differ materially from those expressed by the
forward-looking statements. Factors that could cause actual results to
differ include: (i) adverse trends in advertising spending; (ii)
interest rate volatility and the consequences of significantly increased
debt obligations (iii) price volatility in fuel, paper and other raw
materials used in our businesses; (iv) market acceptance of and
continuing retail demand for physical copies of magazines, books, DVDs,
CDs and other home entertainment products; (v) our ability to realize
additional operating efficiencies, cost savings and other benefits from
recent acquisitions, (vi) an evolving market for entertainment media,
(vii) the ability to obtain product in sufficient quantities; (viii)
adverse changes in general economic or market conditions; (ix) the
ability to attract and retain employees; (x) intense competition in the
marketplace and (xi) other events and other important factors disclosed
previously and from time to time in Source Interlink's filings with the
Securities and Exchange Commission, including its Annual Report on Form
10-K/A filed with the Securities and Exchange Commission on May 30, 2008.
Source Interlink does not intend to, and disclaims any duty or
obligation to, update or revise any forward-looking statements or
industry information set forth in this press release to reflect new
information, future events or otherwise.