Pivot Technology Solutions Announces Management and Board Changes
TORONTO, April 11, 2016 /CNW/ - Pivot Technology Solutions, Inc. ("Pivot" or the "Company") (TSX-V: PTG) today announced that further to its January 12, 2016 press release, Kevin Shank has been appointed as Chief Executive Officer of the Company, effective May 1, 2016. Pivot's current CEO, Mr. Warren Barnes, will remain on Pivot's Board of Directors, and, additionally, intends to sign a 12 month consultancy agreement with the Company.
"We are very grateful for the excellent work Warren has done in leading Pivot, and are pleased he has agreed to remain affiliated with the Company as a consultant and Board member," stated John Sculley, Chairman of the Board of Directors for Pivot. "A key element of our growth strategy is to drive further growth of our services business. Kevin's track record at CompuCom and GE speaks to his ability in this respect, and we are very pleased having been able to attract someone of his caliber. We believe that he is the right leader to take Pivot to the next level in its development."
"Customer focus, company culture, talent management, and innovation are key focus areas of our company," stated Mr. Shank. "Under Warren's leadership, Pivot has greatly progressed by executing in these areas, which has put the Company in a strong position to pursue further growth. Our strategy will remain focused on selling our current offerings, while expanding our services business to include more recurring-revenue type offerings. Additionally, there will be added emphasis on integrated solutions for specific market verticals, such as healthcare, retail, government and education. I am very excited to take on my new role with Pivot, and to work closely with our talented employees and leadership team, to deliver a best-in-class customer experience. Additionally, I look forward to engaging in a pro-active dialogue with the investment community in order to increase our profile in the capital markets."
Kevin Shank brings 20 years of senior leadership experience in the IT industry. Prior to joining Pivot in 2015, he held various senior leadership positions at CompuCom, a global, multi-billion dollar IT solutions, services and consulting business. As Executive Vice President and Chief Services Officer at CompuCom, he was responsible for 9,000 of its associates. Under his leadership, CompuCom grew to be one of the largest device management companies in North America, as measured by Gartner (2013). Additionally, he co-led the integration of two acquisitions, the largest of which was Getronics NA. Mr. Shank joined CompuCom in 2004 as a result of the acquisition of GE's IT Solutions business unit.
Pivot also announces that Kerri Brass, Pivot's CFO, has decided to leave the Company to pursue other opportunities, effective May 1, 2016. Pivot has a strong financial team led by Mary Tullao, who will continue in her role as Corporate Controller. The Company has initiated a search process for a replacement CFO.
"We would like to thank Kerri for his contributions to Pivot and wish him well in his future endeavours" stated Kevin Shank. "The depth of our financial team will allow us to take the time we need to find the best candidate to complement the management team."
The Company also wishes to inform that John Sculley has decided not to stand for re-election to the Company's Board of Directors at Pivot's upcoming AGM. The Company will provide further information on succession in the management circular that will be sent out in advance of the meeting.
"I feel privileged in having worked closely these past few years with the highly talented IT professionals at Pivot," stated Mr. Sculley. "We founded the Company with a vision of becoming North America's dominant multi-vendor solutions provider, and I am very encouraged with the progress that has been made towards this goal. I am pleased to be leaving my role as Chairman at a time when the Company is stronger than ever, and wish the new management team the best of success in continuing to execute on its vision."
Together with its portfolio companies and partners, Pivot delivers solutions that enable organizations to design, build, implement and maintain computing and communication infrastructure that addresses their unique business needs. Pivot's approach supports improvement of business performance, helps organizations reduce capital and operating expenses, and accelerates the delivery of new products and services to end-customers. With over 2,000 clients, many of whom are Fortune 1000 companies, Pivot extends its value added solutions to help organizations of all sizes improve operating efficiency, reduce complexity and enhance service delivery through virtualization and cloud computing. Pivot enables businesses to extend their enterprise through mobility solutions to better connect business partners and customers. Pivot has offices throughout North America and can be found online at www.pivotts.com.
This news release contains statements that, to the extent they are not recitations of historical fact, may constitute "forward-looking statements" within the meaning of applicable Canadian securities laws. Forward-looking statements include statements regarding growth of its services business. Pivot uses words such as "may", "would", "could", "will", "likely", "expect", "believe", "intend" and similar expressions to identify forward-looking statements. Any such forward-looking statements are based on assumptions and analyses made by Pivot in light of its experience and its perception of historical trends, current conditions and expected future developments. However, whether actual results and developments will conform to Pivot's expectations and predictions is subject to any number of risks, assumptions and uncertainties. Many factors could cause Pivot's actual results, to differ materially from those expressed or implied by the forward-looking statements contained in this news release. These factors include, without limitation, the ability of the Company to continue to grow its services business. Pivot cautions that the foregoing list of important factors is not exhaustive.
The material assumptions underlying such forward‐looking statements, including the assumption that the Company will be successful in expanding its services business to include more recurring-revenue type offerings. The "forward-looking statements" contained herein speak only as of the date of this press release and, unless required by applicable law, Pivot undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Pivot Technology Solutions, Inc.