Investor and Media Relations Contact:
School Specialty, Inc.
Elizabeth Higashi, CFA
Michael P. Lavelle Resigns as President and CEO; James R.
Henderson, Chairman of the Board, Appointed Interim Chief
GREENVILLE, Wis., July 22, 2013 (GLOBE NEWSWIRE) — School Specialty,
Inc. (“SSI”) today announced that Michael P. Lavelle will resign as
President and Chief Executive Officer effective on or about August 2,
2013, and that James R. Henderson, Chairman of the Board, has been
appointed by the Board of Directors to serve as SSI’s Interim Chief
Executive Officer as of the effective date of Mr. Lavelle’s departure.
The Company has initiated a search process and intends to retain an
executive search firm to identify a permanent replacement for Mr.
Lavelle. Mr. Lavelle will also resign from the Company’s Board of
“Our Company has persevered through the most challenging of economic
times and has remained a market leader due to the strength and
diversity of our product offerings and our commitment to delivering
100% customer satisfaction. Michael was instrumental in guiding our
Company through a successful reorganization, and we would like to thank
him for his many contributions and wish him well in his future
endeavors,” stated Mr. Henderson.
Mr. Henderson was a Managing Director and operating partner of Steel
Partners LLC, a subsidiary of Steel Partners Holdings L.P., a global
diversified holding company that owns and operates businesses and has
significant interests in leading companies in a variety of industries.
He has served as Chairman and as a director of GenCorp since 2008 and
has previously served as a director of DGT Holdings Corp., SL
Industries, Inc., Angelica Corporation and WebFinancial Corporation,
where he also served as President, COO and Executive Vice President of
Operations. Mr. Henderson most recently served as Chairman and CEO of
Point Blank Solutions, Inc. (now Point Blank Enterprises, Inc.), one of
the largest global manufacturers of body armor and other protective
solutions for the U.S. Military, Government and Law Enforcement
community. Prior to this role, he held several executive leadership
positions throughout his career, including CEO of WebBank, President
and CFO of Aydin Corporation, and Acting CEO and Board Member of ECC
International, among others.
“I am honored to be taking on this role as Interim CEO. SSI has emerged
a stronger company, with an improved capital structure, new financing
and a strong foundation for the future. I look forward to working with
the Board, management team and SSI employees, all of whom remain
focused on achieving our full potential for the benefit of our
customers, business partners and stakeholders,” Mr. Henderson
As previously announced, on June 11, 2013, School Specialty completed
its financial restructuring and successfully emerged from Chapter 11
reorganization with significantly less debt and greater financial
flexibility. In conjunction with its emergence, the Company secured a
new, fully committed $175 million asset based revolving credit facility
led by Bank of America, N.A. and SunTrust Bank and a $145 million term
loan facility led by Credit Suisse Securities (USA) LLC.
About School Specialty, Inc.
School Specialty is a leading education company that provides
innovative and proprietary products, programs and services to help
educators engage and inspire students of all ages and abilities to
learn. The company designs, develops, and provides preK-12 educators
with the latest and very best curriculum, supplemental learning
resources, and school supplies. Working in collaboration with
educators, School Specialty reaches beyond the scope of textbooks to
help teachers, guidance counselors and school administrators ensure
that every student reaches his or her full potential. For more
information about School Specialty, visit www.schoolspecialty.com.