- Push-out Score determined
- After about six years in the position
- Praise for Laschinger
- Sal Abbate taking over
- Laschinger said 78 words
(exechange) — Atlanta, Georgia, September 21, 2020 — Mary Laschinger, chief executive of Veritiv, leaves. As announced by Veritiv Corp. in a news release and in a regulatory filing published on Monday, September 21, 2020, Mary A. Laschinger, chief executive officer, leaves the distributor of packaging, facility solutions, print and publishing products after about six years in the role, effective September 30, 2020.
Mary Laschinger’s duties as CEO will be taken over by Salvatore A. (Sal) Abbate, currently Chief Operating Officer of Veritiv Corp.
No reason given
In the announcement, Veritiv did not explicitly explain the reason for Mary Laschinger’s move.
Precise information regarding Mary Laschinger’s future plans was not immediately available.
“Retires”
Veritiv said: “Salvatore A. Abbate (Sal) has been named the company’s Chief Executive Officer, and current board member Stephen E. Macadam (Steve) has been named Chairman of the Board as Mary A. Laschinger, current Chairman and CEO, retires from the organization. Both appointments are effective September 30, 2020.”
Veritiv further said: “Mary A. Laschinger will retire as Chairman of the Board of Directors (the “Board”) and Chief Executive Officer of the Company, effective September 30, 2020.”
Share price decline
The announcement follows a decline in Veritiv Corp.’s share price of 59% since July 2014.
In the position of CEO since 2014
Mary Laschinger became CEO of the Company in 2014.
Laschinger has served as Chairman and Chief Executive Officer of the Company since July 2014.
Laschinger served as Senior Vice President of International Paper Company, a global packaging and paper manufacturing company, from 2007 to July 2014 and as President of its xpedx distribution business from January 2010 to July 2014.
She previously served as President of International Paper’s Europe, Middle East, Africa and Russia business, Vice President and General Manager of International Paper’s Wood Products and Pulp businesses and in other senior management roles at International Paper in sales, marketing, manufacturing and supply chain.
Laschinger joined International Paper in 1992.
Prior to joining International Paper, Laschinger held various positions in sales, marketing and supply chain at James River Corporation and Kimberly-Clark Corporation.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Veritiv and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 39.2020 ($).