MSC Industrial Supply Co. Announces Management Change
MSC Industrial Supply Co. (NYSE: MSM) announced the departure of Edward Martin, Senior Vice President of Sales & Customer Success, effective immediately. Kim Shacklett will serve as the Interim Vice President, bringing over 15 years of experience from J&L Industrial Supply and extensive knowledge in customer care and digital transformation. CEO Erik Gershwind expressed gratitude for Martin's contributions and confidence in Shacklett's ability to drive sales efforts and enhance market share. MSC plans to report its fiscal 2021 fourth quarter and full-year results on October 20, 2021.
- Kim Shacklett appointed as Interim Vice President of Sales & Customer Success, likely to enhance sales performance.
- Shacklett's experience includes leading digital transformation efforts, improving customer experience.
- Departure of a key executive could create uncertainty within the sales division.
MELVILLE, N.Y. and DAVIDSON, N.C., Oct. 6, 2021 /PRNewswire/ -- MSC Industrial Supply Co. (NYSE: MSM), a premier distributor of Metalworking and Maintenance, Repair and Operations (MRO) products and services to industrial customers throughout North America, today announced that Edward Martin, Senior Vice President of Sales & Customer Success, has departed the company.
Kim Shacklett will assume the role of Interim Vice President of Sales & Customer Success. Shacklett joined MSC in 2006 as part of its acquisition of J&L Industrial Supply, where she previously spent 15 years. During her tenure with MSC, she has led the company's Customer Care, Metalworking Specialist and Telesales teams. Most recently, she led the digital transformation of Customer Care, overseeing the deployment of technologies to enhance the customer experience through omnichannel capabilities while driving productivity and reducing costs. She has developed a deep knowledge of MSC's industry, suppliers, customers and associates.
MSC President and CEO Erik Gershwind said, "I thank Eddie for laying the foundation for market share capture and improved execution. Kim is known for her authenticity, energy and unwavering demonstration of the values upon which our company was founded. I am excited that Kim will take the reins to head our sales efforts. She is the right person to build upon the growing momentum and market share capture we see in the business as we execute our Mission Critical transformation."
MSC will report fiscal 2021 fourth quarter and full-year results on Oct. 20, 2021.
About MSC Industrial Supply Co.
MSC Industrial Supply Co. (NYSE: MSM) is a leading North American distributor of metalworking and maintenance, repair and operations (MRO) products and services. We help our customers drive greater productivity, profitability and growth with approximately 1.9 million products, inventory management and other supply chain solutions, and deep expertise from 80 years of working with customers across industries. Our experienced team of more than 6,200 associates is dedicated to working side by side with our customers to help drive results for their businesses - from keeping operations running efficiently today to continuously rethinking, retooling, and optimizing for a more productive tomorrow. For more information on MSC Industrial, please visit mscdirect.com.
Cautionary Note Regarding Forward-Looking Statements
Statements in this press release may constitute "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including statements about the future impact of COVID-19 on our business operations, results of operations and financial condition, expected future results, expected benefits from our investment and strategic plans and other initiatives, and expected future growth, profitability and return on invested capital, are forward-looking statements. The words "will,", "may," "believes," "anticipates," "thinks," "expects," "estimates," "plans," "intends," and similar expressions are intended to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The inclusion of any statement in this press release does not constitute an admission by MSC Industrial or any other person that the events or circumstances described in such statement are material. Factors that could cause actual results to differ materially from those in forward-looking statements include the following, many of which are and will be amplified by the COVID-19 pandemic: the impact of the COVID-19 pandemic on our sales, operations and supply chain; general economic conditions in the markets in which we operate, including conditions resulting from the COVID-19 pandemic; changing customer and product mixes; competition, including the adoption by competitors of aggressive pricing strategies and sales methods; industry consolidation and other changes in the industrial distribution sector; our ability to realize the expected benefits from our investment and strategic plans, including our transition from being a spot-buy supplier to a mission-critical partner to our customers; our ability to realize the expected cost savings and benefits from our restructuring activities and structural cost reductions; the retention of key personnel; volatility in commodity and energy prices; the credit risk of our customers, including changes in credit risk as a result of the COVID-19 pandemic; the risk of customer cancellation or rescheduling of orders; difficulties in calibrating customer demand for our products, in particular personal protective equipment or "PPE" products, which could cause an inability to sell excess products ordered from manufacturers resulting in inventory write-downs or could conversely cause inventory shortages of such products; work stoppages, labor shortages or other business interruptions (including those due to extreme weather conditions or as a result of the COVID-19 pandemic) at transportation centers, shipping ports, our headquarters or our customer fulfillment centers; disruptions or breaches of our information systems, or violations of data privacy laws; the retention of qualified sales and customer service personnel and metalworking specialists; the risk of loss of key suppliers or key brands or supply chain disruptions, including due to import restrictions resulting from the COVID-19 pandemic; changes to governmental trade policies, including the impact from significant import restrictions or tariffs; risks related to opening or expanding our customer fulfillment centers; our ability to estimate the cost of healthcare claims incurred under our self-insurance plan; litigation risk due to the nature of our business; risks associated with the integration of acquired businesses or other strategic transactions; financial restrictions on outstanding borrowings; our ability to maintain our credit facilities; the interest rate uncertainty due to the London Interbank Offered Rate ("LIBOR") reform; the failure to comply with applicable environmental, health and safety laws and regulations, including government action in response to the COVID-19 pandemic, and other laws applicable to our business; the outcome of government or regulatory proceedings or future litigation; goodwill and intangible assets recorded resulting from our acquisitions could be impaired; our common stock price may be volatile due to factors outside of our control; and our principal shareholders exercise significant control over us, which may result in our taking actions or failing to take actions that are in the best interests of other shareholders. Additional information concerning these and other risks is described under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual and Quarterly Reports on Forms 10-K and 10-Q, respectively, and in the other reports and documents that we file with the U.S. Securities and Exchange Commission. We expressly disclaim any obligation to update any of these forward-looking statements, except to the extent required by applicable law.
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SOURCE MSC Industrial Supply Co.
FAQ
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