Getronics Receives New Capital to Implement Reorganization and Position Company for Future Growth
Plans to Relaunch North American Business Under Legacy Brand, Pomeroy
Announces Leadership Transitions
International Business Remains Under Getronics Brand, Continuing Its Collaboration with Pomeroy
19 Nov, 2019, 16:00 ET
LONDON and HEBRON, Ky., Nov. 19, 2019 /PRNewswire/ -- Getronics (the "Company"), the global IT services group, today announced that it has reached an agreement with its stakeholders to receive a new capital investment and to undergo a recapitalization of the business. As part of the recapitalization, the Company expects to significantly reduce its debt and commence transformation initiatives to drive long-term growth. The North American business will be relaunched under its legacy brand, Pomeroy.
In connection with the relaunch, Chris Froman has been appointed as President and Chief Executive Officer of the North American business. Prior to Getronics' acquisition of Pomeroy in 2018, Froman served as Executive Chairman of Pomeroy from 2017 to 2018 and CEO from 2009 to 2017, overseeing the business during a period of significant growth and transformation.
"Following a comprehensive review of the Company and its prospects, the Board of Directors determined that recapitalizing the business with a new investment and a reduction of our debt will better position the Company to deliver long-term value. The investment from our existing stakeholders signals confidence in the future of our company and the value we deliver for customers every day," said Sam Humphreys, a member of the Board of Directors. "We're thrilled that Chris Froman is returning to the business. He's a proven leader and a familiar face."
Chris Froman commented, "I am truly excited to be joining my former colleagues, as well as those who have joined since the acquisition by Getronics. This is also a great opportunity to reconnect with and return to serving our loyal partners and clients. I appreciate the Board of Directors' confidence in our mission to reestablish the 'Pomeroy Way' as we launch the new Pomeroy. We are moving forward as a reenergized organization with an enhanced focus on supporting clients through innovative services and solutions that deliver sustainable value."
The Company also announced that Nana Baffour has stepped down from his role as Group Chief Executive Officer and Frank Asante-Kissi has stepped down from his role as Global Head of Administration.
The existing Getronics Board of Management will continue to manage operations internationally outside of North America under the Getronics brand. The collaboration between the North American and International businesses that has been built up over the past 18 months will continue, overseeing continuity of service to clients and relationships with vendors in the regions outside of North America.
Getronics is a global ICT integrator with an extensive history that extends over 130 years. Our vision is to become the preferred partner in business transformation using technology and exceptional people, with a unique focus on happy clients by enabling happy employees. With approximately 7,000 employees in 23 countries across Europe, Asia Pacific, North and Latin America, Getronics' Transformation portfolio brings a strong capability and expertise around managed workspace, applications, industry specific software solutions, multi-cloud management, unified communications and security services to provide a proactive, end-to-end portfolio to enable the digital user – business or consumer, in both public and private sector.
Andy Brimmer / Leigh Parrish
Joele Frank Wilkinson Brimmer Katcher
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