MSC Industrial Supply Announces Resignation Of Chief Financial Officer
MELVILLE, N.Y. and DAVIDSON, N.C., Dec. 19, 2019 /PRNewswire/ -- MSC INDUSTRIAL SUPPLY CO. (NYSE: MSM), "MSC" or the "Company," a premier distributor of Metalworking and Maintenance, Repair and Operations ("MRO") products and services to industrial customers throughout North America, today announced that Rustom Jilla, Executive Vice President and Chief Financial Officer, has decided to step down from his position with MSC effective January 17, 2020 to become chief financial officer of a public global manufacturing company.
Greg Clark, the Company's Vice President of Finance and Corporate Controller, will assume the position of Interim CFO effective following Mr. Jilla's departure and will report to Erik Gershwind, President and Chief Executive Officer. Mr. Clark has held various finance positions with the Company since 2003. MSC will conduct a comprehensive external search to identify a permanent CFO.
Erik Gershwind, President and Chief Executive Officer, stated, "On behalf of the Company and the Board of Directors, I would like to thank Rustom for his significant contributions to our Company and to congratulate him on his new opportunity. During his four years with MSC, Rustom built a strong finance team and instilled even greater discipline in our business. We are grateful for his contributions and leadership. I also have strong confidence that under Greg's leadership, our deep finance team will continue to strengthen our financial operations and ensure a smooth transition."
Rustom Jilla added, "After four plus years here at MSC, this announcement is a bittersweet moment for me. I am very proud of the team, and am confident that MSC, with its distinct culture and strong foundation has a great future ahead of it. At the same time, I am excited to get back to my roots in international manufacturing and to join a global leader in innovation and solutions that is at a transformational point in its own journey."
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 more than 1.7 million products, inventory management and other supply chain solutions, and deep expertise from over 75 years of working with customers across industries.
Our experienced team of 6,700 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, please visit mscdirect.com.
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 expected future results, expected benefits from our investment and strategic plans and other initiatives, and expected future margins, are 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 release does not constitute an admission by MSC 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: general economic conditions in the markets in which we operate; 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; volatility in commodity and energy prices; the outcome of government or regulatory proceedings or future litigation; credit risk of our customers; risk of customer cancellation or rescheduling of orders; work stoppages or other business interruptions (including those due to extreme weather conditions) at transportation centers, shipping ports, our headquarters or our customer fulfillment centers; dependence on our information systems and the risks of business disruptions arising from changes to our information systems and disruptions due to catastrophic events, power outages, natural disasters, computer system or network failures, computer viruses, physical or electronic break-ins and cyber-attacks; retention of key personnel; retention of qualified sales and customer service personnel and metalworking specialists; risk of loss of key suppliers, key brands or supply chain disruptions; risks associated with changes to trade policies, including the impact from significant restrictions or tariffs; risks associated with opening or expanding our customer fulfillment centers; 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; failure to comply with applicable environmental, health and safety laws and regulations; goodwill and intangible assets recorded as a result of our acquisitions could be impaired; risks associated with the volatility of our common stock; and our principal shareholders exercise significant control over us. 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 the reports on Forms 10-K and 10-Q that we file with the U.S. Securities and Exchange Commission. We assume no obligation to update any of these forward-looking statements.
SOURCE MSC Industrial Supply Co.
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