SourceHOV Announces CEO and President Succession

DALLAS, Aug. 5, 2011 /PRNewswire/ -- SourceHOV announced today the retirement of Ed Bowman and the appointment of Stephen Grieco as the new CEO and President, effective August 31, 2011.

Ed Bowman had been CEO and President of SOURCECORP since 1995 when the company was in the early stages of formation and led the company through multiple acquisitions, divestitures and the recent merger with HOV Services to create SourceHOV, in May 2011.  Mr. Bowman will continue to serve as a special advisor to the company.

Mr. Bowman said, "This is the right time to make a transition of leadership responsibilities because the merger of SOURCECORP and HOV Services is complete, creating an industry leader; SourceHOV integration activities are proceeding well; and we are beginning the planning for our next phase of strategic growth and value creation.  Steve will be an excellent leader for the experienced, proven and committed management team, and he has my enthusiastic support."

"We are grateful for Ed's leadership and guidance over the past 16 years, and we look forward to continuing our relationship with Ed for many years to come," said Marc Becker, co-chairman of the board of SourceHOV.

Grieco is an accomplished global executive with more than 26 years experience at Pitney Bowes (NYSE: PBI),holding multiple senior management positions with extensive background in document management solutions, business/professional services and international operations. Most recently he served as President of Pitney Bowes US Mailing Operations, the company's largest business unit. Previously, he held a number of increasingly senior operational management positions overseas, spending more than 10 years of his career developing and growing key emerging markets including Asia, Europe and UK.  Grieco holds a Bachelors degree from Seton Hall University.  He also received his JD in Law from Seton Hall University.

"We are excited to have Steve, with his extensive global background, to lead us through the next stage of the Company's development," said Par Chadha, co-chairman of the board of SourceHOV. "The Board of Directors selected Steve based on his strong execution skills, his ability to lead high-performing global operations, and his foundational expertise in go to market strategies," added Becker.

"I am honored to be joining the company following the recent merger that has created the catalyst for the next phase of growth and value for our clients, employees and shareholders," said Grieco.  "I look forward to working with the Board, the talented and valued SourceHOV employees globally and to focusing on the needs of our loyal client/partner base to drive our investments and priorities."

About SourceHOV®

SourceHOV has revenues of $500 million and is one of the largest pure play BPO and specialty consulting companies in the industry, serving customers in more than half of the Fortune 100® with deep domain expertise, including document centric applications, in Healthcare Payer and Provider, Finance and Banking, Public Sector, Publishing, Legal, Insurance, Manufacturing and Commercial industries, including specialized consulting services for construction management, tax benefits, legal claims settlements and economic consultancy.  The company's global workforce is now more than 14,200 employees operating from approximately 80 delivery centers in 6 countries including the U.S., Mexico, Canada, India, China and the Philippines.

SOURCE SourceHOV