Cenveo Inc. hired a financial restructuring specialist as its new chief executive Wednesday, ending a five-month search for leadership at the embattled Douglas County printing company.
James Malone is founder and managing partner of Qorval LLC, a Naples, Fla., firm that takes over financially distressed companies.
He starts at Cenveo on Monday, spending his first week in New York with financial and legal advisers to review the company’s strategic options, including sale of the company, Cenveo officials said.
“He has a very successful track record being involved in a number of industries. He’s made significant improvements to the companies he’s been involved in,” Cenveo chairwoman Susan Rheney said.
Though Malone is known as a turnaround specialist, Rheney said it was his experience in operations, sales and marketing that most interested Cenveo.
“We don’t believe we’re in a turnaround situation. We don’t have financial issues. We’re looking for someone with a strong background in operations,” she said.
Malone was not available for comment Wednesday. In a statement, he said, “I look forward to leading the company towards meeting its financial and performance targets, while instilling confidence with customers, suppliers, employees and shareholders.”
Malone replaces Paul Reilly, who resigned as chairman in January but remained as chief executive. Cenveo posted a wider first-quarter loss in May due to a restructuring charge and rising raw-material costs.
Earlier this month, the company disclosed plans to cut about 125 jobs, mainly in management.
Robert Burton, who owns a large stake in the company through his Burton Capital Management group, had said Cenveo should hire him as chairman and CEO, then appoint him and two of his designees to its board. At that time, Cenveo said it met with Burton, but he declined to propose an acquisition or offer to make a direct investment.
Burton did not return a call Wednesday for comment on the new chief executive.
According to Qorval’s website, Malone has managed or participated in more than 65 acquisitions and divestitures.
The firm says it strives to restructure out of court and avoid liquidation. In one of its largest restructurings, however, Atlanta-based InaCom Corp. liquidated in 2003.
Cenveo shares fell 15 cents to close at $8.22 on the New York Stock Exchange.
The Associated Press contributed to this report.
Staff writer Greg Griffin can be reached at 303-820-1241 or ggriffin@denverpost.com.
