The largest shareholder of envelope-maker Cenveo Inc. objected Friday to the company’s choice for a new chief executive.
Cenveo announced Thursday that it had chosen James Malone, a Florida-based corporate restructuring specialist, to become CEO on Monday.
But Robert Burton of Greenwich, Conn., who owns 11 percent of Cenveo’s shares, said he will fire Malone if he wins control of the Douglas County- based company at a special shareholders meeting in September.
“Cenveo shareholders are now left with a company that has both a chairman and a chief executive officer with no hands-on printing industry experience, a situation we find unacceptable,” Burton said in a letter to Cenveo chairwoman Susan Rheney.
The company said Friday that Malone’s three-year employment deal includes an annual base salary of $850,000, with a potential annual bonus; a signing bonus equal to his pro-rated 2005 salary; 400,000 stock options; and a restricted stock award of 275,000 shares.
Burton also criticized Cenveo for committing to pay Malone’s compensation and potential severance when the company is considering offering itself for sale.
Staff writer Greg Griffin can be reached at 303-820-1241 or ggriffin@denverpost.com.
