“The completion of these spin-offs is a significant milestone for RR Donnelley,” said Thomas J. Quinlan III, formerly the president and CEO of RR Donnelley, who will now serve as LSC’s chairman and CEO. “With this transaction, we have created three focused companies, which we believe are positioned to pursue their own growth strategies with tailored capital structures to better finance each business’s strategic plan.”
“As a leading global provider of multichannel marketing and business communications solutions, RR Donnelley helps companies of all sizes effectively create, manage and execute their multichannel communication strategies,” Daniel Knotts, RR Donnelley’s new CEO, said. “RR Donnelley has a rich history of innovation, service and integrity, and with our talented workforce and extensive capabilities, including content management, digital and print production, supply chain management, business process outsourcing and logistics services, we believe we are well positioned to provide innovative and cost-effective solutions that drive customer success.”
With the spin-offs complete, RR Donnelley is now an approximately $7 billion global multichannel marketing and business communications solutions provider with 42,000 employees across 28 countries. The company will operate in three segments: Variable Print, Strategic Services and International. RR Donnelley will provide local service and responsiveness through strategically located operations, while leveraging the economic, geographic and technological advantages of a global organization.
RR Donnelley has an experienced management team, composed of executives with expertise in global business leadership, sales, operations, finance, customer service and technology. The team includes:
• Daniel Knotts, CEO
• Terry Peterson, CFO
• Thomas Carroll, chief administrative officer
• John Pecaric, chief commercial officer, president international
• Deborah Steiner, EVP, general counsel
• Jeffrey Gorski, controller and chief accounting officer
• Chuck Fattore, president, logistics
• Ken O’Brien, chief information officer
Glynn Perry, EVP domestic operations
As previously announced, RR Donnelley received cash distributions from each of LSC and Donnelley Financial in connection with the spin-offs that are being used to reduce RR Donnelley’s debt. The company retained 19.25% ownership of LSC and Donnelley Financial to enable further deleveraging.
The 1 for 3 reverse stock split for RR Donnelley, which was previously approved by RR Donnelley’s Board of Directors and shareholders, became effective immediately following the distributions on Oct. 1, 2016.