Veritiv to Form New Services Segment

10/03/2016

Company Announces Executive Changes and Appointments of Dan Watkoske, Darin Tang and Tracy Pearson

ATLANTA, Oct. 3, 2016 /PRNewswire/ -- Veritiv Corporation (NYSE: VRTV), a North American leader in business-to-business distribution and logistics solutions, announced its intention to form a new business segment, Veritiv Services.  The new segment will be part of Veritiv's long-term strategy designed to accelerate growth across the company. 

"In just over two years as a public company, we have realized impressive financial and integration results that are meeting and exceeding the commitments we made to our shareholders, customers, suppliers and employees.  Today, we are taking an important step in executing on our long-term growth strategy by announcing the creation of Veritiv Services," said Mary Laschinger, Chairman and CEO of Veritiv. 

To support the new organizational structure, Laschinger also announced the appointments of three senior executives to lead Veritiv's Services, Print, and Packaging businesses. Reporting directly to her and based at Veritiv's headquarters office in Atlanta will be:

  • Dan Watkoske, previously Senior Vice President – Print, will take leadership of the new Services segment as Senior Vice President – Veritiv Services. Watkoske will be responsible for expanding and accelerating value-added services to make the new segment a significant portfolio business for Veritiv. Today, Veritiv offers a broad range of logistics and value-added services that have tremendous growth potential for the company.

  • Darin Tang, previously Senior Vice President – Packaging, will assume P&L responsibility for Veritiv's approximately $3.5 billion industry-leading Print segment as Senior Vice President – Print. His leadership, commercial skills and proven track record will be an important asset to the company's long-term print business.

  • Tracy Pearson joins the Veritiv Senior Leadership Team as Senior Vice President – Packaging and will assume P&L responsibility for Veritiv's approximately $2.8 billion industry-leading Packaging segment.

    Pearson joins Veritiv following a 22-year career with International Paper (IP) where she most recently served as a Vice President & General Manager. In this role she led the company's $3 billion corrugated business in the Southern U.S., Mexico and Chile, where she oversaw 49 facilities. 

    Prior to this role, Pearson held leadership positions in IP's Foodservice business, as well as their Container, Print and Communications Paper businesses. She is a proven leader with significant experience, and strong skills and knowledge in sales, marketing, operations and supply chain.  Pearson earned a bachelor's degree in electrical engineering from the University of Minnesota.

"I am pleased to have Tracy join our Veritiv team, as well as continuing to have the leadership and experience of Dan and Darin as we embark on our growth strategy to create Veritiv Services, expand our packaging business, and continue to be an industry leader in our Print, Publishing and Facility Solutions businesses," Laschinger said.

Veritiv plans to build out the new Services segment over the next 12-18 months, and begin reporting as a standalone segment in 2018.

About Veritiv
Veritiv Corporation (NYSE: VRTV), headquartered in Atlanta and a Fortune 500® company, is a leading North American business-to-business distributor of print, publishing, packaging, and facility solutions; and also a provider of logistics and supply chain management services. Serving customers in a wide range of industries, the Company has approximately 180 distribution centers throughout the U.S., Mexico and Canada, and employs approximately 8,800 team members worldwide that help shape the success of its customers. For more information about Veritiv and its business segments visit www.veritivcorp.com

Safe Harbor Provision
Certain statements contained in this press release regarding the Company's future operating results, performance, business plans, prospects, guidance and any other statements not constituting historical fact are "forward-looking statements" subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. All forward-looking statements reflect only the Company's current beliefs and assumptions with respect to future business plans, prospects, decisions and results, and are based on information currently available to the Company. Accordingly, the statements are subject to significant risks, uncertainties and contingencies, which could cause the Company's actual operating results, performance or business plans or prospects to differ materially from those expressed in, or implied by, these statements. The Company is not responsible for updating the information contained in this press release beyond the published date, or for changes made to this document by unauthorized third parties. The Company's filings with the Securities and Exchange Commission may contain updates to the information included in this press release.

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SOURCE Veritiv Corporation

Veritiv Contacts: Media: Ed Patterson, 770-391-8244; Investors: Tom Morabito, 770-391-8451