InnerWorkings, Inc., the leading global marketing execution firm, announced that Donald W. Pearson has been appointed Executive Vice President and Chief Financial Officer, effective January 10, 2019. In this role, Mr. Pearson will oversee the financial operations and partner with the company’s business leaders to ensure InnerWorkings’ business strategy and operational plans drive significant shareholder value. Mr. Pearson brings a wealth of financial leadership to the executive team, with more than 25 years of experience driving operational, financial, and commercial excellence in global public and private companies. Most recently, Mr. Pearson served as Chief Financial Officer of private-equity owned global packaging company BWAY Corporation, before its sale to Stone Canyon Industries. Prior to BWAY, Mr. Pearson was Chief Financial Officer of AMCOL International Corporation and later Chief Financial Officer of Sparton Corporation, where he led numerous successful operational and financial transformation initiatives at these growing companies. Click read more below for additional detail.
The board of Chico’s FAS has unanimously rejected an unsolicited buyout proposal from Sycamore Partners.
The struggling women’s apparel retailer received an offer from Sycamore Partners on May 10 to acquire the retailer for $3.50 per share in cash, about $407.8 million. On Thursday, May 16, Chico’s said that, following a review, it had determined that Sycamore’s proposal substantially undervalues the company and is not in the best interests of its shareholders.
“Chico’s FAS benefits from a strong operating and financial foundation, including a portfolio of differentiated brands, loyal customers and robust omnichannel capabilities, stated David Walker, board chair. “Sycamore’s interest underscores the upside opportunities that these competitive advantages create, but the prices Sycamore has proposed are inadequate and fail to recognize the full value of the company and its future prospects.”