“First quarter results were in line with our expectations and we made significant progress in advancing our strategic initiatives,” said Dan Knotts, RRD’s President and Chief Executive Officer. “During the quarter, we finalized a new strategic agreement to further expand our data analytics capabilities, we completed construction of our new facility in China, and we achieved critical milestones as we prepare to begin printing the 2020 Census in July. We also made the difficult decision to close our unprofitable print operations in Brazil and we continued to successfully execute our plans to address the inflationary cost headwinds affecting the broader print industry. Moving forward, we will remain focused on new client implementations and converting our strong sales pipeline in order to deliver planned growth in the back half of the year. And with our continued focus on reducing our cost structure, we are confident in our ability to deliver our 2019 commitments and further advance RRD as a leading provider of marketing and business communications.” Net sales in the quarter were $1.52 billion, down $185.9 million or 10.9% from the first quarter of 2018, including a $107.4 million impact from the July 2018 disposition of the Print Logistics business. Income from operations was $23.3 million in the first quarter compared to $32.2 million in the first quarter of 2018. Click Read More bellow for additional information.
Electronics For Imaging, Inc. (“EFI” or the “Company”) today announced the appointment of Jeff Jacobson, a 30-year veteran of the digital imaging and industrial technology sector, as Chief Executive Officer, effective immediately. Mr. Jacobson will retain his position as Executive Chairman. Mr. Jacobson succeeds Bill Muir, who is stepping down for personal reasons.
Prior to joining EFI, Mr. Jacobson served as Chief Executive Officer of Xerox. Mr. Jacobson also served as both President of Xerox’s Technology Business and President of Xerox’s Global Graphic Communications Operations. Prior to joining Xerox in 2012, Mr. Jacobson was the Chairman, President and Chief Executive Officer of Presstek, a leading manufacturer of digital offset printing solutions.
Jeff Jacobson said, “I am thrilled to be expanding my role on EFI’s leadership team to identify unique opportunities for innovation across the Company. EFI’s portfolio of best-in-class solutions presents an exciting opportunity to drive further growth in high-quality inkjet and integrated, digital workflows. Together with my experienced and talented colleagues on the EFI team, we will provide the leadership needed to help EFI accelerate the transformation of industries where colorful images matter. I also want to join the EFI team in thanking Bill for his contributions to the Company’s success and wishing him the best in his future endeavors. Bill played a pivotal role in successfully positioning EFI for the next chapter of our evolution, always doing so with integrity and the best interests of customers and employees.”
Throughout his career, Mr. Jacobson has displayed an on-going commitment to helping customers improve their productivity and enhance their operations. As CEO of Xerox, he oversaw Xerox’s largest product launch in its more than 100-year-history and led the company through a strategic transformation, delivering best-in-class customer service, and driving innovation, while improving Xerox’s operating margins and cash flow.
Before his time at Xerox and Presstek, Mr. Jacobson served as Chief Operating Officer of Eastman Kodak’s Graphic Communications Group, where he was responsible for managing operations in Eastman Kodak’s Global Graphics operations, which included manufacturing locations throughout North America, Europe, Japan, China, Israel and South Africa. Mr. Jacobson also served for five years as Chief Executive Officer of Kodak Polychrome Graphics, a highly successful joint venture between Sun Chemical and Eastman Kodak.
“It has been a privilege to lead EFI through an important chapter in the Company’s history, and I look forward to seeing EFI thrive as it continues to collaborate with customers and partners worldwide,” said Bill Muir. “I have admired Jeff as an expert in the digital imaging space, and I am confident that with his vision and under his leadership, EFI will be able to successfully write the next chapter of innovation and market leadership across the Company’s portfolio of solutions.”