Contact Information: Contact: Ms. Milton Gray Draper Director of Investor Relations 650-589-9445 x 3027 mdraper@core-mark.com
Core-Mark Announces Organizational Changes to Its Senior Executive Team
| Source: Core-Mark Holding Company, Inc.
SOUTH SAN FRANCISCO, CA--(Marketwire - December 28, 2009) - Core-Mark Holding Company, Inc.
(NASDAQ : CORE ), announced today a change in the roles of three members of
its senior executive team. "These changes are designed to increase the
strategic focus of the organization, to broaden the experience of its
leadership and to strengthen its ability to meet the needs of its
customers," said J. Michael Walsh, Chief Executive Officer.
Scott E. McPherson has been named Senior Vice-President of Corporate
Development where he will focus his knowledge of the industry in pursuit of
strategic opportunities. The Company expects this new dedicated position
to be instrumental in expanding our convenience offering to more customers
across North America. Mr. McPherson is a 17 year veteran of Core-Mark who
has worked in a number of capacities of increasing responsibility. For the
last six years he has successfully led the U.S. Eastern Region, currently
as its Senior Vice-President.
Christopher M. Murray will now be responsible for the U.S. Eastern Region
as its new Senior Vice President. Most recently, Mr. Murray has served with
distinction as Senior Vice President of Marketing where he was responsible
for Corporate Purchasing, Marketing, and the Company's strategic marketing
initiatives. His 16 years of experience in the convenience retailing
business, as well as his five year sales and marketing experience at
Core-Mark, should bring an exceptional customer-focused perspective to his
new operational role.
Christopher K. Hobson has been promoted to Corporate Vice President of
Marketing where he will assume the responsibilities for the marketing group
including the strategic "Fresh" and "Vendor Consolidation Initiatives." Mr.
Hobson joined Core-Mark in 2000 and has impressed the organization with his
ability to communicate and implement the Company's marketing programs in a
number of different positions in the field, most recently as President of
our largest division. In addition, prior to joining Core-Mark he worked for
a number of years as a Market Manager for 7-Eleven. These combined
experiences make him the ideal leader to take the marketing team and its
initiatives to the next critical level.
"These individuals have the vision, experience, commitment and skill set
highly suitable to these new roles. The Board of Directors, including
myself, has high expectations that this realignment will enable Core-Mark
to more effectively pursue its mission to be the most value-added marketer
of fresh and broad-line supply solutions to the convenience industry," said
Mr. Walsh.
Core-Mark
Core-Mark is one of the largest marketers of fresh and broad-line supply
solutions to the convenience retail industry in North America. Founded in
1888, Core-Mark provides distribution and logistics services as well as
marketing programs to over 24,000 retail locations in 50 U.S. states and
five Canadian provinces through 26 distribution centers, two of which
Core-Mark operates as third party logistics providers. Core-Mark services
traditional convenience retailers, grocers, drug, liquor and specialty
stores, and other stores that carry consumer packaged goods. For more
information, please visit www.core-mark.com.
Safe Harbor
Except for historical information, the statements made in this press
release are forward-looking statements made pursuant to the safe-harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are based on certain assumptions or estimates,
discuss future expectations, describe future plans and strategies, contain
projections of results of operations or of financial condition or state
other forward-looking information. Our ability to predict results or the
actual effect of future plans or strategies is inherently uncertain.
Although we believe that the expectations reflected in such forward-looking
statements are based on reasonable assumptions, actual results and
performance could differ materially from those set forth in the
forward-looking statements. Forward-looking statements in some cases can be
identified by the use of words such as "may," "will," "should,"
"potential," "intend," "expect," "seek," "anticipate," "estimate,"
"believe," "could," "would," "project," "predict," "continue," "plan,"
"propose" or other similar words or expressions. These forward-looking
statements are based on the current plans and expectations of our
management and are subject to certain risks and uncertainties that could
cause actual results to differ materially from historical results or those
discussed in such forward-looking statements.
Factors that might cause or contribute to such differences include, but are
not limited to, our dependence on the convenience retail industry for our
revenues; uncertain and recent economic conditions; competition; price
increases; our dependence on relatively few suppliers; the low-margin
nature of cigarette and consumable goods distribution; certain distribution
centers' dependence on a few relatively large customers; competition in the
labor market and collective bargaining agreements; product liability claims
and manufacturer recalls of products; fuel price increases; our dependence
on our senior management and key personnel; integration of acquired
businesses; currency exchange rate fluctuations; our ability to borrow
additional capital; governmental regulations and changes thereto including
the Family Smoking Prevention and Tobacco Control Act which was signed into
law in June 2009 which granted the U.S. federal Food & Drug Administration
("FDA") the authority to regulate the production and marketing of tobacco
products in the United States; earthquake and natural disaster damage;
failure or disruptions to our information systems; a general decline in
cigarette sales volume; and competition from sales of deep-discount brands
and illicit and other low priced sales of cigarettes. Refer to the "Risk
Factors" section of our Annual Report on Form 10-K for the year ended
December 31, 2008 filed with the SEC on March 13, 2009 and Part II,
Item 1A, "Risk Factors" of any quarterly report on Form 10-Q subsequently
filed by us. Except as provided by law, we undertake no obligation to
publicly update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.