VANCOUVER, WA--(Marketwired - Jul 13, 2016) - Barrett Business Services, Inc. ("BBSI" or the "Company") (NASDAQ: BBSI), a leading provider of business management solutions, has appointed Gary Kramer as chief financial officer, effective August 10, 2016. Kramer succeeds Interim CFO Tom Carley.
Kramer comes to BBSI with more than 15 years of insurance industry expertise, joining the Company from Chubb Global Services, a unit of Chubb Limited -- the world's largest publicly traded property and casualty insurer, where he spent 12 years. While at Chubb (formerly ACE Limited prior to ACE's acquisition of Chubb), Kramer led the Global Services unit and applied their experience, expertise and infrastructure to support the complex underwriting and servicing needs of large, multinational customers. He also oversaw the delivery of their sophisticated risk management products, programs and services for global programs of U.S.-based companies.
Prior to his current role at Chubb, Kramer served as divisional financial officer for ACE Financial Solutions. During this time, he had responsibility for finance and operations, with particular emphasis on accounting, financial controls and systems.
"After an extensive national search where we had the opportunity to meet a number of strong candidates, Gary's financial expertise and approach to leadership stood out sharply," said Michael Elich, president and CEO of BBSI. "Gary is a long-term strategic thinker who is well aligned with our culture and our management team. Additionally, his expertise in establishing systems and controls will support continued stability in our model."
Mr. Kramer holds a Bachelor of Science degree in business administration with a specialization in finance from Rowan University and an MBA with a specialization in accounting from Drexel University.
Commenting on his new position, Kramer said: "BBSI is a company focused squarely on helping business owners build stronger companies. I look forward to using my experience to help drive the continued commitment toward this vision. I can't imagine a more exciting time to join BBSI."
BBSI (NASDAQ: BBSI) is a leading provider of business management solutions, combining human resource outsourcing and professional management consulting to create a unique operational platform that differentiates it from competitors. The Company's integrated platform is built upon expertise in payroll processing, employee benefits, workers' compensation coverage, risk management and workplace safety programs, and human resource administration. BBSI's partnerships help businesses of all sizes improve the efficiency of their operations. The Company works with more than 4,000 clients across all lines of business in 22 states. For more information, please visit www.barrettbusiness.com.
Statements in this release about future events or performance are forward-looking statements which involve known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from any future results expressed or implied by such forward-looking statements. Factors that could affect future results include changes in executive management, the ineffectiveness of the Company's internal control over financial reporting, the Company's relationship with its primary bank lender, current and future shareholder litigation, ongoing investigations by governmental agencies, economic conditions in the Company's service areas, the effect of changes in the Company's mix of services on gross margin, the Company's ability to retain current clients and attract new clients, the availability of financing or other sources of capital, the potential for material deviations from expected future workers' compensation claims experience, the effect of changes in the workers' compensation regulatory environment in one or more of the Company's primary markets, the collectability of accounts receivable, the carrying value of deferred income tax assets and goodwill, and the effect of conditions in the global capital markets on the Company's investment portfolio, among others. Other important factors that may affect the Company's future prospects are described in the Company's 2015 Annual Report on Form 10-K. Although forward-looking statements help to provide complete information about the Company, readers should keep in mind that forward-looking statements are less reliable than historical information. The Company undertakes no obligation to update or revise forward-looking statements in this release to reflect events or changes in circumstances that occur after the date of this release.