– USA, IL – Stericycle, Inc. (Nasdaq: SRCL) today announced that its Board of Directors has agreed to nominate James J. Martell, former CEO of Express-1, the predecessor company to XPO Logistics, and James L. Welch, former CEO of YRC Worldwide, as director nominees to stand for election to the Board at the 2020 Annual Meeting of Stockholders.
The director nominations follow ongoing discussions with Saddle Point Management, L.P., a current investor in the Company. In connection with the Board’s agreement to nominate Mr. Martell and Mr. Welch, Stericycle and Saddle Point have entered into a settlement agreement, including customary standstill and related provisions.
“We are pleased to nominate Jim and James as part of our ongoing commitment to maintain a highly qualified, independent board with an impressive range of expertise to help guide Stericycle in our continued transformation,” said Robert Murley, Board Chairman.
“Jim and James are seasoned executives who bring a deep level of experience in logistics and transportation, two areas that are key to our operations and the successful execution of the key business priorities that will drive improved performance and enhanced shareholder value at Stericycle. We look forward to benefiting from their fresh perspectives and relevant expertise as part of the Stericycle Board,” he added.
“As shareholders in Stericycle, we strongly support the nomination of Jim and James to the Stericycle Board and are proud to have worked closely in the process that resulted in the nominations,” said Roy Katzovicz, CEO of Saddle Point. “The deep expertise of each of these nominees will further supplement the current Board and provide the enhanced logistics and technology perspectives Stericycle needs to further support and oversee the operational turnaround underway.”
In addition to Mr. Martell and Mr. Welch, Stericycle expects to nominate its existing directors for election at the 2020 Annual Meeting resulting in an expanded Board of twelve members. These nominations continue the Stericycle Board’s pattern of significant refreshment – including Mr. Martell and Mr. Welch, Stericycle has added nine new independent directors to the Board in the last three years.
The Board will also form an Operations and Safety Committee to provide oversight regarding the operational, safety and environmental objectives. The Committee will be chaired by Cindy Miller, Stericycle’s Chief Executive Officer, and will include Mr. Martell and Mr. Welch, along with current Board members Veronica Hagen and Stephen Hooley.
About Jim Martell
Mr. Martell brings over 40 years of invaluable logistics expertise, including implementing disruptive transportation technology, as well as significant leadership experience as both an executive and board member.
James J. Martell, a logistics veteran with 40 years of industry experience, most recently served as CEO of Express-1, the predecessor company of XPO Logistics. Mr. Martell joined Express-1 after serving as Chief Executive Officer of SmartMail, which he sold to DHL, from 1999 to 2006. Before that, Mr. Martell was a founding senior executive of UTi Worldwide, a global transportation and logistics company, which he managed from 1995 to 1999. Prior to UTi Worldwide, Mr. Martell spent nearly 14 years in various management positions at FedEx and UPS.
Mr. Martell has served on boards of multiple logistics and transportation companies, including Cirrus Aircraft from 2005 to 2011, XPO Logistics from 2005 to 2016, GEODIS from 2007 to 2015, P&S Transportation from 2012 to 2017 and Livingston International from 2016 to 2019. He also served tenures as Chairman of the Board for GEODIS and XPO Logistics. Mr. Martell currently sits on the boards of Mobile Mini since 2010, ProTrans International since 2012, MyUS.com since 2012, Ameriflight since 2014, Transforce since 2015, Quality Distribution since 2015, uShip since 2016, Baxter Planning Systems since 2017 and Transplace since 2018.
Mr. Martell holds a Bachelor of Science degree in Business Administration and Management from Michigan Technological University and attended the Harvard Business School Executive Education program on Board Governance.
About James Welch
Mr. Welch has deep experience in both logistics and transportation, having served in a series of executive positions at YRC Worldwide throughout more than 40 years with the company, in addition to extensive experience as a director on public company boards. The nominees provide important and valued perspectives to the Board, as Stericycle continues to focus on driving operational cost efficiencies and improved performance.
Before retiring in 2018, James L. Welch served as CEO of YRC Worldwide, a holding company of several brands focused on shipping and supply chain solutions in North America. Mr. Welch re-joined YRC in 2011 from same-day transportation provider Dynamex Inc., where he had served as President and CEO since 2008. Prior to that, he served as a Consultant at Goldman Sachs Special Situations Group. Mr. Welch started his career in 1978 at YRC Worldwide, where he spent over 28 years working for Yellow Transportation and held multiple positions across the organization, including President and CEO.
Mr. Welch currently sits on the boards of Schneider National, where has served since 2018, and SkyWest, Inc., where he has served since 2007. He previously sat on the boards of YRC Worldwide from August 2011 to July 2018, Roadrunner Transportation Systems from 2010 to 2011, and Spirit Aerosystems Holdings from 2008 to 2011.
Mr. Welch holds a bachelor of science degree from West Texas A&M University and completed executive programs at Yale University and Arizona State University.
About Saddle Point
Saddle Point Management, L.P. is a private investment firm focused on public and private investments. The firm is based in New York City and registered with the Securities and Exchange Commission.
About Stericycle
Stericycle, Inc., is a U.S. based business-to-business services company and leading provider of compliance-based solutions that protect people and brands, promote health and safeguards the environment. Stericycle serves more than one million customers in all 50 U.S. states and 18 countries worldwide with solutions for regulated waste management, secure information destruction, compliance, customer contact, and brand protection.
For more information: https://www.stericycle.com
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