On Assignment Expands and Realigns Management Resources in Line with Company's Recent Growth
On Assignment Expands and Realigns Management Resources in Line with Company's Recent and Continued Growth
Outside Director Edward L. Pierce Named Chief Financial Officer & Executive Vice President
Jim Brill, Former CFO, Becomes Senior Vice President, Chief Administrative Officer and Treasurer
Marty R. Kittrell Replaces Pierce on Board of Directors and as Chairman of the Audit Committee
On Assignment, Inc. has announced that it has expanded and realigned its senior management team in response to the company’s recent and continued growth. Edward L. Pierce, 55, was named the company’s chief financial officer and executive vice president. Jim Brill assumed the roles of senior vice president, chief administrative officer and treasurer and is responsible for human resources, risk management, treasurer functions (including banking and cash management) and continues to assist with investor relations.
“As On Assignment continues to grow in terms of size and complexity, it is critical that we expand our existing management team and allocate resources into the roles that make the most sense for the current needs of the company,” said Peter Dameris, president and CEO of On Assignment. “Jim has done an incredible job as chief financial officer over the last five years and his efforts have helped the company go from $280 million to $1.5 billion in revenue. In his new role, Jim’s many years of experience as a commercial banker will be invaluable as we aggressively move to maximize our cash generation, pay down debt and enhance our capitalization. In addition, as more demands are made on my time, I need a trusted leader to handle administration.”
Dameris continued, “I have known and worked with Ed for over 18 years and together we have purchased and integrated over 80 acquisitions. He has a deep understanding of staffing and technology gained from his leadership roles at Metamor Worldwide, where he was instrumental in helping me execute our strategic plans, BindView Development and, most recently On Assignment. As a result of his past CFO experience at Metamor and his service on our board of directors over the last four years, our auditors and many of our analysts, bankers and investors are already very familiar with him. In connection with Ed’s resignation from the board of directors and appointment to CFO, we have also elected Marty R. Kittrell as an independent director and chairman of the audit committee.”
Pierce has served as an independent director and chairman of the audit committee on the On Assignment board since 2007. Most recently, Pierce was affiliated with a Chicago-based private equity firm and was previously the president of First Acceptance Corporation, a publicly traded retailer, servicer and underwriter of non-standard private-passenger automobile insurance. Pierce has held executive financial and accounting management positions since 1989 having served as the chief financial officer of three publicly held companies, including Metamor Worldwide, a global staffing and solutions business, from November 1994 through January 2001. Pierce began his career in public accounting at Arthur Andersen & Co. in Houston.
In connection with the commencement of his employment with On Assignment, on September 1, 2012, On Assignment granted Mr. Pierce (a) a stock option covering 75,000 shares of On Assignment common stock and (b) a restricted stock unit award covering 8,883 shares of On Assignment common stock. In addition, on the first trading day in January 2013, On Assignment expects to grant Mr. Pierce a restricted stock unit award covering a number of shares of On Assignment common stock having a value equal to $440,000 on the applicable grant date.
The stock option will vest and become exercisable, subject to continued service, with respect to 18,750 shares on the first anniversary of the grant date, and with respect to 1,563 shares on each monthly anniversary thereof over the following three years.
The restricted stock unit award granted on September 1, 2012 will vest, subject to continued service, with respect to 2,221 shares on the first anniversary of the grant date, and with respect to 6,662 shares over the next two years in substantially equal quarterly installments.
The January 2013 restricted stock unit award is expected to vest, subject to continued service, as to 60% of the award on the first anniversary of the grant date and as to 40% of the award based on the achievement of applicable performance targets.
The stock option and restricted stock unit awards are granted as employment inducement awards pursuant to the NYSE rules.
Marty R. Kittrell, 55, currently serves as a director and chairman of the audit committee of NiSource, Inc., a Fortune 500 company engaged in natural gas transmission, storage and distribution. Previously, Kittrell retired as executive vice president and chief financial officer of Dresser Holdings, Inc., a position he held for four years. He also served as chief financial officer of a number of other companies, both public and private, including Andrew Corporation and Exide Electronics Group, Inc. Kittrell began his career with Price Waterhouse and holds a BS in accounting from Lipscomb University where he serves on the Board of Trustees.