CDI Corp. names CEO
Freidheim, 49, joins CDI with more than 20 years of high-level experience across a range of industries with a proven ability to acclimate quickly and achieve strong financial performance. It is this business acumen and strategic vision that will be critical in generating value creation, which is the joint focus of Freidheim and the Board.
Freidheim most recently served as Vice Chairman - Post Acquisition Management (Europe) at Investcorp International, where he was responsible for all portfolio companies in Europe. Before joining Investcorp in 2011, Freidheim was Executive Vice President, Operating and Support Businesses with Sears Holdings and, more recently, President of Kenmore, Craftsman and Diehard. Under his leadership, Kenmore's market share position rose from third to first. Prior to his tenure at Sears Holdings, Freidheim served as Executive Vice President, Chief Administrative Officer at Lehman Brothers. At Lehman Brothers, he also held officer positions in the investment banking and investment management divisions. Freidheim has served on corporate, higher education and not for profit boards. Freidheim is a member of the Board of Trustees of the Institute of International Education and is a member of the Economic Club of New York and theCouncil on Foreign Relations. He was also a member of the Young Global Leaders Forum and Global Agenda Council of the World Economic Forum focused on the Skills Gap.
"The Board of Directors undertook an intensive search process for a new CEO. Having demonstrated an ability to master a variety of industries and successfully execute transformation strategies, Scott was clearly the best candidate to guide CDI to a more profitable, focused and growth orientated future," said Walter Garrison, Chairman of the CDI Board of Directors and the founder of the company. "The Board wanted a strategic thinker with the imagination to capitalize on our present strengths and leverage new opportunities for value creation. Scott has a proven track record of making strategic decisions that generate positive results."
Freidheim's contract is structured to emphasize long-term rewards based primarily on the creation of tangible shareholder value. He has agreed to take lower current compensation in return for a significant long-term opportunity contingent entirely upon achieving share prices that are between 2-3 times the current stock price. Any reward earned would cliff vest at the end of the five year contract.
"I am honored to join CDI, a company with a strong portfolio, balance sheet and client relationships," said Freidheim. "All of these attributes provide a strong foundation for growth that when built upon will create substantial, long-term value for CDI and its shareholders." As part of his long-term commitment to CDI, Freidheim will be relocating to the Philadelphia area with his family.
He is the fifth CEO in the 64-year history of CDI Corp. The Board of Directors hired Gayle Mattson, a widely respected consultant, to conduct the search.