MELVILLE, N.Y.--(BUSINESS WIRE)--Feb. 11, 1999--Chairman and CEO Frank N. Liguori Steps Down After Distinguished 28-Year Career
Olsten Corporation (NYSE:OLS) today announced that its Board of Directors has elected President and Chief Operating Officer Edward A. Blechschmidt, 46, as Chief Executive Officer, and Vice Chairman Stuart Olsten, 46, as Chairman of the Board. Blechschmidt also retains the President's title and joins the Board.
Following a distinguished 28-year career in senior management with the Company, Frank N. Liguori, 52, who has been Chairman since 1992 and Chief Executive since 1990, has made a decision to resign his positions. "I have spent the last 28 years of my life diligently working and leading the Company," Liguori said. "A great deal has been accomplished over that period of time and we are now prominently among the Fortune 500(R) as an international company with three valuable strategic positions in staffing services, information technology and health services. The past two years have been challenging. We have restructured and made a number of changes to hopefully set us on a good growth path. I recently hired Ed Blechschmidt with the expectation that he would replace me as Chief Executive Officer. I have every confidence that Ed can fulfill that job and I believe it is time to pass the baton."
As Olsten's new Chief Executive, Blechschmidt said, "I will work closely with a talented management team and an extraordinarily dedicated and professional workforce on many initiatives that, over time, should allow Olsten to prosper. Thus, we intend to stay focused on improving our financial performance and enhancing shareholder value. Our goal is to maintain high customer satisfaction, build our reputation as both an employer and a provider of choice, and capitalize on strategic opportunities for future growth."
"As we move forward, we are grateful for Frank Liguori's lasting contributions to the Company over a distinguished career spanning nearly three decades," added Stuart Olsten. "The Board and I now turn our full support to Ed Blechschmidt as he takes over the reins of the Company. He is uniquely qualified to lead Olsten Corporation into the new millennium."
Blechschmidt joined Olsten Corporation as President and Chief Operating Officer last October, with responsibility for Olsten's worldwide operations. Since 1996, he had been President and Chief Executive Officer of both Siemens Nixdorf Americas and Siemens' Pyramid Technology, as well as Executive Vice President and Board Member of parent company Siemens Nixdorf Informationssysteme AG of Munich, Germany. In those capacities, he was responsible for all operations and new business initiatives in North and South America for this global information technology company. Prior to joining Siemens, he spent 20 years with Unisys Corporation, the provider of information technology and consulting services, where he held progressively responsible finance, administration and line positions, including President, Unisys Japan Limited; President, Pacific Asia Americas Division (all Unisys international operations, excluding Europe and Africa); President, United States and Canada Division; and Senior Vice President and Chief Financial Officer.
Stuart Olsten began his career with Olsten as an Account Representative in Boston 24 years ago and held a number of operations management positions until he became Executive Vice President, with responsibility for acquisitions and product development, in 1987. He served as President of Olsten Corporation from 1990 to 1998, as a Director since 1986 and as Vice Chairman since 1994. Olsten, who is involved in various civic and industry activities, is also President of the William Olsten Center for Workforce Strategies, an independent organization generating research and analysis on issues affecting workforce management and staffing.
Olsten Corporation is a world leader in staffing services and North America's largest provider of home health care and related services. Primarily through Olsten Staffing Services, the Company operates more than 900 staffing or information technology offices in North America, South America and Europe, providing assignment employees to business, industry and government, as well as services for the design, development and maintenance of information systems. Through its Olsten Health Services subsidiaries, the Company's nearly 500 health care offices in the United States and Canada provide health care Network Services and caregivers for home health care and institutions, home infusion and other therapies, and management services to hospital-based home health agencies. In 1998, Olsten Corporation achieved systemwide sales of $5.1 billion, revenues of $4.6 billion and employed approximately 700,000 people serving approximately 600,000 client/patient accounts.
Information contained in this news release, other than historical information, should be considered forward-looking, and is subject to various risk factors and uncertainties. For instance, the Company's strategies and operations involve risks of competition, changing market conditions, changes in laws and regulations affecting our industries and numerous other factors discussed in this release and in the Company's filings with the Securities and Exchange Commission. Accordingly, actual results may differ materially from those in any forward-looking statements.