News
George Babich, Jr. Elected President and Chief Executive Officer of Checkpoint Systems, Inc.
February 2013 by Marc Jacob
Checkpoint Systems, Inc. announced that the Company’s Board of Directors elected George Babich, Jr. to the position of
President and Chief Executive Officer, effective immediately. Mr. Babich, age 60,
served as interim President and Chief Executive Officer of Checkpoint since May
2012.
Mr. Babich has been a member of Checkpoint’s Board of Directors
since 2006 and will continue to serve as a director. He is a respected
business leader with more than 30 years of financial, business
operations, and strategic planning experience in the retail, consumer
products, manufacturing, and service sectors. From 2004 to 2005, he
was President of Pep Boys — Manny, Moe & Jack, and Chief
Financial Officer and President from 2002 to 2004. His experience
also includes senior financial management positions at Pepsico Inc.,
Ford Motor Company, and The Franklin Mint. He is a member of the
Board of Directors of Teleflex Incorporated (NYSE: TFX).
During Mr. Babich’s interim leadership, Checkpoint adjusted its business strategy,
broadening its value proposition as a shrink management company to be a provider
of inventory management solutions that give retailers insight into the availability of
merchandise in their stores. In conjunction with this strategic shift, the Company
identified a set of sweeping measures to right-size its global operations, cut costs,
reduce working capital and increase revenue. Project LEAN, a new plan designed to
quickly improve profitability, was launched in the second quarter of 2012. The plan is
expected to generate annual savings of $35 million in 2013 in addition to $67 million
in savings from the Company’s previously disclosed SG&A Restructuring Plan while
positioning the company for sustained revenue growth.
