Rich Stoddart to Succeed Eric Belcher as Chief Executive Officer;
Belcher to Transition to Executive Chairman
Inc. (NASDAQ: INWK), the leading global marketing execution firm,
today announced that President and Chief Executive Officer, Eric
Belcher, will be succeeded by Rich Stoddart, who is currently serving as
Global President of Publicis Groupe's Leo Burnett Worldwide. Mr.
Stoddart will be appointed President & Chief Executive Officer of
InnerWorkings, Inc. and will join its Board of Directors effective on or
before April 5, 2018, at which time Mr. Belcher will transition to the
role of Executive Chairman of the Board of Directors.
As Global President of Leo Burnett Worldwide since January 2016, Rich
Stoddart has served as the chief executive officer of one of the world's
largest and most awarded global advertising agencies, and has more than
30 years of marketing experience. Prior to his current role, he ran Leo
Burnett North America for 11 years as Chief Executive Officer and
President. In these roles, Mr. Stoddart oversaw a period of significant
growth as the agency expanded relationships with existing clients and
added new clients. During his tenure, Mr. Stoddart was active in the
development and recruitment of top industry talent. He was also
responsible for developing and integrating the agency's shopper,
digital, and mobile technology capabilities to deliver seamless
cross-platform solutions for clients.
Mr. Belcher commented, "When the Board and I began our succession
planning last spring, our goals were to ensure an orderly leadership
transition, and to identify an executive who could build on our market
leadership as a disruptor and innovator and lead our business through
its next phase of growth. We believe we've found such a leader in Rich.
He is an exceptionally talented leader with a track record of driving
growth and innovation for some of the world's most famous brands and
corporations. We're pleased to welcome Rich to InnerWorkings."
Mr. Belcher continued, "I am honored to have helped lead the most
talented team in our industry for the last 10 years, and I am extremely
proud of what we've accomplished. With the Company producing record
performance and positioned well for continued long-term growth, we felt
now was an opportune time to execute a leadership transition. I'm very
happy we're setting Rich up for success and look forward to working with
him through this transition and beyond. I would also like to thank Jack
Greenberg, a longstanding director and our current Chairman, for his
seven years of service in the Chairman role. Jack will continue to serve
as a valued leader on our Board as lead independent director."
Mr. Greenberg added, "During Eric's tenure, he led a growth strategy
that has taken InnerWorkings from a Midwest focused print management
business to the world's leading marketing execution agency, increasing
revenues from $77 million in 2005 to more than one billion dollars in
2017 and quadrupling our earnings per share. I'm delighted that Eric
will succeed me as Chairman and actively support Rich as we transition
leadership roles and continue to guide the business toward future
growth. As we look ahead, the Board is excited to welcome Rich as our
new Chief Executive Officer, given his experience managing a global
business, his depth of marketing experience, and his track record
serving some of the largest brands in the world."
Mr. Stoddart concluded, "I am thrilled to be joining InnerWorkings at
such an exciting time. Eric and the team have done a tremendous job
establishing InnerWorkings as an industry leader, and we see significant
opportunity to leverage our unique position in the marketplace to grow
the business. Our business is aligned with evolving trends in the way
marketing departments operate, and with our global footprint and
technology-focused model, we believe our comprehensive suite of
marketing services is well positioned for long-term growth. Our value
proposition and capabilities in marketing execution continue to resonate
with existing clients, and I'm eager to begin working with the team to
expand market adoption of InnerWorkings with new clients across the
Mr. Stoddart began his career in 1985 at Leo Burnett and has also served
in managerial positions at Fallon, another Publicis Groupe agency
headquartered in Minneapolis, as well as the Ford Motor Company. Mr.
Stoddart served as the chairman of the American Advertising Federation
from 2013-2015, and has served as a member of the Board of Directors of
Hasbro Corporation since 2014. He is a graduate of Dartmouth College and
resides in Chicago with his wife and two daughters.
Mr. Stoddart will join Mr. Belcher and Chip Hodgkins, Interim Chief
Financial Officer, on InnerWorkings' upcoming earnings conference call
scheduled to take place on February 27, 2018.
This release contains statements relating to future results. These
statements are forward-looking statements under the federal securities
laws. We can give no assurance that any future results discussed in
these statements will be achieved. Any forward-looking statements
represent our views only as of today and should not be relied upon as
representing our views as of any subsequent date. These statements are
subject to a variety of risks and uncertainties that could cause our
actual results to differ materially from the statements contained in
this release. For a discussion of important factors that could affect
our actual results, please refer to our SEC filings, including the "Risk
Factors" section of our most recently filed Form 10-K.
InnerWorkings, Inc. (NASDAQ: INWK) is the leading global marketing
execution firm serving Fortune 1000 brands across a wide range of
industries. As a comprehensive outsourced enterprise solution, the
Company leverages proprietary technology, an extensive supplier network
and deep domain expertise to streamline the production of branded
materials and retail experiences across geographies and formats.
InnerWorkings is headquartered in Chicago, IL and employs approximately
1,900 individuals to support global clients in the execution of
multi-faceted brand campaigns in every major market around the world.
InnerWorkings serves many industries, including: retail, financial
services, hospitality, consumer packaged goods, nonprofit, healthcare,
food & beverage, broadcasting & cable, automotive, and transportation.
For more information visit: www.inwk.com.
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Source: InnerWorkings, Inc.
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