Checkpoint names former Tyco exec EVP, CFO

THOROFARE, N.J. — Checkpoint Systems, a global supplier of shrink management, merchandise visibility and apparel labeling solutions for the retail industry, has appointed Jeff Richard as EVP and CFO. Richard will replace Raymond D. Andrews, who is retiring from the company July 31. Andrews will remain with the company during the transition.

Richard recently served as EVP and CFO at Safety-Kleen Systems, a $1.5 billion environmental services company, from 2010 to 2013. At Safety-Kleen, Richard led a broad set of turnaround initiatives to drive profitable, sustainable growth, which significantly improved operational performance and equity value. He recapitalized the company and led a dual-path liquidity IPO and sale plan that concluded with the sale of Safety-Kleen to the company’s largest competitor in December 2012.

From 2006 to 2010, he served as COO and CFO at Pavestone Company, where he successfully guided the company through the economic downturn and housing market collapse, focusing on gaining market share and cost take-out, while building strong relationships with customers, the banking and private equity community and vendors. Previously, Richard was VP of financial planning and analysis at Electronic Data Systems Corp. and CFO and VP of Americas operations at Jacuzzi Brands. Earlier in his career he worked in a variety of financial positions at Tyco International Ltd., ultimately serving as CFO for Tyco’s $2.2 billion plastics and adhesives segment, where he was responsible for all segment financial and control functions including consolidation, financial reporting, tax, treasury and investor relations. Richard has a bachelor’s degree in business administration from Louisiana State University.

“We are delighted to have attracted Jeff to join the Checkpoint team and we welcome him. He is a strong financial and operational executive with outstanding leadership experience,” said president and CEO George Babich. “His track record of revitalizing businesses, positioning them for sustainable, profitable growth is impressive and I look forward to working with him as we continue to identify opportunities to increase shareholder value at Checkpoint.”

“We sincerely thank Ray Andrews for his many contributions, particularly in the past two years of intense organizational change and turnaround activity. Ray has been a valuable member of Checkpoint’s leadership team since 2007, and we extend best wishes for his retirement,” added Babich.

Checkpoint Systems enables retailers and their suppliers to reduce shrink, improve shelf availability and leverage real-time data to achieve operational excellence.