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Volt chairman says firm to remain independent; company names president and CEO

November 08 2018

Volt Information Sciences Inc. (NYSE MKT: VISI) concluded its previously announced evaluation of strategic alternatives, which included the potential sale of the company, and its board agreed to continue executing on the company’s strategic plan.

Volt also announced today that the board appointed Linda Perneau as president and CEO, and a board member, effective Nov. 7. Perneau joined Volt in May as president of Volt Workforce Solutions and has been serving as the company’s interim president and CEO since June 6 when Michael Dean stepped down.

“After an extensive review of the strategic alternatives available to the company, including the several bids to acquire the company that were received, we have unanimously determined that executing our business plan as an independent company is the best path forward to maximize value for Volt’s shareholders,” Chairman Nick Cyprus said. “Under the leadership of Linda Perneau, now our president and CEO, the board is confident in the company’s ability to improve its market share and drive profitable growth.”

Perneau since 2011 held a number of senior-level positions in the general staffing division at Randstad US, most recently as its co-president overseeing all commercial staffing. She previously held senior roles of increasing responsibility in that division, including COO, division president and executive VP. Perneau’s prior staffing industry experience also includes executive VP at Spherion, senior VP of the southeast division at Adecco and area manager-West region for Kelly Services.

Dean joined Volt’s board as chairman in May 2015 and took over the CEO role on an interim basis upon the resignation of then-President and CEO Ron Kochman the following month. Dean was named as president and CEO in November 2015. 

Volt last year sold a quality assurance testing business, known as VMC, to Keywords International Ltd., a technical services provider to the global video games industry, in a $66.4 million deal that would help move Volt forward as a pure-play staffing company.

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