SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
May 11, 2000
CADMUS COMMUNICATIONS CORPORATION
(Exact Name of Registrant as specified in its Charter)
<S> <C> <C>
Virginia 0-12954 54-1274108
(State or other jurisdiction (Commission File Number) (IRS Employer Identification
of incorporation) Number)
6620 West Broad Street, Suite 240
Richmond, Virginia 23230
(Address, including zip code, and telephone number,
including area code, of registrant's
principal executive offices)
Item 5. Other Events.
On May 11, 2000, Cadmus Communications Corporation (the "Company") issued
the press release attached hereto as Exhibit 99.1 announcing the retirement of
C. Stephenson Gillispie, Jr. as chairman, president and chief executive officer
and as a director effective June 30, 2000. The Company also announced the
election of Bruce V. Thomas to replace Gillispie as president and chief
executive officer, and Russell M. Robinson, II, to serve as nonexecutive
Item 7. Financial Statements and Exhibits.
Exhibit 99.1 Press Release
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized on May 12, 2000.
CADMUS COMMUNICATIONS CORPORATION
By: /s/ Bruce V. Thomas
Bruce V. Thomas
Executive Vice President, Chief Operating
Officer and Secretary
Exhibit 99.1 Press Release
FOR IMMEDIATE RELEASE Contact: Teri Schrettenbrunner
Director of Corporate Communications
C. STEPHENSON GILLISPIE, JR. ANNOUNCES RETIREMENT
BRUCE V. THOMAS ELECTED PRESIDENT AND CHIEF EXECUTIVE OFFICER
OF CADMUS COMMUNICATIONS CORPORATION
RICHMOND, Va. (May 11, 2000) - Cadmus Communications Corporation (Nasdaq/NM:
CDMS) today announced that C. Stephenson Gillispie, 57, will retire as chairman,
president and chief executive officer and as a director effective June 30, 2000.
Bruce V. Thomas, 43, currently executive vice president and chief operating
officer, has been elected to replace Gillispie as president and chief executive
officer. Russell M. Robinson II, 68, has been elected to serve as nonexecutive
chairman. Thomas will join the board as a director upon assuming his new
Russell M. Robinson II remarked, "The promotion of Bruce Thomas to president and
chief executive officer upon Steve Gillispie's retirement follows the Company's
plan of succession and serves very well to support our corporate growth
strategy. Bruce has extensive knowledge of the business, has shown careful and
sound judgment on both strategic and operating matters, and has proven
exceptionally capable of managing a wide range of duties within the Company. We
are confident he will provide effective leadership in achieving growth and
profitability for Cadmus."
Robinson continued, "The board recognizes and expresses its appreciation for
Steve's contributions over his 22-year career with Cadmus, including especially
the last eight years as chief executive officer. His commitment and energies
have been vital to the Company's ability to progress during a period of rapid,
unprecedented change in the communications industry. He has led Cadmus into
becoming the largest scientific, technical and medical publication services
provider in the world. He retires with our thanks, friendship and best wishes."
Thomas has served as executive vice president and chief operating officer of
Cadmus since November 1999. He had previously served as the Company's chief
financial officer and general counsel since 1992. Prior to joining Cadmus,
Thomas was a partner in corporate law with Mays & Valentine. He has a BA from
Kenyon College and a JD from the University of North Carolina.
Robinson has served as a director of Cadmus since 1984 and as the Company's lead
director since 1997. He serves as nonexecutive chairman of Caraustar
Industries, Inc. and a director of Duke Energy Corporation.
C. Stephenson Gillispie, Jr. has served as chairman, president and chief
executive officer of Cadmus since 1995, after having been with Cadmus since
1978. He formerly was president and chief executive officer of The William Byrd
Press, Incorporated. Gillispie serves as a director of the First Union -
VA/MD/DC Advisory Board, the American Red Cross, and the mid-Atlantic board of
the American Heart Association.
Cadmus Communications Corporation provides end-to-end, integrated communications
services to professional publishers, not-for-profit societies and corporations.
Cadmus is the largest provider in the world of production services to
scientific, technical and medical journal publishers, the fourth largest
publications printer in North America, and a leading national provider of
specialty packaging products and services. Additional information about Cadmus
is available at the Company's web site - www.cadmus.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: Information in this release relating to Cadmus' future prospects and
performance are "forward-looking statements" and, as such, are subject to
certain risks and uncertainties that could cause actual results to differ
materially. Potential risks and uncertainties include but are not limited to:
(1) the effective integration of recent acquisitions, (2) continuing competitive
pricing in the markets in which the Company competes, (3) the gain or loss of
significant customers or the decrease in demand from existing customers, (4) the
ability of the Company to continue to obtain improved efficiencies and lower
overall production costs, (5) changes in the Company's product sales mix, (6)
the performance of new management and leadership teams in the Company and its
divisions, (7) the impact of industry consolidation among key customers, (8) the
ability of the Company to operate profitably and effectively with higher levels
of indebtedness and (9) the ability to retain key employees and managers in
light of lower-than-planned incentives and benefits.