Core-Mark Holding Co.’s CEO Michael Walsh plans to retire effective Jan. 18, 2013.
The South San Francisco, Calif., marketer of fresh and broad-line supply solutions for convenience stores named Thomas Perkins as its new CEO.
Perkins has worked as Core-Mark’s senior vice president of resources since 2007. In connection with his promotion to president and CEO, Perkins will be appointed to the company’s Board of Directors. Walsh will remain on the Board of Directors following his retirement from management.
“It has been a great privilege to spend the last 21 years with Core-Mark and to work closely with all of our outstanding employees, customers and partners,” stated Walsh. “I am proud of the company’s strong performance, and I deeply value the friendships I have made over the years. I am particularly pleased that the Board recognized the incredible talent that resides within our management team in their selection of the next CEO, and I look forward to working with Tom over the coming months to ensure a very smooth transition.”
Perkins has successfully served in a number of important positions with increasing responsibility during his more than 19 years with the company, including president of two distribution centers, vice president of the U.S. Divisions and, most recently, senior vice president of resources. In this current management role, Perkins leads the team providing IT, HR and operations support services to all of Core-Mark’s operating divisions. Perkins also plays a vital role in a wide range of activities across the company, including strategy development, business and corporate development, marketing, customer relationship management, pricing analyses, bidding and profitability reviews.
Perkins has an established track record of increasing sales and profits in each of the operating entities he has led within Core-Mark. He was the manager responsible for the company’s efforts into “third party logistics,” involving the successful planning, start-up and subsequent operations of a major distribution center in Arizona. Recently, Perkins was in charge of planning, mobilizing and creating the infrastructure in an extremely short timeframe that resulted in the successful supply of over 1,000 stores located in the southeastern U.S., leading to approximately $600 million of new annualized revenue. His consistent leadership performance over the years led to the Board’s decision to appoint him as Walsh’s successor.
Walsh has served as Core-Mark’s president and CEO since March 2003. During his tenure, Core-Mark reached many major financial and operational milestones, while also significantly expanding its corporate infrastructure. Since 2004, Core-Mark’s revenue has grown at a compounded annual rate of 10% and normalized EBITDA at a rate of 11%. Under Walsh’s leadership, Core-Mark also completed several significant acquisitions, including Klein Candy, AMD, Finkle Co. and Forrest City Grocery, and built two new ground-up facilities in Toronto and Tampa to serve convenience retailers.
“On behalf of the entire Board of Directors, I want to thank Mike for his tireless efforts spanning two decades in which he helped to build Core-Mark into an industry leader, and I look forward to continuing to work with him closely on the Board in the years ahead,” said Randy Thornton, chairman of Core-Mark’s Board of Directors. “We are also very pleased to name Tom as the company’s next president and CEO. After nearly 20 years with the company, he knows Core-Mark’s day-to-day business inside and out and has been integral to the company’s success. In addition to his breadth of skills and experience, including the insights he gained through the company’s tailored management development program, Tom’s strategic contributions and proven leadership abilities make him an excellent choice to lead Core-Mark into the future. We are confident that under Tom’s stewardship, Core-Mark will continue to deliver superior value for customers and shareholders.”
“I am honored to become the next CEO of Core-Mark and lead a highly talented team,” Perkins commented. “The company is well-known for its commitment to providing unmatched services and solutions to customers, and I look forward to helping Core-Mark expand its reach and execute on the growth strategies Mike has put in place.”
In the past several years, Core-Mark has re-engineered itself to become the premier broad line distributor of fresh products and solutions wherever consumer packaged goods are sold. In addition to industry-leading cold chain logistics, the company offers a unique marketing service called Focused Marketing Initiative (FMI), based on demographics and category management, which has resulted in significant profit improvements for customers. To help retailers generate additional savings and enable the highest-quality fresh product offerings, the company also offers a proprietary program for reducing overall supply chain expenses and increasing inventory turns, while simultaneously reducing in-store out-of-stocks. These strategies, along with the company’s expansion of its footprint across North America through acquisitions, have led to Core-Mark’s recent industry-leading growth.