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Volt Information Sciences Inc. (OTCBB: VISI.PK) promoted Ron Kochman to president and CEO. He replaces Steven Shaw, who stepped down to pursue other opportunities. The company also appointed James Whitney Mayhew to the CFO role after he had filled the position on an interim basis. In addition Volt co-founder Jerry Shaw will rejoin the board.
The moves come as the company continues its review of financial statements for fiscal years 2005 to 2008 to correct errors in accounting principles and methodologies. Volt plans to release amended statements as well as financial results for all later years once adjustments have been made.
In addition to being named CEO, Kochman has been elected to Volt’s board of directors. Kochman first joined Volt in 1987 and most recently served as senior vice president of strategic planning.
“Our goal is to keep Volt at the forefront of customized talent, technology and consulting solutions by continuing to meet our client's evolving needs while driving efficiency improvements throughout our business,” Kochman said. “We’re also very focused on completing the ongoing financial restatement process as expeditiously as possible.”
Mayhew had joined Volt in 2010 and served as vice president of finance and corporate controller before taking on the interim CFO role. Prior to joining Volt in 2010, Whitney was with KPMG LLP for more than 21 years, where he most recently served as an audit partner. Former CFO Jack Egan moved from CFO to senior vice president-global planning and budgeting in August 2011. The company later terminated his employment in February of this year.
Volt ranks as the 11th largest U.S. staffing firm.
The company previously announced staffing revenue of $455 million in its fiscal first quarter ended Jan. 29, up 2.9 percent from the same period in the previous year. However, the revenue number is preliminary as the company is in the process of its accounting review. Fitch Inc., a credit rating agency, had reaffirmed Volt’s rating of BB last month but then withdrew the rating because of lack of recent financial statements as Volt's review of past statements continues
“Ron has a deep understanding of our business, customers and employees, and the strategic vision to lead the company forward to its next phase of growth,” the Volt board said in a statement.
“We are extremely pleased to have such an experienced and high-caliber executive as Ron Kochman to bring new leadership and focus on the market opportunities ahead,” according to the statement. “We are also very pleased to have Jim Whitney assume the chief financial officer position with his extensive financial experience and strengths in implementing effective financial control and performance. Finally, we would like to thank Steve Shaw for his contributions to Volt over the past 16 years and we wish him well in his future endeavors.”