PSS World Medical, Inc. (PSSI), Wednesday said its Chairman and Chief Executive Officer David Smith has terminated his employment with the company by mutual agreement. The company promoted its Executive Vice President and Chief Operating Officer Gary Corless to the positions of President and Chief Executive Officer, effective immediately. In addition, the company has appointed Delores Kesler, a Director since 1993, as the Chairman of the Board of Directors.
Corless, who has also been appointed on the company's board and a member of the Executive Committee, joined PSS World Medical in 1990 and held various leadership positions. From April 1999 to May 2002, Corless worked as President of the Elder Care Business, Gulf South Medical Supply, leading the division to a better operational and financial performance over the three-year period.
From May 2002 to August 2005, he served the company as President of the Physician Business, Physician Sales & Service and Executive Vice President of PSS World Medical. Most recently, he has served as Chief Operating Officer since August 2005.
Kesler, the newly appointed Chairman, was named Lead Director in March 2007 and has served on the Board of Directors of the company since July 1993.
He has also been working with Adium LLC, a capital investment company, as Chairman and Chief Executive Officer since 1997. Previously, Kesler, being a founder, served Accustaff, Inc., a consulting and staffing company, as its Chairman and Chief Executive Officer from 1978 until 1997.
In addition, Kesler currently serves on the board of directors of The St. Joe Company, a real estate operating company, Horatio Alger Association of Distinguished Americans, Inc., University of North Florida Foundation and the Northeast Florida Hospice Foundation.
The company also noted it does not anticipate any material impact on the financial statements, the achievement of earnings goals or on its system of internal financial controls with the announced organizational change.
On January 27, the company the company reaffirmed its increased GAAP earnings per share forecast in the range of $1.15 - $1.17 for the fiscal year 2010.
On average, five analysts polled by Thomson Reuters expected the company to report earnings of $1.27 per share for the full year. Analysts' estimates typically exclude special items.
PSSI is currently trading at $20.61, down 0.01 or 0.05%, on the Nasdaq.
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