| TeamStaff announced that the company has completed an in-depth strategic review of its businesses in light of recent economic conditions, trends in government spending, and changing dynamics in the healthcare market. The analysis was performed by a newly formed strategic planning committee of the board and the executive management team led by Rick J. Filippelli, the company's CEO, and with the assistance of two management consulting firms. Each business unit of the company was evaluated for their future prospects, and various initiatives to achieve sustainable earnings growth were considered. Based on this review, it was concluded that the interests of the shareholders would be best served by focusing the company's resources on the development and expansion of the company's core government staffing subsidiary, TeamStaff Government Solutions. To implement this strategic shift in the company's business plans, the board and Filippelli mutually agreed that a change of leadership to an executive with experience and relationships in the governmental services industry would provide the new strategy with the best opportunity for success. Accordingly, Filippelli has elected to resign his position with TeamStaff effective at the end of January 2010 and assist with the transition to a new CEO. The board has also created a search committee and retained DHR International to identify potential candidates for CEO. :theflyonthewall.com |
