Angelson Takes Helm at Worldcolor

MONTREAL—He's back in the saddle again.

Mark Angelson, whose illustrious executive career has carried him from leading posts at Big Flower (Vertis) and Moore Corp. to RR Donnelley, now finds himself in perhaps the biggest challenge of his career. Angelson, 58, has been named chairman and CEO of the newly rebranded Worldcolor, formerly World Color Press and Quebecor World, as it attempts to re-establish itself after emerging from bankruptcy protection.

The company also revealed that incumbent CEO Jacques Mallette will leave the company to pursue outside business interests. This move comes on the heels of the announcement that CFO Jeremy Roberts would be stepping down early this month.

Angelson was named non-executive chairman back in June but, like a top-flight coach who is hired in a consultant role, it seemed only a matter of time before Worldcolor would tap Angelson's managerial expertise. Boasting one of the leading M&A portfolios in the history of the printing industry, he is credited for much of the growth that RR Donnelley has enjoyed during this decade. Perhaps his crowning success on the transactional front was his shocking Halloween 2006 acquisition of Banta Corp. during a takeover attempt by Cenveo Inc.

The leadership change would seem to signal a more aggressive approach to growth for Worldcolor. Harris DeWese, principal of Compass Capital Partners and a longtime expert on mergers and acquisitions in the printing industry, expects the move to pay early dividends for the embattled printer.

"I believe that Mark Angelson will bring an orderly approach to decision-making and create an atmosphere of entrepreneurship to transition Worldcolor into the new order of graphic communications," DeWese said. "I would anticipate that Worldcolor's profitability will show early improvement under his guidance."

Angelson arrived at Moore Corp. in 2000, as part of the Bob Burton regime that turned the troubled printer around. In 2003, Moore joined forces with Wallace Business Forms to create Moore Wallace, which then married RR Donnelley later in the year to knock Quebecor World off the No. 1 perch of North American printers.

Now the tables are turned.

"I am honored to be asked to lead a company with such deeply talented and dedicated employees as we begin a new chapter in our storied, century-long existence," Angelson said in a release. "My first priority will be working with our sales force to further strengthen our customer base. I will simultaneously lead an assessment of our operations and management, and make recommendations to the board with a view to optimizing our business in the current challenging economic environment.

"The excellent employees of Worldcolor have performed admirably during extraordinarily challenging times," he added. "I look forward to working closely with them to build upon the promise of a fresh start and restore Worldcolor's position as the preeminent provider of print, digital and related services for the benefit of all our stakeholders." PI