ServiceSource Appoints Richard G. Walker as Chief Financial Officer
October 18, 2018
Robert N. Pinkerton Leaving ServiceSource to Accept an Opportunity
Outside the Company
DENVER–(BUSINESS WIRE)–$SREV–ServiceSource (NASDAQ: SREV) (the “Company”), a global leader in
outsourced inside sales, customer success and recurring revenue growth
and retention solutions, today announced that Richard G. Walker,
currently a member of the Company’s Board of Directors and an
experienced financial executive, has been appointed Chief Financial
Officer, effective November 12, 2018. His appointment follows Robert N.
Pinkerton’s decision to accept an opportunity outside of ServiceSource.
Mr. Walker will remain a member of the Company’s Board.
Mr. Walker’s career spans nearly 30 years as a CFO, senior executive,
advisor and board member at several market-leading information and
services companies. He is a proven strategist and disciplined financial
operator with an impressive track record of shareholder value creation.
Throughout his career, Mr. Walker has built and led world-class
functions and teams in financial planning & analysis, treasury, tax,
audit, investor relations, strategy and corporate development.
“We are extremely pleased to add a leader of Rich’s caliber to the
ServiceSource management team,” said Christopher M. Carrington, CEO of
ServiceSource. “Rich has significant experience as a public company CFO
and a proven ability to deliver superior financial and shareholder
results in complex business environments. Having served as director of
the Company for the past year, he has a thorough understanding of our
business and evolving industry dynamics, and he will play a key role as
we continue to advance our strategy in the B2B customer journey
experience marketplace.”
“I am honored and excited to take on this important role as the Company
progresses in its transformation,” said Mr. Walker. “I look forward to
working with Chris, the rest of the leadership team and the Board to
enhance ServiceSource’s financial and operational performance, while
also ensuring we are appropriately positioned to invest in high-ROI
initiatives that can drive market differentiation and support future
growth.”
Mr. Carrington continued, “I want to thank Bob for his many
contributions to the Company over the past three years. Bob has been a
valuable and trusted partner as we improved the underlying health of the
business and strengthened the organization. In addition to leading
initiatives that drove marked improvements in profitability and
liquidity, Bob built an efficient and high-performance finance
organization that has promoted a culture of greater financial rigor and
discipline throughout the Company. We wish him the best as he pursues
the next chapter in his career.”
“I am grateful to have had the opportunity to work with so many talented
individuals at ServiceSource and I look forward to partnering with Rich
in the coming weeks to ensure a smooth transition,” said Mr. Pinkerton.
“While I’ve decided to become CFO at a private equity-backed company
here in Denver, I remain confident in the ServiceSource team’s ability
to execute on its strategic priorities and position the Company for
continued success.”
Mr. Pinkerton’s departure is not related to any disagreements regarding
financial disclosures, accounting or legal matters.
About Richard G. Walker
Richard G. Walker has served as a member of the ServiceSource board of
directors since October 2017. In October 2016, he founded The Bison
Group, LLC, a private partnership formed to identify and pursue
acquisition opportunities in the information services category. Prior to
founding The Bison Group, Mr. Walker was Executive Vice President –
Strategy and Corporate Development for Ascent Capital Group, Inc.
(NASDAQ: ASCMA). From December 2013 to December 2016, he served as a
Director and Chairman of the Board of Trusted Media Brands, Inc.
(formerly known as Readers Digest Association), where he supported a new
Chief Executive Officer and executive leadership team in executing a
successful three-year turnaround. Previous to Ascent, from 2006 to
February 2014, Mr. Walker served as a core member of the executive
leadership team at IHS (now IHS Markit Ltd. (NASDAQ: INFO)), where he
was instrumental in driving the strategic direction, operational
execution, and organic and acquisition-related growth of the business
from less than $700 million to more than $2 billion, including in roles
as Executive Vice President and Chief Financial Officer and then as
Executive Vice President of Global Finance.
He is a member of the boards of directors of the Presidents Leadership
Class at the University of Colorado, the Capuchin-Franciscans and
Healthy LifeStars.
Mr. Walker holds a B.A. in Business Accounting from the University of
Colorado at Boulder and began his career as a Certified Public
Accountant with Arthur Andersen. He also obtained his M.B.A. from the
University of Denver Daniels College of Business.
Forward-Looking Statements
This press release contains forward-looking statements, including
statements regarding our expectations for financial and operational
performance, whether our go-forward model will produce anticipated
benefits, and whether our improved execution and emerging capabilities
will translate into desired results. These forward-looking statements
are based on our current assumptions and beliefs, and involve risks and
uncertainties that could cause our results to differ materially from our
forward-looking statements. Those risks and uncertainties include: a
decline in client renewals, the loss of one or more of our key clients
or the contraction in our revenue from one or more of our key clients,
in each case resulting in churn, or our clients not expanding their
relationships with us; the risk of problems implementing our
technologies or that our technologies will not meet customer
expectations; that the market for our solution is underdeveloped and may
not grow; errors in estimates as to the renewal rate improvements and/or
service revenue we can generate for our customers; changes in market
conditions that impact our ability to sell our solutions and/or generate
service revenue on our customers’ behalf; the possibility that our
estimates of service revenue, opportunity under management, and other
metrics may prove inaccurate; our ability to keep customer data and
other confidential information secure; our ability to adapt our solution
to changes in the market or new competition; problems encountered by our
clients in their business that may cause them to cancel or reduce their
business with us; our ability to achieve our expected benefits from
international expansion; economic or other adverse events or conditions
affecting the technology industry; our ability to protect our
intellectual property rights; the risk of claims that our offerings
infringe the intellectual property rights of others; and other risks and
uncertainties described more fully in our periodic reports filed with
the Securities and Exchange Commission, which can be obtained online at
the Commission’s website at http://www.sec.gov.
All forward-looking statements in this press release are based on
information currently available to us, and except as may be legally
required we assume no obligation to update these forward-looking
statements
About ServiceSource
ServiceSource International, Inc. (NASDAQ:SREV) helps the world’s
leading brands grow closer to their customers. As a global leader in
outsourced inside sales, customer success and recurring revenue growth
and retention solutions, ServiceSource expands customer lifetime value
by helping companies to more efficiently and effectively find, convert,
grow and retain their B2B customer relationships. Trusted by global
market leaders in the cloud/XaaS, software, technology hardware, medical
device & diagnostic equipment and industrial IoT
sectors, ServiceSource sells, manages or renews $9 billion of revenue
annually on behalf of its clients. Leveraging a robust technology suite,
predictive data models and more than 3,000 revenue delivery
professionals speaking 45 languages, only ServiceSource brings to market
nearly 20 years of expertise and the ability to drive recurring revenue
growth to more than 170 countries. To learn more, visit http://www.servicesource.com.
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Contacts
Investor Relations Contact for ServiceSource
Chad Lyne
clyne@servicesource.com