Philadelphia, Pa. (October 23, 2002) – CDI Corp. (NYSE: CDI) has strengthened its operational and financial controls by creating the position of Chief Accounting Officer. Chief Financial Officer Gregory L. Cowan will be appointed to this new role. Replacing Cowan as CFO will be Jay G. Stuart, a former consultant to CDI.
CDI will transition to this new organizational structure upon completion of the financial reporting requirements for the third quarter.
“We’ve made a strategic investment to ensure that our financial operations, reporting and regulatory compliance are exemplary,” said President and Chief Executive Officer Roger H. Ballou. “We gave careful consideration to the public debate that spawned the Sarbanes-Oxley Act and the new reporting requirements it imposes, and we believe these critical issues deserve the highest level of attention at CDI. CDI will have the benefit of two very knowledgeable and experienced senior financial officers acting in complementary roles on our executive leadership team.”
As Chief Accounting Officer, Cowan will lead the design and oversight of CDI’s procedures governing financial and operational controls as well as its regulatory compliance practices. Cowan joined CDI in May 1999 as corporate controller and was named CFO in October 1999. Previously, he was a vice president with Crown Cork and Seal and a senior audit manager at PricewaterhouseCoopers.
As CFO, Stuart will have overall responsibility for CDI’s financial operations, with a special focus on business planning and growth. For the past year, Stuart has consulted with CDI on its restructuring program. Previously, he was the CFO of Global Vacation Group in Washington, D.C., and held a series of executive finance positions throughout his 20-year career with American Express Company, including CFO of its Corporate Services division.
CDI Corp. (NYSE: CDI) is a global provider of engineering and information technology project delivery and specialized staffing. CDI‘s subsidiaries include Todays Staffing and Management Recruiters International, the world’s largest executive search and recruitment organization. CDI and its franchisees operate more than 1,400 offices in 27 countries. Visit CDI on the web at www.cdicorp.com.
For more information, contact:
Barbara Leary
Vice President, Corporate Communications
Tel: (215) 636-1133
E-mail: barbara.leary@cdicorp.com
