- Deluxe CFO appointed as chief executive
- Eric Cummins replaces outgoing CEO John Wallace
- Deluxe emerges from Chapter 11 with 75% debt reduction
Deluxe has completed a restructure of the business and appointed Eric Cummins to the role of chief executive.
Cummins will replace current CEO John Wallace, who is retiring after some 35 years in the media and entertainment industry.
In his previous role as chief financial officer of Deluxe, Cummins oversaw the company’s long-term business and financial planning.
Last month, Deluxe announced it was filing for Chapter 11 bankruptcy and a financial restructuring process that involved swapping the company’s debt for equity.
Deluxe said this week that as a result of the restructuring and emergence from Chapter 11, the company has shed more than 75% of its debt and obtained $115 million in new financing.
“With an optimised balance sheet and significantly less debt, Deluxe is well-positioned to carry on its unparalleled legacy, and we are pleased to appoint Eric as CEO,” said Gregg Bresner, member of Deluxe’s Board of Directors.
“He has been instrumental in completing the comprehensive refinancing, and we are confident that he is the right person to lead the company forward.”
Cummins added: “I couldn’t be more excited to take on this role, and I look forward to carrying on Deluxe’s reputation of delivering for clients as we continue to build a technology platform that enables media and entertainment companies to create and deliver content globally.”
- Read more: Deluxe files for bankruptcy