CDI Guides Q4 Revenue 13 to 17 Percent; CEO Retires (CDI)

CDI Corp. CDI today announced that Roger H. Ballou, President and Chief Executive Officer, will retire effective today and will be succeeded by Paulett Eberhart who joins the company as the new President and Chief Executive Officer. "CDI conducted an extensive search selecting Paulett Eberhart from a field of very talented executives. Paulett is an ideal choice because of her strong execution skills, her ability to lead high-performing teams and her proven track record in creating high-value solutions for clients," commented Walter Garrison, Chairman of the CDI Corp. Board of Directors and founder of the company. "Throughout her career, Paulett has been known for her focus on client satisfaction and her ability to transform businesses to achieve their true growth potential. We found her energy and enthusiasm to be contagious with the entire Board." "I am honored to have been selected as the next President and CEO of CDI Corp.," said Eberhart. "I look forward to working with the Board and to creating the next chapter for our company. My focus will begin with our clients and their needs as I draw on the talents of CDI people everywhere. I am firmly committed to taking advantage of the multiple opportunities I see for creating increased value for our employees, our clients and our shareholders." "The Board would like to express sincere gratitude to Roger for the outstanding job he did leading CDI over the past decade," said Garrison. "Under Roger's leadership, CDI articulated and drove a transformational strategy that has created a solutions-focused business with a solid financial base and a focused management team prepared to thrive in a growing global marketplace. "We are grateful for Roger's efforts as he worked with the Board to find this outstanding successor. I know his desire is to spend more time with his family and to intensify his participation in outside boards, so his commitment to work with Paulett as an advisor through a transition phase is appreciated." In commenting on the timing of the transition, Ballou cited the company's solid growth prospects along with its overall financial health and the strength of the management team. "I am proud to have led the transformation of CDI to a leading solutions provider in critical industries that will play a major role in the global economy," said Ballou. "From helping to design clean energy solutions for the commercial aircraft marketplace, to developing leading-edge IT solutions for state and provincial governments, to leading the way in sourcing the next generation of professional talent, Paulett takes over a firm that is poised for growth." Eberhart comes to CDI from HMS Ventures, a privately-held real estate and consulting services firm where she served as Chairman and Chief Executive Officer. Prior to that, she served as President and CEO of Invensys Process Systems, a $1.7 billion industrial automation firm. Eberhart's resume also includes a 26-year career at Electronic Data Systems (EDS, now part of HP), where she held multiple senior-level financial and operational roles, including four presidencies. Most recently, she served as EDS' President for the Americas, leading the company's largest operating unit. With an extensive background in information technology, engineering solutions and business services, Eberhart holds a BS in Business Administration, Accounting from Bowling Green State University in Ohio. She is a Certified Public Accountant and sits on the Board of Directors of Advanced Micro Devices, Anadarko Petroleum Corporation, Fluor Corporation and the privately-held semiconductor company, eSilicon. Paulett and her husband Mike will relocate to the Philadelphia area. CDI Updates Fourth Quarter 2010 Guidance CDI reaffirms its revenue guidance for the fourth quarter 2010 of anticipated growth of 13% to 17% (vs. the year-ago fourth quarter – including revenue from the new Infrastructure vertical). The company updates its previously-issued variable contribution margin guidance for the fourth quarter 2010. The company anticipates that its variable contribution margin from this incremental fourth quarter revenue, after adjusting for items identified in the fourth quarter 2009 press release, could be in the mid single digit range (vs. its previous guidance of mid to upper teen variable contribution margin).