EASTON, Pa., June 13, 2014
EASTON, Pa., June 13, 2014 /PRNewswire/ -- Paragon Technologies, Inc. (OTC Pink: PGNT), a holding company, today announced the appointment of John C. Molloy as President and CEO, of our wholly owned subsidiary SI Systems, LLC, a leading supplier of "smart" material handling systems and "software-driven" warehouse and distribution center solutions.
Effective June 30, 2014, Deborah Mertz will also join the Company as Interim CFO of Paragon Technologies.
Also, effective immediately, current Paragon Chairman Hesham Gad will assume the role of Chief Executive Officer of Paragon Technologies.
Commenting on the announcement, Chairman of the Board, Sham Gad, stated, "Both Paragon and SI Systems are at key transition points, as Paragon continues to take the shape of a diversified holding company and SI Systems continues to enhance its material handling capabilities. Despite an improved operating year for SI in 2013, the Board determined that new leadership is required to move the company forward. Furthermore, we felt the time had come to create a holding company CEO, thereby allowing SI Systems and future subsidiary companies to benefit from the unobstructed attention of subsidiary CEOs."
Mr. Gad further stated, "On behalf of the Board of Directors, we are pleased to have both John Molloy and Deborah Mertz join our team. John brings over 30 years of direct material handling operational and financial experience. John's three plus decades as an operator and financial executive of many of the most highly regarded material handling companies in the industry should further enhance SI Systems as we continue transforming SI into a complete provider of order fulfillment technologies and solutions."
"We are also delighted to have Deborah join the Company, bringing over 30 years of professional finance and accounting experience. Deborah is a consummate professional and I believe her skill set will serve Paragon and its subsidiary companies very effectively."
Mr. Gad further added, "Over the past 18 months, Paragon has transformed into a holding company with various business activities. In addition to material handling, Paragon now has a significant investment in SED International Holdings, Inc., an IT distribution company operating in the United States, Latin America and the Caribbean. Additionally, Paragon has the ability to acquire other businesses both related and unrelated to material handling. As a result of my responsibilities in overseeing Paragon's subsidiary and investee companies, the Board and I felt the time was right to make the CEO change at the holding company level. I will receive no additional compensation for assuming the role of CEO at this time."
John C. Molloy
John C. Molloy, age 62, has over 30 years of financial and executive management experience, including acquisitions, divestitures, reorganizations, strategic planning software systems and change management. From 2010 to 2014, John was the Founder and CEO of Sapient Automation, an established material handling company that focuses on carousel and vertical lift market applications. From 2002 to 2009 Mr. Molloy was White Systems' President/ COO and CFO from 1997 to 2002. In 2005, he led a management buyout of White Systems from F.K.I. (the second largest material handling company worldwide) along with a private equity group and from 2005 to 2009, Mr. Molloy was part owner of White Systems. From 1991 to 1996, Mr. Molloy served as VP/Corporate Controller of Lab-Volt Systems, Inc., a global leader in the design and manufacture of hands-on training laboratories for public education, industry and the military. John is a graduate of Fairleigh Dickinson University with a B.S. in Accounting. He also completed graduate work at Fordham University with a concentration in Finance and a three month Executive Management program at Stanford University.
Deborah Mertz, 57, is an accounting professional with over 30 years' experience in both publicly held and privately held companies. From 2006 to 2013 Ms. Mertz held the position of Assistant Controller of ASSA ABLOY Inc. Americas Division. ASSA ABLOY is the largest global supplier of intelligent lock and security solutions. From 1999 to 2006 Ms. Mertz was the Controller/CFO of Sargent Manufacturing Company. Sargent Manufacturing Company is a wholly owned subsidiary of ASSA ABLOY Inc. and manufactures architectural hardware used primarily in commercial construction. Ms. Mertz has held various other senior accounting positions. Ms. Mertz is a CPA and has an MBA from Rider University and a B.S. in Accounting from King's College.
About Paragon Technologies
Paragon Technologies, Inc. is a holding company with diverse business activities. Paragon seeks to acquire or invest in other businesses in part or whole. These investment activities include the purchase of securities in accordance with the Company's investment policy and the complete acquisition of operating businesses Paragon's investment holdings currently consist of partial ownership interests in distribution, insurance, and restaurants. Our investment mandate is flexible, limited only by our focus on maximizing return on invested capital. Paragon's wholly owned operating subsidiary, SI Systems, Inc., offers branded technologies and material handling solutions that serve manufacturing operations and order fulfillment applications. Operating decisions for Paragon's operating businesses are made by the management of those businesses. All investment and capital allocation decisions under Paragon's investment policy are made by Sham Gad, Chairman and CEO of Paragon in consultation with Paragon's Board of Directors
SOURCE Paragon Technologies, Inc.