LONG BEACH, Calif., April 22, 2013 (GLOBE NEWSWIRE) -- UTi Worldwide Inc. (Nasdaq:UTIW) today announced that after a detailed review it has decided to increase the size of its board from seven to nine members. In connection with that decision, Josh Paulson has been appointed today to the company's board of directors for a term that expires at its 2015 Annual Meeting of Shareholders. Paulson is a partner at P2 Capital Partners, LLC, currently UTi's largest shareholder. A second director with operational experience will be appointed at the conclusion of the company's ongoing search process, with a completion date targeted for the summer of 2013.
Roger I. MacFarlane, UTi's non-executive chairman, said, "We are pleased to welcome Josh to UTi's board. P2 and Josh have a clear understanding of our strategic direction and our commitment to enhancing shareholder value. Josh will bring significant experience and add a strong shareholder perspective to the board as we complete our comprehensive business process transformation and evaluate our capital allocation opportunities."
"I am very excited to join UTi's board during this important stage in the company's evolution," said Paulson. "We believe the company is at an inflection point and its transformation will drive greater long-term growth and efficiency in its operations. I look forward to working with the board and management to grow the business and create significant shareholder value."Paulson is a partner at P2 Capital Partners, a New York-based investment firm that applies a private equity approach to investing in the public market. Prior to P2, Paulson was a principal at Reservoir Capital Group, where he worked closely with the firm's public and private portfolio companies. Before Reservoir Capital, he was a management consultant at McKinsey & Co., where he worked with management teams on strategic and operational issues. Paulson currently serves on the board of Interline Brands, Inc. He received an MBA from Harvard Business School and a BS from the McIntire School of Commerce at the University of Virginia.
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