Coach America Holdings Inc. announced the appointment of Laura Hendricks as CEO, effective immediately. Hendricks most recently served as Coach America's senior VP for business development, overseeing strategic planning, sales and marketing.
Her achievements in this capacity were notable amid a challenging operating environment and included 7% revenue growth in 2011 compared to 2010; greatly improved traditional and digital marketing functions; and well-earned respect from employees, customers and suppliers.
Separately, Coach America provided an update concerning its previously-announced financial reorganization process. The company reiterated that it continues to work constructively — and as expeditiously as possible — with its senior lending group on the terms of a proposed plan of reorganization that would recapitalize the balance sheet and position the company for enhanced competitiveness going forward.
On a parallel path, Coach America continues to utilize procedures under section 363 of the US Bankruptcy Code to attract an investment partner for the company, which would help ensure its continuation as a stronger, more competitive business going forward.
Coach America emphasized that the reorganization process remains ongoing, and that it will update the marketplace as developments warrant.