Robert G. Burton Sr., chairman and CEO of Cenveo Inc., will resign as part of a reorganization agreement with the company’s major stakeholders that will enable the Stamford-based printing company to emerge from Chapter 11 this summer.
The company’s leadership is being passed to Burton’s sons: Robert G. Burton Jr. will become CEO, while Michael G. Burton, Cenveo’s chief operating officer, will become president of the company. The senior Burton will serve as an adviser to Cenveo until Dec. 31.
Prior to filing for Chapter 11 earlier this year, Cenveo’s liabilities included approximately $1.1 billion in funded debt. Upon emergence from bankruptcy, the company’s funded debt will be reduced to under $400 million. As part of the revised agreement with the first lien holders, the funded debt issued upon exit will be reduced from $200 million to $100 million.
“With Cenveo now on a clear path to emerging from bankruptcy in the summer, and after serving as the company’s chairman and CEO for the past 12 years, I know I leave Cenveo in the capable hands of my two sons, who have worked by my side at Cenveo since September 2005,” said Burton Sr.