On Monday, Checkpoint Systems (NYSE: CKP) announced that it has made George Babich's job as interim president and chief executive officer official. Effective immediately, he's the company's new permanent CEO.
Babich, a former president and chief financial officer of Pep Boys, has served on the Board of Directors of Checkpoint since 2006, and has been interim president and CEO since May 2012. In confirming him in the CEO's post, Checkpoint Chairman of the Board Bill Antle praised Babich's performance, noting that since Babich took over, "Checkpoint's strategic direction has been redefined, its organization right-sized to match present economic conditions, and a rigorous series of programs put in place to cut costs and improve performance." The company said that during Babich's interim leadeship, "Checkpoint adjusted its business strategy, broadening its value proposition as a shrink management company to be a provider of inventory management solutions that give retailers insight into the availability of merchandise in their stores."
Over the two reported quarters in which he has been at the helm, Babich has helped grow the company's revenues by about 16%, and cut Checkpoint's quarterly losses in half.