Brink's names new president, CEO

A retired news executive with a background in shipping has been named chairman, president and chief executive officer of the Brink's Co., the company announced in a news release.

Thomas C. Schievelbein, interim president and chief executive officer of Brink's since December 2011, will assume the posts effective immediately, the news release states.

"Under his leadership as interim CEO, Brink's launched a thorough review of its entire business portfolio while accelerating productivity efforts, and a plan to reduce 2012 operating costs in North America is well under way,” Brink's lead independent director Murray D. Martin said in the release.

“Tom understands our business and our markets yet brings a fresh set of eyes to our future.  His combination of vision, operating experience and leadership skills makes us highly confident in his ability to create significant value for our shareholders, customers and employees."

In the release, Schievelbein said he's “honored and excited” by the job.

“My experience as interim CEO has reinforced what I believed when I joined the board three years ago -- Brink's is the best operator in the industry, with an iconic brand and an unmatched global infrastructure,” he said in the release.

“We are taking a fresh look at capital allocation and necessary returns, and we're pursuing new opportunities to enhance productivity and reduce costs.  Our objective is to build meaningful value for our shareholders, and we will continue to take the steps necessary to do so."

Schievelbein, 58, is the retired president of Northrop Grumman Newport News, a subsidiary of the Northrop Grumman Corp., and has been a business consultant since November 2004, according to the release.

From October 1995 to October 2001, he was executive vice president and chief operating officer of Newport News Shipbuilding and currently serves as a director of Huntington Ingalls Industries, Inc., McDermott International and New York Life Insurance Co.

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