Jackson Hewitt Tax Service Inc. (fka JHTXQ)

[Doubledown22]

Jackson Hewitt Names Philip H. Sanford President and CEO
Date : 01/06/2011 @ 8:30AM
Source : PR Newswire
Stock : Jackson Hewitt Tax (JTX)
Quote : 2.06 0.01 (0.49%) @ 9:45AM


Jackson Hewitt Names Philip H. Sanford President and CEO

Jackson Hewitt Tax (NYSE:JTX)
Intraday Stock Chart
Today : Thursday 6 January 2011
Jackson Hewitt Tax Service Inc. ("Jackson Hewitt") (NYSE: JTX) announced today that Philip H. Sanford, currently the Company's Executive Vice President of Strategy and Performance Measurement, has been named President and Chief Executive Officer, effective immediately. He is also joining the Company's Board of Directors. He succeeds Harry W. Buckley, who will serve as Special Advisor to the President and remain a member of the Board.

Margaret Milner Richardson, Non-Executive Chair of the Board of Jackson Hewitt, said: "Since joining Jackson Hewitt in August 2010, Phil has played an indispensible role in positioning the Company for the 2011 tax season and demonstrated a keen understanding of the Company's opportunities, as well as its challenges. Following a thorough succession planning process in which a special committee of the Board considered a number of strong CEO candidates, we concluded that Phil possesses a range of financial and operational skills and expertise that will be invaluable as we move forward."

She continued, "We are deeply grateful to Harry for the leadership he has provided to Jackson Hewitt at an important time in its history, creating and executing a strategic plan to generate improved performance. When he agreed to come out of retirement to assume the CEO position in 2009, it was with the understanding that he would serve no more than a two-year term, help identify his successor and then lay the groundwork for a smooth transition of leadership."

"Phil has been an important partner to me in preparing the Company for the upcoming tax season," said Mr. Buckley. "As a result of the progress we have made on our strategic plan, our franchisees and company-owned offices are incentivized and motivated to generate higher levels of growth and profitability, and they have the tools they need to be successful. I believe the Company is well positioned for continued progress under Phil's leadership."

"In the few months I have been at Jackson Hewitt, I have been able to see first-hand the motivation and spirit of the talented associates and franchisees of Jackson Hewitt, and together, I believe we can achieve our strategic and operational goals," said Mr. Sanford. "We have approximately 6,000 offices across the nation to serve the American taxpayer with the highest level of professional service in the industry, and that is exciting."

He continued, "I'd like to thank Harry for his thoughtful leadership and counsel through my time here and look forward to continuing to work closely with him in his new role as we build on the momentum that the people of Jackson Hewitt are generating."

Mr. Sanford, 56, has more than two decades of senior level management experience. He has served as President and Chief Operating Officer of Value Place, LLC, an extended stay hotel chain; Chairman and Chief Executive Officer of The Krystal Company, the owner, operator and franchisor of quick-service restaurants; and Senior Vice President, Finance and Administration of Coca-Cola Enterprises. He is the principal of Port Royal Holdings, LLC, a private equity firm, and is a member of the Board of Directors of Caribou Coffee, Inc., the second largest coffeehouse chain in the United States. He is a 1977 graduate of Austin Peay State University of Clarksville, TN.

About Jackson Hewitt Tax Service Inc.

Based in Parsippany, N.J., Jackson Hewitt Tax Service Inc. (NYSE: JTX) is an industry-leading provider of full service individual federal and state income tax preparation, with franchised and company-owned office locations throughout the United States. Jackson Hewitt Tax Service® also offers an online tax preparation product at www.jacksonhewittonline.com. For more information, or to locate the Jackson Hewitt® office nearest to you, visit www.jacksonhewitt.com or call 1-800-234-1040. Jackson Hewitt can also be found on Facebook and Twitter.

I really like this news although it is truly a gutsy move right before tax season. I think Mr Sanford being a former franchisor and operator himself gives him tremendous insight, experience
and instant "street cred" with the nearly thousands of JTX franchisees out there working hard for this company. THEY are the lifeblood of operations and revenues and it will be good to see how this guy supports their efforts.

DD22