July 11, 2017 08: 13 ET | Source: ArrowStream, Inc.
CHICAGO, July 11, 2017 (GLOBE NEWSWIRE) -- ArrowStream, Inc. ("ArrowStream"), a supply chain innovator that combines expertise in data science and analytics to improve the way supply chains perform, today announced the appointment of Mitch Rader as its new Chief Executive Officer. Rader will replace Frank Morgiewicz, who will be joining ArrowStream's Board of Directors.
Rader will be joining ArrowStream after spending the last year as Senior Vice President at Lineage Logistics ("Lineage"), the 2nd largest cold storage provider in the world. Prior to joining Lineage, Rader served for eight years as CEO and Chairman of the Board of Consolidated Distribution Corporation ("CDC"), where he led the sale of the company to Lineage in 2016 after growing CDC to become the largest customized redistribution supply chain solution in the country.
The selection of Rader signals a continued focus for ArrowStream to drive further innovation with its technology, while also strengthening its position in the logistics space. The news of Rader's appointment comes four months after it was announced that Diversis Capital LLC, a Los Angeles-based private equity firm, had acquired ArrowStream.
Rader's extensive background in both technology and foodservice logistics make him an ideal fit to succeed Morgiewicz. Morgiewicz will move into an advisory role with the company, serving on the Board of Directors.
"We are thrilled to have Mitch join ArrowStream as its new CEO," said Dave Muscatel, an Operating Partner with Diversis and member of ArrowStream's Board of Directors. "We were looking for a CEO with a strong pedigree in foodservice, logistics, and technology, and Mitch brings a unique blend of all three to the table. Diversis plans to invest heavily in ArrowStream's platform, and we are confident that with Mitch we found the right person to spearhead these growth initiatives and lead the company forward."
"Diversis also wants to acknowledge and thank Frank for his efforts as CEO of ArrowStream for the last three years," Muscatel continued. "Frank was a stabilizing force during his tenure at ArrowStream and guided the organization to a period of unprecedented customer growth in which the technology customer base increased by 100 percent. The company would not be where it is today without Frank's leadership, and we look forward to his continued involvement."
ArrowStream is a leader in logistics services and supply chain technology catering to the foodservice industry. ArrowStream focuses on delivering non-asset-based third-party logistics solutions ("Managed Services") for some of the nation's largest food chains and foodservice distributors, while also offering two robust, cutting-edge cloud-based software platforms, OnDemand and Crossbow ("Technology"). OnDemand enables food chains and purchasing co-ops to reduce cost and control risk in their supply chains through spend analytics and traceability programs, while Crossbow helps distributors simultaneously optimize, plan, monitor, and grow their inbound logistics networks with increasing efficiency.
"I am delighted to be joining ArrowStream as its CEO," said Rader. "Frank and the team have done an excellent job establishing a strong foundation to build upon. Based on this foundation and Diversis' commitment to invest in growing the business, ArrowStream is well positioned to expand its leadership role within the foodservice market. I am very excited to lead ArrowStream into this next chapter of its evolution."
Morgiewicz echoed Diversis' excitement about Rader's appointment. "It was an extraordinary process leading the company from where we were in 2014 to the sale of the business to Diversis in January. It was time for me to hand the reigns over, and I am confident that ArrowStream will be in excellent hands with Mitch. I look forward to staying involved with the company and working closely with Mitch over the coming years."
Headquartered in Chicago, IL, ArrowStream is the first company to develop innovative solutions that address both inbound logistics and supply chain management, optimizing powerful data to provide unprecedented levels of transparency, control and actionable insight. ArrowStream has been serving the food industry for over 17 years, combining proven supply chain expertise with data science and analytics to help clients rethink and optimize their supply chains. Industry leaders nationwide trust ArrowStream to proactively manage their supply chains, solving issues well in advance of impact. For more information on ArrowStream, please visit arrowstream.com.