Glazer's Companies Chairman and Chief Executive Officer Bennett Glazer today announced the following organizational changes, all of which are effective immediately.
Sheldon "Shelly" Stein has been appointed President and Chief Executive Officer of Glazer's Distributors. Stein will assume total responsibility for Glazer's beverage distribution business.
Mr. Stein has been a Vice Chairman of Global Investment Banking at Bank of America Merrill Lynch since March 2008. In this role, he served as Glazer's lead advisor and has worked closely with the Glazer Family and executive team as well as its suppliers on many strategic fronts. Before joining Bank of America Merrill Lynch, Stein was a Senior Managing Director at Bear, Stearns & Co. Inc. for over 20 years. Prior to Bear Stearns, Stein served as a partner in the Dallas law firm of Hughes & Luce.
Bennett Glazer continued: "The Glazer Family and executive team have made an uncompromising commitment to invest in the industry and in our long-term future by hiring the most qualified senior leader with knowledge of our company, our industry and the expertise to energize Glazer's as a long-term powerhouse. Shelly has earned the confidence and trust of the Glazer Family, and is already working successfully with many of our valued vendors. As Glazer's embarks on its next 100 years in business, we are thrilled to have attracted a forward-thinking leader like Shelly Stein to guide the company for future growth and success."
Jerry Cargill, currently Glazer's President, will assume the new role of Chairman of the Glazer's newly created Advisory Board. Cargill will remain active with the company and work with the Family and the executive team on its high level strategy, succession planning and market expansion programs.
Commenting on Jerry Cargill's transition, Bennett Glazer said, "Glazer's has achieved its enviable position as an industry leader thanks to the dedication and many contributions of Jerry Cargill. Jerry has built the strongest management team in the industry, and we are who we are today because of him. I look forward to Jerry's ongoing leadership in our business. He will be a great mentor and advisor to the Family and to Shelly and the entire executive team."
Jerry Cargill said, "I want to thank the Glazer family, our loyal employees, and our valued suppliers and customers for their support over the last 43 years. I am truly excited about our announcement of Shelly Stein as the new President and CEO. I look forward to a very orderly transition and a positive future for Glazer's. As Glazer's embarks on our second 100 years of business, I am proud to have spent my professional career as a member of the Glazer team."
Shelly Stein further noted, "Glazer's is one of the great family businesses in the United States. With a proud history of leadership in the wine, spirits and malt beverage industry, it is an honor to join its dedicated team and to have the opportunity to build on its success. While I have enjoyed my career in investment banking and was highly pleased to be working at Bank of America Merrill Lynch, the opportunity to interact with this distinguished family and lead an exceptional management team, whom I have advised for the past four years, is a once in a lifetime privilege."
During his career, Stein has advised many of the largest companies in Texas and throughout the United States, including working with the Texas Rangers Baseball Club on its pending sale. He serves on the Board of Directors of The Men's Wearhouse as well as Ace Cash Express. Stein previously served on the Board of Directors of Cinemark USA, Inc. as well as a number of other publicly held companies. Stein was formerly a Trustee of Brandeis University and a member of the Board of Overseers of the Brandeis Graduate School of Economics and Finance and the Board of Trustees of the Greenhill School in Dallas. He is on the Board of Directors of the Dallas Symphony Orchestra and was previously a member of the Dallas Citizens Council and the Board of Directors of the Dallas National Golf Club. Stein received his J.D. from Harvard Law School and his Bachelor's degree Magna Cum Laude from Brandeis University, where he was a member of Phi Beta Kappa.