Principle Business Enterprises Names Andrew Stocking as President and CEO to Focus on Company's Next Chapter of Growth

Company Celebrates Long-Time Co-CEOs Carol and Chuck Stocking's Transition to Board of Directors

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Principle Business Enterprises, Inc.

Oct 20, 2020, 07:00 ET

DUNBRIDGE, Ohio, Oct. 20, 2020 /PRNewswire/ -- Principle Business Enterprises, Inc. (PBE) today announced the appointment of Andrew (Andy) Stocking to the position of President and Chief Executive Officer. Andy is the third-generation leader of the family-owned business and succeeds his parents, Chuck and Carol Stocking, Co-CEOs. They will continue to be actively engaged in the activities of PBE through their respective roles on the Board of Directors, with Chuck serving as Chairman and Carol as Vice Chairman.

Carol and Chuck, Vice Chairman and Chairman, and Andrew Stocking, President and CEO of Principle Business Enterprises, Inc.

"Andy's grandparents, Lee and Jim Mitchell, founded PBE 60 years ago with a clearly stated goal to operate at the highest level of business ethics," commented Chuck Stocking. "Very early on, the Mitchells developed a hospital footwear product that made them the market leader in fall prevention and focused the Company on the mission of fostering 'the security, comfort and dignity of hospital patients.' Since that time, the business has expanded into other types of healthcare products, most significantly into adult incontinence products, and the mission statement has also expanded to be a 'principle-centered business that uplifts, enlightens and enriches the lives of those it serves.'"

"Chuck and I have led the Company for the past 26 years under the guidance of our mission and have always wanted PBE to remain a family-owned and operated venture," said Carol Stocking. "We are proud and excited to have Andy shepherd into the future this Company that has been built up over the past 60 years by our team of dedicated PBE Associates." "Andy believes in our mission, our people, and the value our products can bring to consumers and care-providers," continued Chuck Stocking. "He brings a wonderful energy to PBE and has made a tremendous impact since joining us several years ago. Naturally, we are excited to participate in the continued growth of PBE and support Andy through our role as Board leaders."

Chuck Stocking first joined PBE in 1974 as Executive Vice President, and he later succeeded the Company's founders as CEO in 1994. Over the next 10 years, Chuck and Carol became Co-CEOs where they hired experienced leaders, expanded the manufacturing facility, entered new markets, and purchased state-of-the-art equipment that would grow the Company nearly 10-fold. The Company was honored in 2008 as Corporate Citizen of the Year by the Wood County Economic Development Agency, and in 2017, Chuck and Carol were honored with the EY Entrepreneur of the Year Award for Michigan and Northwest Ohio.

Andy's pathway to leadership has taken him through a variety of business sectors and experiences. He developed a technical foundation with degrees in chemical engineering and civil engineering from Stanford University and a first job as an engineering consultant. He then transitioned to marketing and sales as the VP of Business Development for a Silicon Valley startup, where he was instrumental in achieving profitability following the tech crash of 2000. Looking to further his knowledge and education, Andy received a PhD in auction and market design economics from the University of Maryland. He then spent almost a decade serving in the federal government, first as a health and resource economist with the Congressional Budget Office, and then as a Senior Advisor on Energy Security for the Department of Energy.

Andy joined PBE in 2017 and quickly introduced a more data-driven approach to running the marketing, financial, and operational aspects of the business. He formed systems for understanding customer preferences across many channels, which helped influence new marketing, product design, and development practices. Andy was promoted to President in 2018, where he continued his parent's focus on building a strong Senior Leadership team to help lead the Company into the future. "It's a great time to work at PBE," commented Andy Stocking, President and CEO. "My parents, and grandparents before them, have built an amazing Company with a lot of heart that puts our people and our consumers first. I'm proud to carry on this legacy and pave the way for future healthcare and incontinence solutions that uplift the lives of those we serve."

Chuck and Carol will remain actively involved in advancing PBE's mission through engagement with its leadership team on strategic planning and community outreach, including continued participation in the Company's philanthropic initiatives within the Northwest Ohio region. In addition, Chuck and Carol have many active community service and global philanthropy projects focused on areas that complement their and the Company's mission statement.

ABOUT PRINCIPLE BUSINESS ENTERPRISES

Principle Business Enterprises (PBE), Inc. was initially started as a footwear manufacturer in 1961 and expanded its offering in the mid-1980's to include superabsorbent incontinence products for those with long-term healthcare challenges involving total loss of bladder and bowel control. The Company has positioned itself as the high-tech leader in this industry which is dominated by the major consumer products companies. Its absorbent products, marketed under the Tranquility® Product Family, have always been identified as the highest performing products in the category. Over time, PBE developed new products and business units to meet market demands. Today, PBE and its technology-based affiliate, Gelok International, manufacture incontinence management solutions, superabsorbent laminates and airlaid products, patient safety Acute Care solutions, and specialty products for babies and pets. PBE remains committed to its dual mission of developing an exceptional workplace environment for its Associates while innovating products that improve the quality of life for its customers.

Contact: Kristopher Keating, 1-800-467-3224

SOURCE Principle Business Enterprises, Inc.