Acco Brands CEO to Step Down, COO Given Reins

By FOXBusiness

Acco Brands (NYSE:ACCO) said Monday that Chief Executive Officer Robert Keller will step down at the end of March.

Boris Elisman, two-year chief operating officer of the Lincolnshire, Ill.-based office products supplier, has been promoted to CEO, effective March 31.

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Keller, 59, joined Acco Brands as a member of its board in 2005 and was appointed chairman and chief executive in 2008. He will remain on board as Executive Chairman.

The company touted its strong financial footing on Monday, including paying down $200 million in debt in 2012, which is $50 million more than expected.

Acco also noted that the integration of Mead C&OP is ahead of schedule and said it believes 2012 earnings are on track to meet internal estimates despite continued economic headwinds.

"I am proud of what we've accomplished and delighted to pass the baton to Boris at this exciting time in ACCO Brands' history,” Keller said.

Elisman, 50, joined Acco Brands in 2004 and served in a variety of senior-level positions, including head of the company’s Americas business. Previously, he worked at Hewlett-Packard (NYSE:HPQ).

Shares of Acco climbed about 2% higher Monday morning to $8.46.