As first reported in a Breaking News Alert yesterday, Top 40 supplier Sweda (asi/90305) announced that Jim Hagan, its president and CEO, has moved to chairman of the company. In his new role, Hagan will assist in guiding the organization. Sweda has further announced that it is naming Kenneth (KB) Marshall to take over all responsibilities as president and CEO of Sweda. KB Marshall, formerly vice president of merchandising at Oriental Trading Company, will begin his appointment on June 8.

“Over the last few years, we have made some great strides at Sweda in offering our customers many innovative products and services that lead our industry. We are well positioned for the future” Hagan said, in a statement. “Bringing KB on the management team as our CEO only solidifies our direction to be the preferred choice of innovative marketing solutions.”  

As chairman, Hagan, a member of Counselor’s Power 50, will remain active in the strategic direction of the business and will focus on growth opportunities for Sweda. Sweda ranks as the 20th-largest supplier on Counselor’s Top 40 list of suppliers, and the company reported 2014 North American ad specialty sales of $88 million, an 8% increase over the previous year.