|CHRISTIAN BOOK DISTRIBUTORS SOLD, REMAINS A FAMILY BUSINESS|
|Wednesday, 18 August 2004 08:00 PM America/New_York|
Stephen Hendrickson, founder and president of Christian Book Distributors (CBD), announced this week the sale and transfer of control of the company and its affiliates, effective immediately, to his brother, Ray Hendrickson, senior vice president of the company.
"The past 25 years founding and growing CBD have been extraordinarily rewarding, but I'm looking forward to a change of pace and the time to pursue other interests, including some volunteer and philanthropic opportunities," Stephen Hendrickson said. "There is no one else that I would have preferred to succeed me than Ray, and I look forward to seeing the company continue to thrive under his leadership."
Founded in 1978, CBD occupies a 300,000-square-foot facility in Peabody, Mass. The company sends out more than 50 mailings of unique catalogs to millions of customers each year and offers a selection of more than 153,000 Christian products on its Web site, Christianbook.com.
Terms of the transaction were not disclosed.