CEO of iQor to retire amid changes

Gary Praznik, CEO and President of the international outsourcing firm iQor, announced he will retire after 23 years. 

iQor, with its global office at 200 Central downtown, had relocated its headquarters to St. Petersburg from New York roughly eight years ago, after acquiring the aftermarket service business previously owned by Jabil (NYSE: JBL).

Praznik has held multiple positions at the company,  serving in the top post as CEO and President since 2018. 

“Together with amazing people and the incredible leadership team I have worked with each and every day, we have elevated iQor to a place we can all be proud of. This has been possible because of our amazing employees committed to our iQorian Values and the strong relationships we have built with our partners. I look forward to the future for iQor, welcoming a new era of growth and innovation as we remain committed to providing the best employee and customer experiences,” Praznik said in a news release announcing his retirement. 

Praznik will work with iQor’s board of directors to tap the next CEO and ensure a smooth transition.  

“He [Praznik] has led the company to the successful position it is in today and continues to advocate for the company’s global employees and partners. The board is looking to identify a leader with the same passion, expertise, and loyalty to continue building on what Gary created and further iQor’s position in the marketplace. We are sincerely grateful to Gary for his dedication to iQor and we wish him all the best in this next chapter of his life,” iQor Board Chairman Christopher Carrington said in a statement. 

iQor has seen its challenges as well as a swell of new activity over the past several years under Praznik’s leadership. 

In 2019, Jabil took a $30 million non-cash charge after a swap of preferred iQor stock.

The stock swap followed iQor’s decision to sell its international logistics and product service assets.

Following the news of the stock, in late 2020, the company announced it was emerging from Chapter 11 bankruptcy. The company had filed a voluntary Chapter 11 petition and strengthened its capital structure, improved its financial stability and recapitalized its funded debt.

Fast forward to 2022, iQor has made significant strategic moves and expansions, including launching a mega delivery center in Trinidad and opening a large delivery center in Allentown, Pennsylvania. It’s also incorporated Snowflake into iQor’s digital ecosystem to support data management, updated its mobile app and secured new partnerships, according to its latest news releases. Today, the company has over 35,000 employees worldwide. 

The news of Praznik’s retirement also comes when the company is downsizing its office space at 200 Central. 

iQor currently leases space on the sixth and seventh floors of 200 Central. 

CBRE is marketing the 12,431 square feet now available for sublease on the seventh floor, according to a listing.  

A source familiar with iQor said the company is downsizing its physical space due to the pandemic, which resulted in more employees working remotely. iQor will continue to operate inside 200 Central. 

iQor representatives did not respond to a request for comment regarding the sublease.