Bell Industries, Inc. Announces Senior Management Transition.EL SEGUNDO El Segundo (ĕl sēgŭn`dō), industrial city (1990 pop. 15,223), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1917. Its products include navigation and computer systems, aircraft parts, office machines, telephone apparatus, and , Calif. -- Bell Industries, Inc. (AMEX AMEX See: American Stock Exchange :BI) today announced that the board of directors has appointed Mark E. Schwarz as chairman, succeeding Tracy A. Edwards, who also served as president and chief executive officer and will be leaving the company, effective September 25. Bell also announced it has named Russell A. Doll as acting president and chief executive officer and as a member of the board of directors, filling a board vacancy left by the resignation of John J. Cost, and appointed Mitchell I. Rosen as chief financial officer. Schwarz, 43, has been a member of Bell's board of directors since 2000. He is general partner of Newcastle Partners, L.P., a Dallas-based private investment firm. Doll, 43, has served as president of Bell Industries' largest operating unit operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon , Bell Tech.logix Group, since November 2003 and as a corporate senior vice president since February 2000. From February 1999 to November 2003, he was Bell's chief financial officer, a position that Edwards had assumed. From April 1998 to February 1999, Doll was Bell's vice president, finance. Rosen, 40, has served as vice president and corporate controller of Bell Industries since December 2000. A Certified Public Accountant Certified Public Accountant (CPA) An accountant who has met certain standards, including experience, age, and licensing, and passed exams in a particular state. , he previously had a ten-year career with PricewaterhouseCoopers LLP LLP - Lower Layer Protocol and was a senior manager. Commenting on the announcement, Schwarz said, "We wish Tracy Edwards Tracy Edwards is a British sailor. In 1990 Tracy skippered the first all-female crew in the Whitbread Round the World Yacht Race. 'Maiden' won two legs and came second overall in her class. well in his future endeavors and thank him for his contributions to the firm over the past 13 years. Moving forward, our objective as a board and management team is to enhance shareholder value, and we will work diligently toward meeting that goal." About Bell Industries, Inc. Bell Industries' primary business, the Tech.logix Group, provides information technology lifecycle Most new technologies follow a similar technology lifecycle describing the technological maturity of a product. This is not similar to a product life cycle, but applies to an entire technology, or a generation of a technology. services, including planning, product sourcing, migration, support and disposal services. Recurring support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services include help desk, depot, and on-site expertise for desktop and mobile devices, business software applications, and network infrastructures. Bell also distributes after-market parts and accessories to the recreational vehicle market. In addition, Bell manufactures and distributes a variety of standard and custom magnetic components used in electronic applications for computer, medical and telecommunication equipment. Certain matters discussed in this news release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties that could cause actual results to differ materially from current trends. These include, but are not limited to, the company's ability to enhance shareholder value, which, in part, is subject to a stabilizing technology market and increased corporate spending, the success of the Tech.logix Group's newly established education practice, decreased margins due to price competition, delays and costs associated with new client engagements, the effectiveness of business development efforts, realizing business opportunities as the economy improves, the company's ability to achieve overall profitability, the future realization of tax benefits, and other factors described in the company's public filings from time to time. |
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