STANLEY HILLER ELECTED CEO OF KEY TRONIC
STANLEY HILLER ELECTED CEO OF KEY TRONIC SPOKANE, Wash., March 2 /PRNewswire/ -- Key Tronic Corp.
(NASDAQ-NMS: KTCC), the Spokane based manufacturer of computer keyboards, today announced that it has entered into an agreement with the Hiller Group under which Stanley Hiller has been elected chief executive officer of the company and has been appointed to its board of directors. Royce G. Pearson a member of Hiller's corporate management organization has been elected president and chief operating officer of the company. Wendell J. Satre will remain chairman of the board.
In announcing the agreement with Hiller, Chairman and Acting President Satre said, "The Hiller Group has a unique approach of working with and developing a company's existing management. This makes them an excellent alternative to the company's search for a new CEO and president. "I am proud of the accomplishments of our current management team," Satre said. "We have overcome the recent heavy losses the company has experienced, achieved a profitable second quarter and increased our potential for growth. The combination of the Hiller Group with current management will create a very effective team. Its goal will be to further increase shareholder value while developing the stable management necessary to long-term success." Stanley Hiller has applied his back to basics management technique in repairing and rebuilding underperforming companies for more than 25 years. His involvement as chairman or CEO has included companies such as Reed Tool Co., G.W. Murphy, Baker International (Baker Hughes), The Bekins Co., and York International. The Hiller Group is based in Menlo Park, Calif. Under the agreement, the Hiller Group will be granted an option, subject to shareholder approval, to purchase a substantial interest in the company at a price above the current market. A special meeting of the company's shareholders will be held for this purpose. The option will be fully vested after two years and could be exercised during a five year period. In addition Hiller has entered into an option agreement with the company's single largest shareholder. Hiller said, "We are delighted to have this opportunity for us to become a part of the Spokane community. We have every intention of working with this team in such a way that it will bring growth, more jobs, market dominance and investor success to Key Tronic. Key Tronic operates facilities in Spokane, Cheney, Wash., Dundalk, Ireland and Hsinchu, Taiwan. The company's common stock is traded in the over-the-counter market and is listed on the NASDAQ National Market System under the symbol KTCC. -0- 3/2/92 /CONTACT: Steven P. Benner of Key Tronic, 509-928-8000/ (KTCC) CO: Key Tronic Corp. ST: Washington IN: CPR SU: PER
BB -- SE006 -- 3954 03/02/92 12:15 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Mar 2, 1992|
|Previous Article:||NOVACARE'S ORTHOPEDIC SERVICES, INC. ACQUIRES MOBILITY ORTHOTICS AND PROSTHETICS, INC.|
|Next Article:||PITTSBURGH NATIONAL TO RESUME BANKING IN MILLVALE, PA.|