Kimball Electronics, Inc. Announces Retirement of Director Geoffrey L. Stringer, Appointment of Director Robert J. Phillippy,...
November 08 2018 - 5:20PM
Kimball Electronics, Inc. (NASDAQ: KE), (the “Company”), today
announced the appointment of Robert J. (“Bob”) Phillippy to its
Board of Directors (the “Board”), effective immediately. Mr.
Phillippy will also serve as a member of the Audit Committee of the
Board.
Mr. Phillippy will replace Geoffrey L. Stringer, who is retiring
from the Board after over 15 years of dedicated service with the
Company and its former parent, Kimball International, Inc.
“Speaking on behalf of our Board, we want to express our deepest
gratitude for the outstanding work and wise counsel given by
Geoffrey. His experience was invaluable as we began our
journey as an independent public company four years ago. He
will be sorely missed and we wish him well in his retirement,” said
Don Charron, Chairman of the Board and Chief Executive
Officer.
Mr. Phillippy was selected following an extensive national
search in partnership with RSR Partners of Northfield,
Illinois.
Mr. Phillippy currently works as an independent consultant
following his retirement in April 2016 from his position as
President, Chief Executive Officer, and a Director of Newport
Corporation as a result of the acquisition of Newport. He
served Newport in that capacity for over 8 years, was President and
Chief Operating Officer from July 2004 to September 2007, and prior
to that time served in various executive management roles since
joining Newport in April 1996. Prior to joining Newport, he
served for 12 years in various management roles for Square D
Company, a division of Schneider Electric, progressing from field
sales engineer to Vice President of Channel Marketing. He
currently serves on the boards of directors of ESCO Technologies
(NYSE: ESE) and Materion Corporation (NYSE: MTRN). Mr.
Phillippy holds a B.S. degree in electrical engineering from the
University of Texas, as well as a Masters of Management from the
Kellogg Graduate School of Management at Northwestern
University.
Mr. Charron continued, “We are honored to have Bob join us to
add his knowledge, experience, and counsel, especially given his
extensive experience as a chief executive officer of a publicly
traded company and his broad knowledge of marketing and highly
technical products. It was extremely important to us that we
recruit not only a very capable individual, but also someone who
shares our common values and embraces our guiding
principles.”
The Company also announced today that the Board authorized an
extension of the current stock repurchase plan (the “Plan”) that
was originally authorized in October 2015, and extended in
September 2016 and August 2017, allowing a repurchase of up to an
additional $20 million of common stock of the Company. This
extension brings the total amount of authorized share repurchases
under the Plan to $80 million, with no expiration date. The Plan
may be suspended or discontinued at any time.
Purchases may be made under various programs, including in
open-market transactions, block transactions on or off an exchange,
or in privately negotiated transactions, all in accordance with
applicable securities laws and regulations, including Rule 10b-18
of the Securities Exchange Act of 1934, as amended. Repurchases may
also be made under a Rule 10b5-1 program, which would permit shares
to be repurchased when the Company might otherwise be precluded
from doing so under insider trading laws.
The extent to which the Company repurchases its shares, and the
timing of such repurchases, will depend upon a variety of factors,
including market conditions, regulatory requirements, and other
corporate considerations, as determined by the Company’s management
team. The Company expects to finance the additional purchases with
existing liquidity.
“Our Board and management believe the stock repurchase program
demonstrates confidence in our growth strategies and a commitment
to delivering shareholder value,” said Mike Sergesketter, Vice
President and Chief Financial Officer of Kimball Electronics.
About Kimball Electronics, Inc.WHO WE
ARE Kimball Electronics is a leading contract manufacturer
of durable electronics serving a variety of industries on a global
scale. The customer is the focus of everything we do and our
touch is felt throughout daily life via the markets we serve:
Automotive, Industrial, Medical, and Public Safety.
Recognized for a reputation of excellence, we are committed
to a high-performance culture that values personal and
organizational commitment to quality, reliability, value, speed,
and ethical behavior. Our employees know they are part of a
company culture that is committed to doing the right thing.
We build lasting relationships and global success for
customers while enabling employees to share in the Company’s
success through personal, professional, and financial growth.
WHAT WE DO Kimball Electronics trades under the
symbol “KE” on The NASDAQ Stock Market. Kimball Electronics
is a preeminent Electronics Manufacturing Services (“EMS”) provider
serving customers around the world. Additionally, Kimball
Electronics offers diversified contract manufacturing services
(“DCMS”) for non-electronic components, medical disposables, and
plastics. GES, a Kimball Electronics Company, specializes in
design, production and servicing of automation, test, and
inspection equipment for the semiconductor, electronics, and life
sciences industries. From our operations in the United
States, China, India, Japan, Mexico, Poland, Romania, Thailand, and
Vietnam, our teams are proud to provide manufacturing services for
a variety of industries globally. Kimball Electronics is
headquartered in Jasper, Indiana. To learn more about Kimball
Electronics, visit: www.kimballelectronics.com.
Lasting relationships. Global
success.
CONTACT:Adam W. SmithTreasurerTelephone: 812.634.4000E-mail:
Investor.Relations@kimballelectronics.com
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