Methode Electronics, Inc. (NYSE: MEI), a leading
global supplier of custom-engineered solutions for user interface,
LED lighting system and power distribution applications, announced
today that Kevin Nystrom, a partner and managing director at
AlixPartners LLP, has been appointed interim CEO, effective
immediately. The company has previously disclosed its ongoing
engagement with AlixPartners for various consulting services,
including cost reduction and financial advisory.
Mr. Nystrom succeeds Avi Avula, who resigned from his position
as President and Chief Executive Officer. Methode's Board of
Directors, with the assistance of executive search firm Spencer
Stuart, has initiated a search to identify a permanent CEO.
The Methode Board also announced the appointment of Mark
Schwabero, current director and former Chairman, Chief Executive
Officer and Director of Brunswick Corporation, as Vice Chairman of
the Board, effective immediately. In this role, Mr. Schwabero will
work closely with Mr. Nystrom to provide counsel and support the
execution of the Company’s strategic and operational initiatives
until a permanent successor has been appointed. The company’s
former President and Chief Executive Officer, Donald W. Duda,
remains a strategic consultant to Methode through January 2025 and
will continue to provide support during the transition period.
Walter J. Aspatore, Chairman of the Methode Board, said, “The
Board will work diligently to undertake a comprehensive and timely
search to identify a permanent CEO. As we move forward with that
process, we are pleased that Kevin will take on the interim role.
He brings deep financial management and operational experience to
Methode. Since joining the Board in 2019, Mark has demonstrated
outstanding leadership and provided critical expertise relevant to
Methode’s business. Given Mark’s significant public company CEO
experience, we are grateful he is taking on this expanded role to
support Kevin.”
“As the Board conducts its thorough yet expeditious search for a
permanent CEO, my priority will be to work closely with Kevin to
advance the ongoing review of our operations, costs and portfolio
with the aim of restoring profitability and strengthening our
foundation to drive growth and shareholder value creation,” said
Mr. Schwabero.
Mr. Nystrom said, “I look forward to joining Methode and
leveraging my experience to advance the initiatives already
underway, including driving operational efficiencies across the
business.”
About Kevin NystromMr. Nystrom has more than 25
years of experience in restructuring and financial management. He
has held management roles and advised companies, boards of
directors, investor groups, and lenders in a wide range of
turnaround and reorganization situations. His operational
experience covers numerous industries, including mining,
manufacturing, distribution, financial services, professional
services, transportation, telecommunications, and real estate.
Prior to joining AlixPartners, he was a managing director at Zolfo
Cooper and executive vice president and chief financial officer
(CFO) of National Mortgage Corporation and CFO of publicly held
real estate investment trusts at Asset Investors Corporation and
Commercial Assets, Inc.
Mr. Nystrom has served in numerous interim management positions,
including as chief executive officer (CEO) for iAero Holdings, an
airline; CEO of Boomerang Tube, an
offshore-transmission-coordination-group pipe manufacturer; chief
restructuring officer (CRO) of Blackhawk Mining, a coal mining
company; and chief operating officer (COO) of Hawaiian Telcom, the
10th-largest US telecommunications utility.
Mr. Nystrom has a Bachelor of Arts in accounting from the
University of South Dakota and is a member of the American
Institute of CPAs.
About Methode Electronics, Inc.Methode
Electronics, Inc. (NYSE: MEI) is a leading global supplier of
custom-engineered solutions with sales, engineering and
manufacturing locations in North America, Europe, Middle East and
Asia. We design, engineer, and produce mechatronic products for
OEMs utilizing our broad range of technologies for user interface,
LED lighting system, power distribution and sensor
applications.
Our solutions are found in the end markets of transportation
(including automotive, commercial vehicle, e-bike, aerospace, bus,
and rail), cloud computing infrastructure, construction equipment,
and consumer appliance. Our business is managed on a segment basis,
with those segments being Automotive, Industrial, and
Interface.
Forward-Looking StatementsThis press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 that reflect, when
made, our current views with respect to the matters addressed. Such
forward-looking statements are subject to many risks, uncertainties
and factors relating to our operations and business environment,
which may cause our actual results to be materially different from
any future results, expressed or implied, by such forward-looking
statements. All statements that address future operating, financial
or business performance or our strategies or expectations,
including expectations relating to our executive search process and
our review of our operations, costs and portfolio, are
forward-looking statements. Factors that could cause actual results
to differ materially from these forward-looking statements include,
but are not limited to, risks associated with our leadership
turnover, the effectiveness or outcome of cost reduction and
process improvement measures, risks relating to conducting global
operations and other factors discussed in our Annual Report on Form
10-K for the fiscal year ended April 29, 2023, in particular those
discussed under Part I, Item 1A (Risk Factors) of such report, and
in our subsequent filings with the Securities and Exchange
Commission. Any forward-looking statements made by us speak only as
of the date on which they are made. We are under no obligation to,
and expressly disclaim any obligation to, update or alter our
forward-looking statements, whether as a result of new information,
subsequent events or otherwise.
For Methode Electronics, Inc.Robert K.
CherryVice President Investor
Relationsrcherry@methode.com708-457-4030
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