ADDvantage Technologies Appoints Joseph Hart Interim President and Chief Executive Officer
July 03 2018 - 4:10PM
ADDvantage Technologies Group, Inc. (NASDAQ:AEY),
today announced that its Board of Directors has appointed Joseph
Hart as the Company’s new interim President and Chief Executive
Officer and has accepted the resignation of David Humphrey, who is
stepping down from his position as Chief Executive Officer and as a
member of the Board of Directors to pursue further opportunities,
effective immediately.
Mr. Hart has been a member of the Board of
Directors at the Company since August, 2015, and will continue to
serve on the Board. Mr. Hart has extensive experience in both
turning around and building businesses in the wireless, broadband
and cable television space, and a strong technical background.
From 2015 through 2018, he was the Chief Executive Officer
for Aero Communications Inc., a private equity-owned company
headquartered in Canton, Michigan with annual revenues of $110m and
almost 1,000 employees. Aero Communications performs
residential installation and fiber optic cable construction
services for Comcast throughout the midwestern U.S. and wireless
network upgrades and cell site construction services for AT&T,
Verizon and T-Mobile throughout the central region of the U.S.
Mr. Hart began his career in the
telecommunications industry with Ameritech and AT&T. Over
a 25-year career he progressed through various positions in sales,
operations and project management both in the U.S. and overseas in
the Middle East, Latin America and Asia. In his last position
at AT&T as Services Vice President, Mr. Hart created a
strategic business unit that designed and constructed fiber optic
cable networks for telecommunication companies in both the U.S. and
in 37 countries, growing this business unit to over $1 billion in
annual revenue and 5,000 employees. This unit was later
merged with a strategic partner of AT&T as part of the Lucent
Technologies spinoff.
After the Lucent spinoff from AT&T, Mr. Hart
held various roles in the telecommunications industry as the Chief
Operating Officer of Fluor Daniel Telecom and then Vice President
of International Development for the new wireless tower company
startup Crown Castle International where his role was to develop
the international tower portfolio in Latin America. Mr. Hart
was at Goodman Networks from 2006 to 2014 where, as the Executive
Vice President of Operations, he turned around a troubled wireless
business unit into a rapidly growing wireless infrastructure
service and project management leader.
“I look forward to leveraging the knowledge and
skills I have gained from my 40 years in the telecommunications
industry to improve the operations of the existing businesses and
implement new growth strategies for the Company. I believe
that there is opportunity to build out ADDvantage Technologies’
telecommunications business, and I am excited to join the
management team at this time,” stated Mr. Hart.
“Joe has extensive leadership, operations and
sales experience within the telecommunications sector, and we are
pleased to welcome him to the Company’s management team,” stated
Jim McGill, Chairman of the Strategic Committee of the Board.
“On the Board, he brought new ideas and energy, and I am
looking forward to further working with him in this expanded
capacity at the Company. The Board has been assessing all of
the Company’s business units and how they align with our overall
strategy. Therefore, one of Joe’s first tasks will be to
continue this assessment and make recommendations to the Board for
improvements, growth opportunities and possible divestitures of
assets to help finance and drive forward our growth strategies,”
continued Mr. McGill.
Mr. Hart has a bachelor’s degree in business
administration from Baldwin-Wallace College and a master’s degree
in systems management from the University of Southern
California.
About ADDvantage Technologies Group,
Inc.ADDvantage Technologies Group, Inc. (NASDAQ:AEY)
supplies the cable television (Cable TV) and telecommunications
industries with a comprehensive line of new and used
system-critical network equipment and hardware from a broad range
of leading manufacturers. The equipment and hardware ADDvantage
distributes is used to acquire, distribute, and protect the
communications signals carried on fiber optic, coaxial cable and
wireless distribution systems, including television programming,
high-speed data (Internet) and telephony. In addition, ADDvantage
operates a national network of technical repair centers focused
primarily on Cable TV equipment and recycles surplus and obsolete
Cable TV and telecommunications equipment.
ADDvantage operates through its subsidiaries,
Tulsat, Tulsat-Atlanta, Tulsat-Texas, NCS Industries, ComTech
Services, Nave Communications and Triton Datacom. For more
information, please visit the corporate web site
at www.addvantagetechnologies.com.
The information in this announcement may include
forward-looking statements. All statements, other than
statements of historical facts, which address activities, events or
developments that the Company expects or anticipates will or may
occur in the future, are forward-looking statements. These
statements are subject to risks and uncertainties, which could
cause actual results and developments to differ materially from
these statements. A complete discussion of these risks and
uncertainties is contained in the Company’s reports and documents
filed from time to time with the Securities and Exchange
Commission.
For further information |
KCSA Strategic Communications |
Company Contact: |
Elizabeth Barker |
Scott Francis (918) 251-9121 |
(212) 896-1203 |
ebarker@kcsa.com |
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