Nortech Systems' CEO Rich Wasielewski Announces His Retirement
August 15 2018 - 1:15PM
Business Wire
Board of Directors to Conduct National Search
for New CEO
Rich Wasielewski, president and CEO of Nortech Systems, Inc.
(NASDAQ: NSYS), today announced he will be retiring. Nortech
Systems’ board of directors has retained an executive recruitment
firm to assist in its national search to identify Wasielewski’s
replacement. He will continue to lead the company during the search
and subsequent transition period.
“Rich has been, and continues to be, an invaluable contributor
to Nortech’s growth and evolution,” said David Kunin, Nortech
Systems’ chairman of the board. “The vision he developed and
spearheaded includes a global solutions footprint, expanded
medical-market presence, enhanced value-added services and an
innovative R&D culture.
“We are grateful for Rich’s ongoing leadership and this orderly
transition will benefit our company, employees, customers,
shareholders and other stakeholders,” added Kunin. “This is one of
the board’s most significant responsibilities and a top priority
for management.”
“This succession plan has been discussed with the board for some
time,” said Wasielewski. “The timing is right for me – and for
Nortech – to make this transition. We have a strong track record of
accomplishment and many opportunities on the horizon. Leading
Nortech has been the highlight of my professional life and it’s one
of my greatest responsibilities to help find and support a
successor who values our people, who understands our customers and
who can help guide Nortech into its next chapter of success.”
Wasielewski has served as Nortech’s president and chief
executive officer since 2014. He joined the company in 2004 as vice
president and chief financial officer; he advanced to senior vice
president and CFO in 2008; he added the defense operations to his
responsibilities in 2011 before being named president and chief
operating officer in 2013.
During Wasielewski’s tenure, the company made several strategic
investments and acquisitions, broadened its customer base and
strengthened its international and domestic capabilities. In the
U.S., the 2015 investment in Devicix’s medical device engineering
expanded Nortech’s innovative design solutions and comprehensive
product development capabilities.
In Mexico, printed circuit board technology was added to
Nortech’s custom cable services in 2014, providing increased
value-added and box-build opportunities; plans are underway to
relocate to a new, larger facility by the end of this year. In
2016, Nortech opened a greenfield facility in Suzhou, China, to
serve existing global customers and reach new, fast-growing
regional markets in Asia.
About Nortech Systems
IncorporatedNortech Systems (www.nortechsys.com), based
in Maple Grove, Minn., is a full-service electronics manufacturing
services (EMS) provider of complex interconnect solutions, printed
circuit board assemblies and diagnostic repair and integration
services including higher-level assemblies and box builds for a
wide range of industries. Markets served include industrial and
commercial equipment, medical device, and aerospace & defense.
Nortech has a range of specialized, high-tech facilities in the
U.S., Latin America and Asia used for customized design,
manufacture, testing and repair of its solutions. Nortech Systems
is traded on the NASDAQ Stock Market under the symbol NSYS.
Forward-Looking
StatementsThis press release contains forward-looking
statements made pursuant to the safe harbor provision of the
Private Securities Litigation Reform Act of 1995. While this
release is based on management’s best judgment and current
expectations, actual results may differ and involve a number of
risks and uncertainties. Important factors that could cause actual
results to differ materially from the forward-looking statements
include, without limitation: volatility in market conditions which
may affect market supply of and demand for the company’s products;
increased competition; changes in the reliability and efficiency of
operating facilities or those of third parties; risks related to
availability of labor; commodity and energy cost instability;
general economic, financial and business conditions that could
affect the company’s financial condition and results of operations;
as well as risk factors listed from time to time in the company’s
filings with the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20180815005581/en/
For Nortech SystemsWarren Djerf, 952-920-3908Brookside
Communications Groupwarren@brookcomm.net
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