Electro Rent Chairman & CEO Dan Greenberg to Retire; Steven Markheim Promoted to Chief Executive Officer; Allen Sciarillo Con...
May 12 2016 - 9:00AM
Business Wire
Electro Rent Corporation (Nasdaq: ELRC) today announced
that its Chairman and Chief Executive Officer, Daniel Greenberg,
who will soon turn 75, will retire effective July 11, 2016 after a
more than 40-year career with the company. Greenberg will continue
as a member of the company’s board of directors.
Upon Greenberg’s retirement, Steven Markheim, who has been
Electro Rent’s President and Chief Operating Officer since 2007,
will become its President and Chief Executive Officer. Allen
Sciarillo, Electro Rent’s Acting Chief Financial Officer since
September 2015, has been confirmed as its Chief Financial Officer.
Electro Rent’s current Lead Director, Karen Curtin, will assume the
role of non-executive Chairman of its Board of Directors.
“Dan has been one of Electro Rent’s guiding lights for more than
four decades, joining our board in 1976 and serving as our Chairman
and CEO for more than 35 years,” said Curtin. “He has provided
inspirational leadership for his team, and set an example through
his own hard work, integrity and determination. We are happy that
we will continue to benefit from Dan’s ongoing involvement as a
board member, and are pleased to promote Steve and Allen to carry
the company forward.”
“It has been a privilege to serve Electro Rent, its employees,
shareholders, partners and customers, for almost the entirety of my
professional career,” said Greenberg. “I have taken great pleasure
in watching this company grow into one of the most well respected
companies in our industry. It is now time to hand the reins over to
those who can take the company to the next level, and I have the
utmost confidence that Steve, Allen and the rest of our team have
the knowledge and ability necessary to successfully meet the
challenges of the future.”
Markheim, 63, has been with Electro Rent for more than 35 years,
and has been President and Chief Operating Officer since 2007.
Prior to joining the company, he was an accountant with Matsushita
of America and the accounting firm of Wolf & Co.
Sciarillo, 51, has been with Electro Rent for 10 years.
Sciarillo is a Certified Public Accountant who was previously the
Chief Financial Officer of Dial Thru International Corporation,
InterPacket Networks and RSLCOM USA. He began his career in public
accounting with Deloitte & Touche.
Curtin, 61, has served on Electro Rent’s board since 2004, and
was appointed its Lead Director in 2009. Since 2010, she has been a
private investor, and previously held positions at Paradigm Capital
Ltd., Dulcinea Ventures and Bank of America, including as manager
of the bank’s Leasing and Transportation Divisions.
About Electro Rent
Electro Rent Corporation (www.ElectroRent.com) is one of the
largest global organizations devoted to the rental, leasing and
sales of general purpose electronic test equipment, personal
computers and servers.
“Safe Harbor” Statement
Except for the historical statements and discussions in this
press release, the company’s statements above constitute
forward-looking statements within the meaning of section 21E of the
Securities Exchange Act of 1934. These forward-looking statements
reflect Electro Rent’s management’s views and expectations at this
time with respect to future events and financial performance, based
on currently available information. Forward looking statements in
this press release include statements regarding the company’s
ability to meet future challenges. When used, the words
“anticipate”, “believe”, “expect” and “will” and other similar
expressions identify forward-looking statements. Forward-looking
statements are based on assumptions about future operations and
market conditions, and are subject to certain risks and
uncertainties. The company believes its assumptions are reasonable;
nonetheless, it is likely that at least some of these assumptions
will not come true. Accordingly, Electro Rent’s actual results will
differ from the outcomes contained in any forward-looking
statement, and those differences could be material. Factors that
could cause or contribute to these differences include, among
others, those risks and uncertainties discussed in the company’s
periodic reports on Form 10-K and 10-Q and in its other filings
with the Securities and Exchange Commission, including: general
macroeconomic conditions may not improve or may deteriorate; U.S.
federal government spending with respect to defense and other
research and development activities may not increase or may
decline; Electro Rent may not succeed in retaining its key sales or
other personnel; competition may cause the company to lower prices
and margins to effectively compete; and manufacturers of test and
measurement equipment may not be willing to enter reseller
arrangements with Electro Rent or those agreements may not succeed
to the level anticipated. Should one or more of the risks
discussed, or any other risks, materialize, or should one or more
of our underlying assumptions prove incorrect, the company’s actual
results may vary materially from those anticipated, estimated,
expected or projected. In light of the risks and uncertainties,
there can be no assurance that any forward-looking statement will
in fact prove to be correct. You should not put undue reliance on
these statements. Electro Rent undertakes no obligation to update
or revise any forward-looking statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20160512005252/en/
PondelWilkinson Inc.Roger Pondel/Laurie
Berman310-279-5980pwinvestor@pondel.com
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