Vishay Precision Group Appoints Bruce Lerner and Wes Cummins as New Independent Directors
July 27 2017 - 7:30AM
Business Wire
Vishay Precision Group, Inc. (NYSE: VPG), a leading global
producer of precision sensors and systems, today announced the
appointment of two new independent members to its Board of
Directors, Bruce Lerner, Ph.D. and Wes Cummins.
Marc Zandman, Chairman of the Board of Vishay Precision Group,
said, “We believe these appointments provide valuable depth and
breadth of experience and strategic counsel for our Board. Bruce’s
proven ability to manage complex global operations and his track
record of successful growth through diversification are an
excellent fit as we look to the future. We also welcome the
expertise and focus that Wes brings to bear in the areas of
strategic finance and capital allocation. We are fortunate to have
the unique perspective of these strong advisors in our efforts to
ensure we maximize value creation for our shareholders.”
Dr. Lerner currently serves as President and CEO of PeroxyChem,
LLC, a private equity-backed, well-diversified, global specialty
chemicals company, a position he has held since 2014. From 2007 to
2014, he served as vice president and global business director with
FMC Peroxygens, where he led the business through a strategic
transformation from a pure commodities business into a specialty
chemicals business with a diversified portfolio of products. Dr.
Lerner began his career in 1993 as a staff chemist at Engelhard
Corporation and continued, through acquisition, at BASF
Corporation, where he developed and patented two new products.
Between 1993 and 2007, he served in a variety of sales, marketing,
business development and operational roles with increasing
responsibility. Since 2007, Dr. Lerner has also served as a board
member and director for Thai Peroxide Ltd., a joint-venture
chemicals company based in Thailand serving Asia.
Dr. Lerner earned his Bachelor of Science degree from the
University of Massachusetts at Amherst and his Master of Science
degree in Industrial Chemistry from the University of Central
Florida. He earned his Ph.D. in Inorganic Chemistry from
Northwestern University in 1993, where he completed his thesis in
the area of Catalysis & Surface Science. Dr. Lerner is the
author of more than 25 peer-reviewed publications.
Mr. Cummins has been an analyst with Nokomis Capital, L.L.C., an
investment advisory firm which currently owns approximately 15.9
percent of VPG’s outstanding common stock, since October 2012. Mr.
Cummins also currently serves as a director of Telenav, Inc.
(NASDAQ: TNAV), a leading provider of location-based platform
services, since August, 2016. From March 2011 to September 2012,
Mr. Cummins was an analyst for Harvey Partners. Prior to that
position, Mr. Cummins was at B. Riley & Co. (NASDAQ: RILY), an
investment banking firm, from February 2002 to 2011. He served in
increasing positions of responsibility there, including as an
equity research analyst, Director of Research, Capital Markets
Director and, prior to his departure, as President of B. Riley
& Co. Mr. Cummins holds a Bachelor of Science degree in
Business Administration from Washington University in St. Louis.
Mr. Cummins has been appointed to the Board in accordance with the
terms of an agreement with Nokomis previously announced March 27,
2017 and amended concurrent with Mr. Cummins’ appointment.
About VPG
Vishay Precision Group, Inc. (VPG) is an internationally
recognized designer, manufacturer and marketer of: components based
on its resistive foil technology; sensors; and sensor-based
measurement systems specializing in the growing markets of stress,
force, weight, pressure, and current measurements. VPG is a market
leader of foil technology products, providing ongoing technology
innovations in precision foil resistors and foil strain gages,
which are the foundation of the company's force sensors products
and its weighing and control systems. The product portfolio
consists of a variety of well-established brand names recognized
for precision and quality in the marketplace. To learn more, visit
VPG at www.vpgsensors.com.
Forward-Looking Statements
From time to time, information provided by us, including but not
limited to statements in this report, or other statements made by
or on our behalf, may contain "forward-looking" information within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements involve a number of risks, uncertainties, and
contingencies, many of which are beyond our control, which may
cause actual results, performance, or achievements to differ
materially from those anticipated.
Such statements are based on current expectations only, and are
subject to certain risks, uncertainties, and assumptions. Should
one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those anticipated, expected, estimated, or
projected. Among the factors that could cause actual results to
materially differ include: general business and economic
conditions; difficulties or delays in completing acquisitions and
integrating acquired companies (including the acquisitions of
Stress-Tek and Pacific Instruments); the inability to realize
anticipated synergies and expansion possibilities; difficulties in
new product development; changes in competition and technology in
the markets that we serve and the mix of our products required to
address these changes; changes in foreign currency exchange rates;
difficulties in implementing our cost reduction strategies, such as
underutilization of production facilities, labor unrest or legal
challenges to our lay-off or termination plans, operation of
redundant facilities due to difficulties in transferring production
to achieve efficiencies; and other factors affecting our
operations, markets, products, services, and prices that are set
forth in our Annual Report on Form 10-K for the fiscal year ended
December 31, 2016. We undertake no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events, or otherwise.
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