Nortech Systems Incorporated (NASDAQ: NSYS) today announced several leadership changes effective January 1, 2019.
Jay D. Miller, currently an independent director of the company, will become interim president reporting to the board of directors. Miller will assist the company with strategic planning and initiatives and assume responsibility for managing the company’s day-to-day operations alongside other members of senior management, who will be reporting to him. It is anticipated that Miller will hold this interim position until a new chief executive officer is hired.
Rich Wasielewski will continue as chief executive officer until his successor is hired, overseeing the company’s strategic communications and investor relations activities, financial reporting requirements and certain strategic projects. Wasielewski’s planned retirement was announced in August 2018; his contract was recently extended through May 15, 2019.
“We are fortunate to have a leader of Jay’s high caliber to help guide our company during this transitional period,” said David Kunin, chairman of Nortech’s board of directors. “The executive search process is well underway and I’m confident we will identify the right person to help our company capitalize on the many opportunities ahead of us.” Added Kunin, “I also want to reiterate the board’s appreciation to Rich for his outstanding and selfless contributions to Nortech.”
Miller joined Nortech’s board of directors in May, bringing broad executive leadership and business experience with a wide range of medical technology companies. He serves on the boards of a number of medical imaging and medical device companies. Previously Miller held CEO positions with IMRIS, Inc., Zonare, Inc. and Vital Images, Inc. in the medical imaging industry. Earlier in his career Miller worked for the medical divisions of both Siemens and GE.
In other developments, John Lindeen will be promoted to senior vice president of global operations, reporting to Miller. Lindeen joined Nortech in 2013, bringing extensive experience in the medical device, defense and consumer goods industries from companies including Donatelle, Pentair, Remmele Engineering and Sportech.
About Nortech Systems Incorporated
Nortech Systems Incorporated (www.nortechsys.com), based in Maple Grove, Minn., is a full-service electronics manufacturing services (EMS) provider of wire and cable assemblies, printed circuit board assemblies and higher-level complete box build assemblies for a wide range of industries. Markets served include industrial, medical and aerospace/defense. The company has operations in the U.S., Mexico and China. Nortech Systems Incorporated is traded on the NASDAQ Stock Market under the symbol NSYS.
This 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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Nortech Systems Incorporated
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Dec 21, 2018