- Cary B. Wood resigns as President and CEO and as a Member of the
Board of Directors
- Michael Osborne, Senior Vice-President, Corporate Development,
Departs
- Joseph J. Harnett Appointed Interim President and CEO
- Board Member James R. Swartwout Elected Chairman
Company Website:
http://www.sparton.com
SCHAUMBURG, Ill. -- (Business Wire)
Sparton Corporation (NYSE: SPA) announced today that Cary B. Wood has
resigned as its President and Chief Executive Officer, effective
immediately.
Also, Michael Osborne, Senior Vice-President, Corporate Development, has
left the Company, also effective immediately.
Also effective immediately, Joseph J. Hartnett, current Chairman of the
Board of Directors, has been appointed as interim President and Chief
Executive Officer and will serve in that position until a new President
and Chief Executive Officer has been appointed. Mr. Hartnett has stepped
down as Chairman and from the Board’s Audit Committee but will remain on
the Board. Sparton Board Member James R. Swartwout has been appointed by
the Board as Chairman.
Mr. Osborne’s duties have been reassigned to other members of Sparton’s
senior management team.
The Board of Directors is actively conducting a search for a new
President and Chief Executive Officer and has retained a nationally
recognized executive search firm to assist in its recruiting efforts. It
is expected that when appointed, the new President and Chief Executive
Officer will also serve as a member of Sparton’s Board of Directors.
Mr. Hartnett said, “The Board of Directors recognizes the value that
Cary has brought to Sparton during his tenure as CEO and thanks him for
his many contributions.” Mr. Hartnett also stated that “Sparton’s
talented leadership team will enable it to steer a steady course in its
operations and financial performance pending the naming of a new
President and CEO.”
Mr. Hartnett has served as a member of Sparton’s Board of Directors
since 2008 and as Chairman since 2014. Mr. Hartnett has served as a
member of the Audit Committee of the Board of Directors but has resigned
from such Committee upon his becoming interim President and Chief
Executive Officer.
Mr. Hartnett served as President and Chief Executive Officer of
Ingenient Technologies, Inc., a multimedia software development company,
located in Rolling Meadows, Illinois, from April 2008 through November
2010. He joined Ingenient as Chief Operating Officer in September 2007.
Prior to Ingenient, Mr. Hartnett served as President and Chief Executive
Officer of U.S. Robotics Corporation, a global Internet communications
product company headquartered in Schaumburg, Illinois, from May 2001
through October 2006. He was Chief Financial Officer of U.S. Robotics
from June 2000 to May 2001. Prior to U.S. Robotics, Mr. Hartnett was a
partner with Grant Thornton LLP where he served for over 20 years in
various leadership positions at the regional, national, and
international level.
Mr. Hartnett has served as a director and member of the Audit Committee,
Compensation Committee and Nominating and Corporate Governance Committee
of Garmin Ltd. (NASDAQ: GRMN) since June 7, 2013, and is a former
director of Crossroads Systems, Inc. (NASDAQ: CRDS), U.S. Robotics
Corporation and Ingenient Technologies, Inc.
Mr. Swartwout is currently an advisor to private equity groups. From
October 2006 to September 2008, he was Chief Executive Officer and
member of the Board of Directors of Habasit Holding USA, the acquirer of
Summa Industries, a California-based, publicly traded manufacturer of
diversified plastic products for industrial and commercial markets. Mr.
Swartwout served as a director of ATS Corporation, a public company
providing information technology and related services to various
governmental agencies, from May 2010 until early 2012. From October 1988
to October 2006, Mr. Swartwout held the following positions with Summa
Industries: Chairman of the Board of Directors, Chief Executive Officer
and Chief Financial Officer. Mr. Swartwout has served on the boards of
directors of numerous public and private companies. He received a
Bachelor of Science in Industrial Engineering from Lafayette College and
a Master of Business Administration from the University of Southern
California.
About Sparton Corporation
Sparton Corporation (NYSE:SPA), now in its 116th year, is a provider of
complex and sophisticated electromechanical devices with capabilities
that include concept development, industrial design, design and
manufacturing engineering, production, distribution, field service, and
refurbishment. The primary markets served are Medical & Biotechnology,
Military & Aerospace, and Industrial & Commercial. Headquartered in
Schaumburg, Illinois, Sparton currently has fifteen manufacturing
locations and engineering design centers worldwide. Sparton’s Web site
may be accessed at http://www.sparton.com/.
Safe Harbor and Fair Disclosure Statement
Safe Harbor statement under the Private Securities Litigation Reform Act
of 1995: To the extent any statements made in this release contain
information that is not historical, these statements are essentially
forward-looking and are subject to risks and uncertainties, including
the difficulty of predicting future results, the regulatory environment,
fluctuations in operating results and other risks detailed from time to
time in Sparton’s filings with the Securities and Exchange Commission
(SEC). The matters discussed in this press release may also involve
risks and uncertainties concerning Sparton’s services described in
Sparton’s filings with the SEC. In particular, see the risk factors
described in Sparton’s most recent Form 10-K and subsequent Forms 10-Q.
Sparton assumes no obligation to update the forward-looking information
contained in this press release.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160205005895/en/
Contacts:
Media and Analyst Contact:
Sparton Corporation
Joseph
McCormack
Email: jmccormack@sparton.com
Office:
(847) 762-5812
Source: Sparton Corporation
© 2024 Canjex Publishing Ltd. All rights reserved.