Magnetek, Inc. ( “ Magnetek ” or “ the Company ” ) (NYSE:MAG) announced the appointment of Peter McCormick as President and Chief Executive Officer effective October 31, 2008. Mr. McCormick will succeed David Reiland who will retire from his responsibilities as President and Chief Executive Officer at Magnetek, but will remain on the Company ‘ s Board of Directors. Mr. McCormick has been Executive Vice President and Chief Operating Officer of Magnetek since November 2006 and was the Executive Vice President responsible for the Company ‘ s Power Control Systems Group from 2002 to November 2006. Mr. McCormick joined the Company in 1993.
“ We would like to thank Dave for his leadership in returning Magnetek to financial stability and profitability subsequent to the divestiture of our Power Electronics Group in 2006. The Company is now debt-free with solid market positions and excellent growth prospects. We are pleased that Dave will be remaining on our Board ” said Mitchell Quain, Magnetek ‘ s Chairman of the Board. “ We are fortunate to have a capable and experienced successor in Pete, who successfully led Magnetek ‘ s Power Control Systems Group for a number of years. His knowledge of and experience with our products, markets and operations will be instrumental as we pursue our growth strategy. ”
Magnetek manufactures digital power and motion control systems used in material handling, people moving and energy delivery. The Company is headquartered in Menomonee Falls, Wis. in the greater Milwaukee area and operates manufacturing facilities in Pittsburgh, Pa, Canonsburg, Pa and Mississauga, Ontario, Canada as well as Menomonee Falls. On August 13, 2008, the Company reported revenues of $100 million for its 2008 fiscal year, which ended June 29, 2008.