Chairman and Chief Executive Officer James M. Papada, III announced that he has informed the company’s board of directors that he will retire no later than March 31, 2010.
The board has initiated a formal search for a successor and is evaluating candidates from within and outside the company. The directors intend to ensure that there is an appropriate transition period between the time a new CEO is named and Mr. Papada’s departure.
“With the worst of the recession behind us and with Technitrol well-positioned in several growing and emerging market opportunities, I believe that this is a good time to step aside and allow new leadership to advance,” Mr. Papada said. “Almost two years ago I advised our board of my long-held view that companies should explore new CEO leadership every decade or so, particularly in the fast-moving electronics industry, where a continuous flow of new, disruptive ideas is important to sustaining success. Since then, our board has been very active in succession planning, working with several outside consultants and waiting for me to choose a definite time frame. They have done a good job in preparing for this event.”
Mr. Papada, 61, has served as Technitrol’s CEO since 1999, as board chairman since 1996 and as director since 1983. During his tenure as CEO, Technitrol’s core business, the Electronic Components Group, expanded from its passive magnetics-based components business into advanced wireless antennas and audio components, connectors and active coils for automotive ignition and control systems. The company expects to divest its non-core Electrical Contact Products Group in the coming months and become a single-segment company focused on electronic components engineering and manufacturing.
Based in Philadelphia, Technitrol is a worldwide producer of electronic components, electrical contacts and assemblies and other precision-engineered parts and materials for manufacturers in the wireless and wireline communications, military/aerospace, automotive and electrical equipment industries. For more information, visit Technitrol’s Web site at http://www.technitrol.com .