Current CEO to remain as Executive Chairman
Current President to remain as Senior Executive VP and Chief
Operating Officer
Nu Horizons Electronics Corp. (NASDAQ:NUHC), a leading global
distributor of advanced technology semiconductor, display, illumination,
power and system solutions, today announced that James Estill has been
appointed as the company’s president and chief executive officer
effective June 1, 2009. As of that date, Arthur Nadata, currently the
company’s chairman and chief executive officer, will serve as the
company’s executive chairman and Richard Schuster, currently the
company’s president and chief operating officer, will serve as senior
executive vice president and remain as chief operating officer.
According to Arthur Nadata, “After a long search for a chief executive
officer who would compliment our existing management team, we are
pleased that Jim Estill has agreed to join Nu Horizons as its president
and CEO. We believe that Jim’s prior experience as president and CEO of
SYNNEX Canada, a company with over $1 billion in annual sales, together
with his experience as a founder of EMJ Data Systems Limited, which he
grew to over CDN$300 million in revenue before its sale to SYNNEX, will
enable Nu Horizons to improve significantly its position as a leading
demand creation distributor in the electronics distribution marketplace.
In addition, Jim also serves on the Board of Directors of Research in
Motion Limited, a position he has held since 1997.”
“Both Richard Schuster and I will continue to be involved in, and remain
committed to, Nu Horizons, a company which we founded in 1982 and have
grown to almost $750 million in sales. Nevertheless, recognizing that a
fresh perspective would be invaluable in this challenging economic
environment, as well as assist the company’s board of directors in its
succession planning, we started a search for someone who ideally would
have both an entrepreneurial background and the ability to manage a
large organization. We are delighted that Jim satisfies both criteria.
We believe that by adding Jim to our existing management team, Nu
Horizons will be able to continue to build on its competitive position
in the global marketplace and come through these difficult economic
times as a stronger company.”
In connection with Mr. Estill’s employment as president and chief
executive officer, he will be granted 360,000 inducement stock options.
