(Source: Business Wire)
EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it has promoted veteran operating executive Graham Jefferies to President and Chief Operating Officer, and veteran financial executive John Donovan to Senior Vice President and Chief Financial Officer, effective July 6, 2009. Both men will continue to report directly to Carmine T. Oliva who remains Chairman and Chief Executive Officer, and who turns over his title and role of President to Jefferies.
"Both of these men have done exceptional jobs in helping shape and implement the strategic direction of EMRISE," Oliva said. "Of course these promotions recognize Graham's and John's numerous contributions to the Company and reward their many accomplishments during their tenure with EMRISE. More importantly, however, these promotions are a key step in the Company's plan to build the next generation executive management team to lead the Company.
"As we look ahead to the future growth of the Company and step up our efforts to further enhance shareholder value," Oliva added, "Graham and John will play increasingly important roles in developing and executing our corporate strategy as well as leading the due diligence activities in evaluating and reviewing any possible future acquisitions, mergers and alliance transactions. In addition, Graham and John will both become more active participants in our day-to-day interface with the investment community." In his new role as President, Jefferies will be responsible for the corporate operating plan, which previously was managed by Oliva. In addition, he will also assume responsibility for expanding the Company's investor relations program into the U.K. and continental Europe.
Jefferies, 52, has moved steadily up the executive management ladder assuming increasing levels of responsibility since joining EMRISE in 1992, most recently serving as Executive Vice President and Chief Operating Officer. He had a leadership role in the acquisition and integration of Advanced Control Components, Inc. (ACC), and he led the development and implementation of the operating unit realignment and cost reduction program implemented in the second fiscal quarter of 2009, which is expected to result in approximately $2 million in annualized cost savings.
Jefferies will continue to serve as COO, and as such will continue managing the day-to-day, unit-level operations of EMRISE focusing on substantially increasing revenue and profit. He will also continue to participate actively in developing and implementing the Company's strategic operating plans at all of the Company's operating units. Jefferies will also continue to be responsible for EMRISE's three U.S.-based subsidiaries, two UK-based subsidiaries and the subsidiary based in France.
"In the past five years, Graham has gained important experience in each of his roles and proven his value as a leader," Oliva said.
