Nu Horizons Electronics Corp. (NASDAQ:NUHC), a leading global
distributor of advanced technology semiconductor, display, illumination,
power and system solutions, today announced that the Board of Directors
and James Estill, the company’s president and chief executive officer,
have mutually agreed to end his employment relationship effective August
3, 2009 to permit him to pursue other opportunities. In connection with
his departure, Mr. Estill also resigned from the Board of Directors and
withdrew his consent to serve as a nominee for election as a director of
the company at the company’s annual meeting of stockholders to be held
on August 4, 2009.
The Board of Directors appointed Arthur Nadata, currently the company’s
executive chairman and its prior chief executive officer, to serve as
interim chief executive officer, while remaining as executive chairman.
The Board appointed Richard Schuster, the company’s senior executive
vice president, as interim president. Mr. Schuster will remain as chief
operating officer. The Board of Directors intends to resume its search
for a president and chief executive officer in connection with its
succession planning. The Board of Directors also voted to reduce the
board to eight members from the current nine.
About Nu Horizons Electronics Corp.
Nu Horizons Electronics Corp. is a leading global distributor of
advanced technology semiconductor, display, illumination, power and
system solutions to a wide variety of commercial original equipment
manufacturers (OEMs) and Electronic Manufacturing Services providers
(EMS). With sales facilities in 54 locations across North America,
Europe and Asia and regional logistics centers throughout the globe, Nu
Horizons partners with a limited number of best-in-class suppliers to
provide in-depth product development, custom logistics and life-cycle
support to its customers. Information on Nu Horizons and its services is
available at http://www.nuhorizons.com.
Cautionary Statement Regarding
Forward-Looking Statements
Except for historical information contained herein, the matters set
forth in this news release are forward looking statements. When used in
this press release, words such as “anticipate,” “believe,” “estimate,”
“expect,” “intend” and similar expressions, as they relate to Nu
Horizons or its management, identify forward-looking statements. Such
forward-looking statements are based on the current beliefs of Nu
Horizons’ management, as well as assumptions made by and information
currently available to its management. Forward-looking statements
involve certain risks and uncertainties that could cause actual results
to differ from those in the forward looking-statements. Potential risks
and uncertainties include such factors as the level of business and
consumer spending for electronic products, the amount of sales of the
company’s products, the competitive environment within the electronics
industry, the ability of the company to continue to expand its
operations, the level of costs incurred in connection with the company’s
expansion efforts, the financial strength of the company’s customers and
suppliers, the current economic and credit crisis and risks and costs
related to the pending Vitesse-related SEC internal investigation.
Investors are also directed to consider other risks, costs and
uncertainties discussed in documents filed by the company with the
Securities and Exchange Commission. Such statements reflect our current
view with respect to the future and are subject to these and other
risks, uncertainties and assumptions relating to Nu Horizons’ financial
condition, results of operations, growth strategy and liquidity. The
company does not undertake any obligation to update its forward-looking
statements.
Nu Horizons Electronics Corp.
Kurt Freudenberg, 631-396-5000
Executive
Vice President & Chief Financial Officer
kurt.freudenberg@nuhorizons.com
