Magnetek Announces Election of Directors and Fiscal Year Change
August 09 2011 - 5:05PM
Business Wire
Magnetek, Inc. (“Magnetek” or the “Company”) (NYSE: MAG), a
leading provider of digital power and motion control systems,
announced today that it increased the size of its Board of
Directors to six members and elected Alan B. Levine and Peter M.
McCormick to fill the new Board seats, effective August 4,
2011.
Alan Levine served as Chief Financial Officer and Director of
Virtual Access Networks, Inc. from 2001 to 2002 and Chief Financial
Officer and Treasurer of Marathon Technologies Corporation from
1998 to 2001. He was also a member of the Board of Directors and
Audit Committee Chair of MCK Communications before the company’s
merger in November 2003. Prior to this, Mr. Levine was with Ernst
& Young LLP from 1974 to 1998, and was Partner from 1986 to
1998, where he established and directed an Entrepreneurial Services
practice. From January 2007 until July 2011, he served as Vice
President and Chief Financial Officer of the Graduate Management
Admissions Council. He is a former Director and Audit Committee
Chair of Nextera Enterprises and currently serves on the board of
RBC Bearings Incorporated, a manufacturer of bearings. Mr. Levine,
a former certified public accountant, holds a Master of Accounting
degree from the University of Arizona and a Bachelor of Arts degree
from the University of Vermont.
Mr. McCormick has served as President and Chief Executive
Officer of Magnetek since October 31, 2008. Prior to his
appointment, he served as Executive Vice President and Chief
Operating Officer from 2006 to 2008. Mr. McCormick was Executive
Vice President and General Manager of Magnetek’s Power Controls
Group from 2002 to 2006, overseeing the Company’s motion control
systems for cranes and hoists, elevator drive systems, mining
equipment drives and alternative energy power conversion systems.
Mr. McCormick joined Magnetek in 1993 from Square-D Corporation. A
graduate of the University of Wisconsin-Platteville, he holds a
Bachelor of Science degree in Industrial Technology, with minors in
Computer Science and Power and Control Systems.
“We are extremely pleased to welcome both Alan Levine and Peter
McCormick to our Board of Directors,” said Mitchell Quain,
Magnetek’s Board Chairman. “Each is well qualified to contribute to
Board discussions in their respective areas of expertise.” Mr.
Levine was appointed to serve on the Audit and Retirement Plan
Committees of the Board of Directors.
On August 4, 2011, the Board of Directors of the Company
approved a change in the Company’s fiscal year-end from the Sunday
falling nearest to June 30 of each calendar year to the Sunday
falling nearest to December 31, with the change to a
calendar year reporting cycle beginning January 2, 2012. The
Company plans to report its financial results for the six month
transition period of July 4, 2011 through January 1, 2012, on an
Annual Report on Form 10-K and to thereafter file reports for each
twelve month period, beginning with the twelve month period ending
December 30, 2012. Prior to filing the transition report, the
Company will file its annual report on Form 10-K for the fiscal
year ended July 3, 2011 and its quarterly report on Form 10-Q for
the quarter ending October 2, 2011.
“The fiscal year change will align Magnetek’s fiscal year with
customer spending patterns and will provide the investment
community with enhanced peer group comparability, as well as
improve our administrative efficiency by distributing our workload
more evenly throughout the year,” stated Peter McCormick, president
and chief executive officer of Magnetek.
About Magnetek, Inc.
Magnetek, Inc. provides digital power and motion control systems
used in overhead material handling, elevator, and energy delivery
applications. The Company is North America’s largest supplier of
digital drive systems for industrial cranes, hoists, and monorails.
Magnetek provides Energy Engineered® drives, radio remote controls,
motors, and braking and collision avoidance subsystems to North
America’s foremost overhead material handling crane builders. The
Company is also the world’s largest independent builder of highly
integrated digital motion control systems for high-rise, high-speed
elevators. In energy delivery, Magnetek develops and
markets digital power inverters that connect renewable energy
sources to the utility grid, and is a leading independent supplier
of digital motion control systems for underground coal mining
applications. Magnetek is headquartered in Menomonee Falls, Wis.,
in the greater Milwaukee area and operates manufacturing facilities
in Pittsburgh, Pa., and Canonsburg, Pa., as well as Menomonee
Falls.
Special Note Regarding Online Availability of Magnetek
Releases and Filings
All Magnetek financial news releases and filings with the
Security and Exchange Commission (“SEC”) are posted to the Magnetek
website. Material and financial releases as well as SEC filings are
available at www.magnetek.com. Automatic email alerts for these
postings are available from the Investor Relations section of the
site. Corporate and general releases as well as product information
are also available at www.magnetek.com.
Special Note Regarding Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on the Company’s
expectations and are subject to risks and uncertainties that cannot
be predicted or quantified and are beyond the Company’s control.
Future events and actual results could differ materially from those
set forth in, contemplated by, or underlying these forward-looking
statements. These include, but are not limited to, economic
conditions in general, business conditions in material handling,
elevator, mining, and alternative energy markets, operating
conditions, competitive factors such as pricing and technology,
risks associated with acquisitions and divestitures, legal
proceedings and the risk that the Company’s ultimate costs of doing
business exceed present estimates. Other factors that could cause
actual results to differ materially from expectations are described
in the Company’s reports filed with the Securities and Exchange
Commission pursuant to the Securities Exchange Act of 1934.