Schmitt Industries Announces Management Changes
January 11 2016 - 09:25AM
Schmitt Industries, Inc. (NASDAQ:SMIT) (the “Company”) today
announced that on January 8, 2016, James A. Fitzhenry, the
President and Chief Executive Officer of the Company, tendered his
resignation, effective immediately, as an officer of the Company,
including any positions held with any of the Company’s
subsidiaries. Mr. Fitzhenry will retain his position as a
director of the Company.
The Company also announced that on January 8, 2016, it appointed
David M. Hudson as its Interim President and Chief Executive
Officer, effective immediately. Mr. Hudson has served as a director
of the Company since April 2006. He previously served as a director
of the Company from 1996 to 2003. Mr. Hudson is a private business
consultant Mr. Hudson was the founder and President of Hudson
Capital Management, which through a merger became the Crabbe Huson
Group. In 1994, he co-founded Coldstream Capital Management, Inc.
Mr. Hudson holds a B.S. degree in Mathematics from the University
of Oregon. Mr. Hudson’s compensation for his service as Interim
President and Chief Executive Officer has not yet been
determined.
In addition, the Company announced that on January 8, 2016, it
made the decision to reduce the salaries of all members of its
senior management team by twenty-five percent (25%), retroactive to
January 1, 2016.
About Schmitt Industries
Schmitt Industries, Inc. designs, manufactures and sells high
precision test and measurement products for two main business
segments: the Balancer Segment and the Measurement Segment. For the
Balancer Segment, the Company designs, manufactures and sells
computer-controlled vibration detection, balancing and process
control systems for the worldwide machine tool industry,
particularly for grinding machines. For the Measurement Segment,
the Company designs, manufactures and sells laser and white light
sensors for distance, dimensional and area measurement for a wide
variety of commercial applications, laser-based microroughness
measurement products for the semiconductor wafer and hard disk
drive industries and for other industrial applications, laser-based
surface analysis and measurement products for a variety of
scientific applications, and ultrasonic measurement products that
accurately measure the liquid levels of propane and diesel tanks
and transmit that data via satellite to a secure web site for
display. The Company also provides sales and service for Europe and
Asia through its wholly owned subsidiary, Schmitt Europe Limited
(SEL), located in Coventry, England and through its sales
representative office located in Shanghai, China.
CORPORATE OFFICE: 2765 NW
NICOLAI ST.PORTLAND,
OREGON 97210503/227-7908FAX 503/223-1258
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