Schmitt Industries Inc. Announces Retirement of the Chairman of the Board of Directors
December 16 2016 - 4:10PM
Schmitt Industries, Inc. (NASDAQ:SMIT) (the “Company”) today
announced the retirement of Mr. Wayne A. Case who serves as the
Chairman of the Company’s Board of Directors (the “Board”) and
holds a management position within the Company. Effective
December 31, 2016, Mr. Case will be resigning from the Board and
all other positions held with the Company.
Mr. Case founded the Company in 1986 and has been Chairman of
the Board since 1997. He was also the Chief Executive Officer
of the Company from 1996 to 2012, President of the Company from
1986 to June 2009 and Managing Director of Schmitt Europe Ltd., a
subsidiary of the Company, from 1995 to 2009.
“It is an amazing accomplishment to conceive, grow and manage a
company through so many cycles and Wayne Case has left a wonderful
legacy here at Schmitt Industries,” said Mr. David M. Hudson,
President and Chief Executive Officer the Company. “The Board
is grateful for his innumerable contributions over the past three
decades and we wish him well in his retirement.”
“Thirty years ago, Schmitt was founded on the principle of
providing advanced dynamic balancing products to various worldwide
clients,” said Mr. Case. “We have worked to provide excellent
service to our customers and to provide a positive work environment
for our employees. I thank all parties for the hard work and
support of Schmitt Industries during these 30 years.”
The Company will announce Mr. Case’s successor as Chairman once
the process of selection has been completed.
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
measure the fill levels of tanks holding propane, diesel and other
tank-based liquids 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 97210 ● 503/227-7908 ●
FAX 503/223-1258
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