FOR IMMEDIATE RELEASE May 14th, 2013
SMTC Announces the Appointment of Larry Silber as Interim CEO and Clarke Bailey as Executive Chairman, Announces Departure of Co-CEO's Alex Walker and Claude Germain TORONTO, CANADA - May 14, 2013 - SMTC Corporation (Nasdaq: SMTX, TSX: SMX) ("SMTC"), a global electronics manufacturing services provider announces the appointment of Larry Silber as Interim President and CEO and Clarke Bailey as Executive Chairman. By mutual agreement Messrs. Walker and Germain are departing as Officers and Directors of the Company to pursue their Rouge River Capital merchant banking business on a full time basis.
Larry Silber joined SMTC's Board as a Director in 2012 and recently served as COO of Hayward Industries, Inc. a privately held equipment manufacturing company with annual revenue in excess of $500 million. Prior to his employment at Hayward Industries, Inc., Mr. Silber spent 30 years at Ingersoll Rand, a $14 Billion revenue global business, during which time he most recently served as the Chairman of Ingersoll Rand Canada and as President of the Utility Equipment Group.
Clarke Bailey joined SMTC's Board as a Director in 2011 and has served as the Chairman of its Audit Committee since joining SMTC's Board. He has extensive experience as a Chairman and Executive of public companies, including his current role as Chairman and CEO of EDCI Holdings, Inc. Mr. Bailey will lead the CEO Search Committee's efforts to identify and appoint a permanent CEO at SMTC.
"Focusing on global operational efficiencies and customer satisfaction are the areas where I am excited to bring a wealth of experience and knowledge to the Company," stated Mr. Silber. Stated Mr. Bailey, "I've enjoyed working with Larry Silber as a Director for the past year and have been impressed by his operating and customer-facing skills. I look forward to working with him going forward as coincident to leading the new CEO search." Continued Mr. Bailey, "Alex and Claude stabilized the business during a very challenging period for SMTC and we thank them for their contributions the past two years. We wish them the best going forward."
"We have enjoyed our experience at SMTC these past two years working with employees and customers to stabilize and grow the business, and wish the Company continued success ahead," stated Alex Walker.
SMTC is a public company incorporated in Delaware with its shares traded on the NASDAQ Global
Market under the symbol SMTX. For further information on SMTC Corporation, please visit our website at www.smtc.com.
The SMTC Corporation logo is available
at http://www.globenewswire.com/newsroom/prs/?pkgid=9800
For further information: Larry Silber
Interim President and Chief Executive Officer, SMTC Corporation
(905) 413.1190
Email: investorrelations@smtc.com
Investor Relations Information: Public Relations Information:Larry Silber Tom Reilly
Interim President and Chief Executive Officer Director of Marketing
Telephone: (905) 413.1190 Telephone: (905) 413.1188
Email: investorrelations@smtc.com Email: publicrelations@smtc.com
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