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8-K - FORM 8-K - NORTEK INC | b89598e8vk.htm |
EX-10.1 - EX-10.1 - NORTEK INC | b89598exv10w1.htm |
EX-10.2 - EX-10.2 - NORTEK INC | b89598exv10w2.htm |
Exhibit 99.1
NEWS
CONTACT:
|
Edward J. Cooney, Sr. Vice President and Treasurer | |
(401) 751-1600 | ||
RELEASE:
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IMMEDIATE |
NORTEK APPOINTS MICHAEL J. CLARKE AS PRESIDENT AND CHIEF
EXECUTIVE OFFICER
EXECUTIVE OFFICER
New CEO Brings Extensive Experience as Head of Fast
Growing, Multi-Billion Dollar Division
Growing, Multi-Billion Dollar Division
PROVIDENCE, RI, December 20, 2011Nortek, Inc. (Nortek) (NASDAQ:NTK), a leading
diversified global manufacturer of innovative, branded residential and commercial
ventilation, HVAC and technology products, announced today that it has appointed
Michael J. Clarke as its President and Chief Executive Officer (CEO) effective
December 30, 2011. He will also become a member of the Nortek Board of Directors. As
previously announced, Nortek began an extensive search process to replace longtime
CEO Richard Bready upon his retirement. The Board of Directors selected Mr. Clarke
based on his 25 years of relevant experience driving growth in both revenue and
profitability within the technology and industrial sectors. He most recently served
as Group President, Integrated Network Solutions at Flextronics International, Ltd.,
a publicly traded, global leader in providing design and electronics manufacturing
services to a wide range of end markets. Interim CEO J. David Smith will return to
his role as a member of Norteks Board of Directors.
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NORTEK, INC. 50 KENNEDY PLAZA, PROVIDENCE, RHODE ISLAND 02903-2360, 401-751-1600 FAX 401-751-4610
The Board is very encouraged by the outlook for Nortek as our extensive review of our
business plan is well underway and we have successfully recruited Michael as CEO. We feel that his
experience and leadership will help us to realize our growth plan, said Mr. Smith. We were
attracted to Michael because he has demonstrated a long track record of expanding several
manufacturing divisions through multiple market cycles. The Board also felt that his experience in
a broad array of sectors relevant to our business, as well as his proven ability to motivate,
retain and develop talent would be important to Nortek and its stakeholders.
I am excited to join the Nortek team, and to build upon its long history of developing innovative
home and commercial ventilation, HVAC and technology products, providing superior customer service
and fostering a dynamic corporate culture, said Mr. Clarke. As I join Nortek, I see significant
opportunities to grow our businesses and capitalize on our superior products, customer service and
people.
Mr. Clarke has more than 25 years of senior executive, business development and hands-on
operational experience managing global companies in a myriad of industries including electronics,
telecommunications, industrial, aerospace and automotive. For the past six years, Mr. Clarke served
as a senior executive at Singapore-based Flextronics International, Ltd. Prior to this position,
Mr. Clarke
- Page 2 -
has held progressively senior executive positions in companies such as Sanmina-SCI
Corporation, Devtek Corporation and Hawker Siddeley. Mr. Clarke was educated in mechanical
engineering at Bradford Polytechnic in England. He has worked in various parts of the world
including Canada, South Africa and England.
ABOUT NORTEK
Nortek* is a leading diversified global manufacturer of innovative, branded residential and
commercial ventilation, HVAC and technology products. Nortek offers a broad array of products,
including: range hoods, bath fans, indoor air quality systems, heating and air conditioning
systems, and technology offerings, including audio, video, access control, security, and digital
display mounting and mobility products.
*As used herein, the term Nortek refers to Nortek, Inc., together with its subsidiaries,
unless the context indicates otherwise. This term is used for convenience only and is not intended
as a precise description of any of the separate corporations, each of which manages its own
affairs.
This
press release contains forward-looking statements
within the meaning of the Private
Securities Litigation Reform Act of 1995. Generally, these statements can be identified by the use
of words such as anticipate, believe,
could, estimate, expect,
feel, intend,
may, plan, potential, project, should, or would
and similar expressions intended to
identify forward-looking statements, although not all forward-looking statements contain these
identifying words. These statements are based on Norteks current plans and expectations and
involve risks and uncertainties that could cause actual future activities and results of operations
to be materially different from those set forth in the forward-looking statements, including
statements relating to Norteks new President and Chief Executive Officer. Important factors
impacting such forward-looking statements include the availability and cost of certain raw
materials (including, among others, steel, copper, packaging materials, plastics, resins, glass,
wood and aluminum) and purchased components, freight costs, the level of domestic and foreign
construction and remodeling activity affecting residential and commercial markets, interest rates,
employment levels, inflation, foreign currency fluctuations, consumer spending levels, exposure to
foreign economies, the rate of sales growth, Norteks ability to retain members of its management
team, prices, and product and warranty liability claims. Nortek undertakes no obligation to update
publicly any forward-looking statements, whether as a result of new information, future events
or otherwise. For further information, please refer to the reports and filings of Nortek with the
Securities and Exchange Commission including the description of risk factors set forth under IA
in our annual report on Form 10-K, as updated on subsequent quarterly reports on Form 10-Q.
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