Suntron Corporation Announces Changes to Board of Directors
25 Noviembre 2005 - 4:15PM
PR Newswire (US)
PHOENIX, Nov. 25 /PRNewswire-FirstCall/ -- Suntron Corporation
(NASDAQ:SUNN), a leading provider of integrated electronics
manufacturing solutions, announced that it has restructured its
Board of Directors. Scott D. Rued and Kurt D. Grindstaff have been
elected to serve as new Board members, and Jeffrey W. Goettman,
James C. Van Horne, Jesse Hermann and Enrique Zambrano have
resigned from the Board. Since September 2003, Mr. Rued has served
as a Managing Partner of Thayer Capital Partners ("Thayer"). Prior
to joining Thayer, Mr. Rued served as President and Chief Executive
Officer of Hidden Creek Industries ("HCI") from May 2001 to August
2003. From January 1994 through April 2001, Mr. Rued served as
Executive Vice President and Chief Financial Officer of HCI and
from June 1989 through 1993 he served as Vice President-Finance and
Corporate Development. Mr. Rued also serves as the Chairman of the
Board of Directors for Commercial Vehicle Group, Inc. Mr.
Grindstaff has performed financial consulting services since 1999,
primarily for clients engaged in financial services industries.
Until September 1998, he served in various executive capacities
during his 17-year tenure with The Seven Up Bottling Company of St.
Louis, including as President, Executive Vice President, Chief
Operating Officer and Senior Vice President of Finance. Mr.
Grindstaff is a Certified Public Accountant. Mr. Goettman had
served as the Company's Chairman of the Board and on the
Nominating/Corporate Governance Committee and the Compensation
Committee. Professor Van Horne had served as the Chairman of the
Audit Committee and Mr. Hermann was a member of the Audit
committee. Mr. Zambrano had served on the Compensation Committee.
As part of the Board restructuring, Mr. Grindstaff will succeed
Professor Van Horne as Chairman of the Audit Committee, and Ivor
Evans, previously the Company's Vice Chairman, will succeed Mr.
Goettman as Chairman. The Company also announced that, as a result
of the Board restructuring, it received a letter from the Nasdaq
Staff on November 18, 2005 indicating that the Company does not
satisfy the continued listing requirement set forth in Marketplace
Rule 4350, which requires that the Company's Audit Committee be
comprised of three independent directors. As a result of the recent
Board changes there is a vacancy on the Company's Audit Committee,
which currently is comprised of two independent directors. The
Nasdaq Staff informed the Company that it must add a third
independent director to fill the vacancy on the Audit Committee
prior to the earlier of November 8, 2006 or the Company's next
annual meeting of stockholders. The Company plans to fill the
vacancy within that time period. About Suntron Corporation Suntron
delivers complete manufacturing services and solutions to support
the entire life cycle of complex products in the semiconductor
capital equipment, aerospace and defense, medical and industrial
markets. Headquartered in Phoenix, Arizona, Suntron operates seven
full-service, manufacturing facilities and two quick-turn
manufacturing facilities in North America. Suntron is involved in
product design, engineering services, cable and harness production,
printed circuit card assembly, box build, and large scale and
complex system integration and test. The Company has approximately
1,620 employees and contract workers. DATASOURCE: Suntron
Corporation CONTACT: Paul Singh, President and CEO, or James A.
Doran, Chief Financial Officer, of Suntron, +1-602-789-6600 Web
site: http://www.suntroncorp.com/
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