CTS Board of Directors Announces Succession Plan for President and CEO
The Board of Directors of CTS Corporation (NYSE: CTS) today announced that Vinod M. Khilnani, Chairman, President and Chief Executive Officer, has expressed his desire to retire at a mutually agreed date to allow for a smooth and seamless transition. As a result, the Board has entered into an agreement with Mr. Khilnani that sets December 31, 2013, as the date by which it is anticipated that he will retire from both the corporation and the Board of Directors.
Mr. Khilnani joined CTS as Senior Vice President and Chief Financial Officer in May 2001. He became President, Chief Executive Officer and a member of the Board of Directors on July 2, 2007, and became Chairman on May 27, 2009.
The Board also announced that it has formed a committee to begin a thoughtful, planned and expected succession process to appoint a new President and Chief Executive Officer and is in the process of retaining the services of a leading executive search firm to advise on the process. The search is expected to encompass both internal and external candidates.
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