CTS Corporation Board Names President & CEO O'Sullivan as Chairman
CTS Corporation (NYSE: CTS) today announced the following:
The Board of Directors for CTS Corporation announced the appointment of Kieran O'Sullivan to the role of Chairman of the Board effective after CTS' Annual Shareholders meeting on May 21, 2014. O'Sullivan, who was named President and CEO of CTS Corporation in November 2012, will succeed Chairman Thomas G. Cody, an independent director. Cody, who has acted as Chairman since May 22nd, 2013, will assume the role of Lead Independent Director at the 2014 Shareholders meeting.
Mr. Cody said, “Under Kieran's leadership, CTS has developed a clear, three-pronged strategic plan to simplify its business model by divesting the non-core EMS segment and rationalizing CTS' footprint, to focus on strengthening our core Components and Sensors business, and to drive profitable growth. As part of this strategy, Kieran has also strengthened our leadership team and is transitioning the business for future growth,” Cody added.
O'Sullivan, 51, has over twenty-five years of executive leadership experience in high-growth, technology companies. Previously, O'Sullivan was Executive Vice President of Continental AG's Global Infotainment and Connectivity Business, and led Continental's NAFTA Interiors Division, having joined Continental as part of its 2006 acquisition of Motorola's Automotive Electronics Business. Prior to Continental, O'Sullivan served in various senior management roles at Motorola, Inc. since 1990, including the head of the Interior Electronics Business Unit and General Manager and co-leader of Motorola's automotive business.
“I am pleased to accept the additional responsibility of CTS' board chair this May. It is a privilege to work with such an engaged, experienced board and serve our constituents as we continue to implement our strategy and growth initiatives,” stated O'Sullivan.
About CTS CTS is a leading designer and manufacturer of electronic components and sensors to OEMs in the automotive, communications, medical, defense and aerospace, industrial and computer markets. CTS manufactures products in North America, Europe and Asia. CTS' stock is traded on the NYSE under the ticker symbol "CTS.”
Safe Harbor This document contains statements that are, or may be deemed to be, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, any financial or other guidance, statements that reflect our current expectations concerning future results and events, and any other statements that are not based solely on historical fact. Forward-looking statements are based on management's expectations, certain assumptions and currently available information. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and are based on various assumptions as to future events, the occurrence of which necessarily are subject to uncertainties. These forward-looking statements are made subject to certain risks, uncertainties and other factors, which could cause our actual results, performance or achievements to differ materially from those presented in the forward-looking statements. Examples of factors that may affect future operating results and financial condition include, but are not limited to: changes in the economy generally and in respect to the businesses in which CTS operates; unanticipated issues in integrating acquisitions; rapid technological change; general market conditions in the automotive, communications, and computer industries, as well as conditions in the industrial, defense and aerospace, and medical markets; reliance on key customers; unanticipated natural disasters or other events; the ability to protect our intellectual property; pricing pressures and demand for our products; and risks associated with our international operations, including trade and tariff barriers, exchange rates and political and geopolitical risks. Many of these, and other, risks and uncertainties are discussed in further detail in Item 1.A of the Annual Report on Form 10-K. We undertake no obligation to publicly update our forward-looking statements to reflect new information or events or circumstances that arise after the date hereof, including market or industry changes.
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