MSL Elects new Chairman - Founder to Retire
Dec 04, 2002
MSL (NYSE: MSV), a full-service global electronics manufacturing services and supply chain (EMS) company, today announced that Kevin Melia, one of MSL's founders, will retire from his role as executive chairman of the Company as of January 2, 2003. He will also be leaving the board of directors at that time. At the same time, the Company announced that Robert Bradshaw, MSL's President and CEO, has been elected chairman of the board, effective as of January 2, 2003.
"Now that Bob has his management team in place and has successfully guided the Company through his first fiscal year as CEO, I have decided to retire and spend time on my other interests," said Mr. Melia. "Taking MSL from a concept to a multi-national billion dollar publicly traded corporation has been a challenging but rewarding journey."
"Kevin Melia's accomplishments in founding and building MSL into one of the leading EMS companies are to be admired," said Mr. Bradshaw. "His vision, hard work and determination saw the Company through rapid growth and an NYSE listing in June of 2000. I am sure that I speak for customers, suppliers, employees and investors in applauding Kevin's achievements. Finally, he has been very supportive to me personally in this transition year."
In connection with Mr. Melia's retirement, the Company will record a one time non-recurring cash charge of $1.1 million in the current quarter, reflecting the severance amounts specified in Melia's employment agreement, which was previously included as an exhibit in the Company's SEC filings. This amount was not included in the calculation of the Company's cash EPS guidance for Q4 2002.