CTS announces new President and CEO
Jun 15, 2007
CTS Corporation (NYSE:CTS) announced the election of Vinod M. Khilnani to the position of President and Chief Executive Officer, effective July 2, 2007. He will succeed Donald K. Schwanz, current Chairman and CEO. Mr. Schwanz had previously announced his intent to retire during 2007. In addition, CTS intends to appoint Roger R. Hemminghaus as Chairman of the Board of Directors.
Mr. Hemminghaus has been an independent CTS Director since 2000 and was Chairman and CEO of Ultramar Diamond Shamrock Corporation before it was acquired by Valero Energy. Mr. Hemminghaus is also a Director of Xcel Energy, Inc. and Tandy Brand Accessories Corp. Mr. Schwanz will remain on the Board as Chairman Emeritus through the end of 2007. It is anticipated that Mr. Khilnani will be appointed to the Board following the 2007 Annual Meeting of Shareholders.
"Don has led CTS through a tremendous transformation during his six year tenure as CEO and has successfully positioned the Company to grow profitably. On behalf of the Board of Directors and along with the entire CTS team, we wish Don the very best in his retirement," said Roger Hemminghaus.
Mr. Khilnani, 54, has over 30 years of leadership experience in finance, strategy, mergers and acquisitions and operating roles based in the USA and Europe, including 18 years at Cummins (NYSE:CMI - News). He has served CTS as its Senior Vice President and Chief Financial Officer since 2001.
"I am delighted to accept this appointment and excited about the promising future at CTS with excellent new products and technology, blue chip customers and world-class employees. I believe we have a tremendous opportunity to leverage CTS' leadership position to drive growth and create value for all our stakeholders. I have instituted an active search for my replacement as CFO and will be announcing an interim CFO very soon," said Vinod Khilnani.