Nortek Appoints David Smith Chairman of the Board Building Products Industry Veteran and Nortek's Former Interim CEO Assumes Leadership of Board of Directors
PROVIDENCE, R.I., April 5, 2012 /PRNewswire/ -- Nortek, Inc. (Nasdaq: NTK) a leading diversified global manufacturer of innovative, branded residential and commercial ventilation, HVAC and technology products, today announced that J. David Smith has been appointed Chairman of the Board of Directors. Smith joined the Nortek board as an independent director and a member of the Compensation Committee in February 2010.
From July 1 to December 30, 2011 Smith also served as Nortek's Interim CEO, following the retirement of longtime CEO Richard Bready and concluding with the appointment of current Nortek President and CEO Michael J. Clarke.
Smith, age 63 and a resident of Atlanta, has more than 39 years of experience in the building products industry, including 12 years as the Chairman, President and CEO of Euramax International, Inc., a producer of aluminum, steel, vinyl, copper and fiberglass products for original equipment manufacturers, distributors, contractors and home centers worldwide. He also serves as a director of Commercial Metals Company.
"The appointment of David Smith as Chairman of the Board is an important step forward in Nortek's corporate evolution," said Director John T. Coleman, Chairman of the Nominating and Corporate Governance Committee. "David brings to the chairman's role not only his extensive operating and management experience in private and public international metals and building products companies, but also a deep understanding of Nortek's operations and financial structure acquired during his successful tenure last year as the company's Interim CEO. His leadership will be instrumental as we work together to position Nortek for profitable growth."
Nortek* is a leading diversified global manufacturer of innovative, branded residential and commercial ventilation, HVAC and technology products. The company offers a broad array of products, including: range hoods, bath fans, indoor air quality systems, heating and air conditioning systems, and technology offerings, including audio, video, access control, security, and digital display mounting and mobility products.
*As used herein, the term "Nortek" refers to Nortek, Inc., together with its subsidiaries, unless the context indicates otherwise. This term is used for convenience only and is not intended as a precise description of any of the separate corporations, each of which manages its own affairs.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, these statements can be identified by the use of words such as "anticipate," "believe," "could," "estimate," "expect," "feel," "intend," "may," "plan," "potential," "project," "should," or "would" and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements are based on Nortek's current plans and expectations and involve risks and uncertainties that could cause actual future activities and results of operations to be materially different from those set forth in the forward-looking statements, including statements relating to the appointment of J. David Smith as Chairman of the Board of Directors of Nortek. Important factors impacting such forward-looking statements include the availability and cost of certain raw materials (including, among others, steel, copper, packaging materials, plastics, resins, glass, wood and aluminum) and purchased components, freight costs, the level of domestic and foreign construction and remodeling activity affecting residential and commercial markets, interest rates, employment levels, inflation, foreign currency fluctuations, consumer spending levels, exposure to foreign economies, the rate of sales growth, Nortek's ability to retain members of its management team, prices, and product and warranty liability claims. Nortek undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. For further information, please refer to the reports and filings of Nortek with the Securities and Exchange Commission including the description of "risk factors" set forth under IA in our annual report on Form 10-K, as updated on subsequent quarterly reports on Form 10-Q.
Edward J. Cooney
Senior Vice President and Treasurer
SOURCE Nortek, Inc.