LANCASTER, Pa., Dec. 22, 2010 /PRNewswire-FirstCall/ -- John A. Thonet, Chairman of the Board for Herley Industries, Inc. (Nasdaq: HRLY) announced today that two new board members have been added to the Company's Board of Directors.
On December 16, 2010, Herley Industries, Inc. appointed F. Jack Liebau, Jr., and Raj S. Tatta to its Board of Directors to serve until the 2011 Annual Meeting of Stockholders. The Board of Directors determined that Mr. Liebau and Mr. Tatta are each an independent director under NASDAQ's listing rules.
Mr. Liebau is the founder and President of Liebau Asset Management Company, an investment management firm in Pasadena, California. Before founding Liebau Asset in 2003, he was a partner and portfolio manager with PRIMECAP Management Company, where he worked beginning in 1986. Mr. Liebau's prior work experiences were at the Capital Group, Los Angeles Times and The White House. He is a graduate of Phillips Academy, Andover and Stanford University. Mr. Liebau served as a corporate director of Media General, Inc. (a NYSE-listed media company) in 2008-09, and has been a director of several charitable organizations. He has broad business and financial experience from his various roles working for investment management firms.
Mr. Tatta is a retired partner of PricewaterhouseCoopers ("PwC"), with over thirty-five years of experience in the financial services industry. At PwC, Mr. Tatta managed businesses with U.S. and global responsibilities, including serving for three years as the partner-in-charge of Europe for the U.S. Tax Practice. Having served as the global engagement partner for tax services to some of PwC's largest MNC clients, Mr. Tatta has a good grasp of global financial, fiscal, management, cultural and political issues. He is quite knowledgeable of issues relating to emerging economies, particularly India, where he serves as an Independent Director on the Board of Sai Advantium Pharma. Mr. Tatta also serves on the boards of a few volunteer organizations, such as, Big Brothers Big Sisters. He also serves on the Global Council of Thunderbird School of Global Management, and on the Advisory Board at Wharton's Executive Education. Mr. Tatta is a Certified Public Accountant (U.S.) and a Chartered Accountant (India), and also has an MBA degree. His undergraduate degree is in physics and mathematics.
Mr. Thonet commented, "We are very pleased to welcome these two well qualified members to Herley's Board. Jack Liebau has a long history in investment management, and we believe that his financial knowledge and investment experience will add depth to the board particularly with regard to evaluating strategic opportunities and enhancing shareholder value.
"Raj Tatta is a qualified financial expert with experience in finance and tax issues. We believe that he is eminently qualified to serve on the Board and that his knowledge of U.S. and international tax will be valuable to the company as a whole."
Herley Industries, Inc. is a leader in the design, development and manufacture of microwave technology solutions for the defense, aerospace and medical industries worldwide. Based in Lancaster, PA, Herley has seven manufacturing locations and approximately 1000 employees. Additional information about the company can be found on the Internet at www.herley.com.
For information at Herley contact:
Tel: (717) 397-2777
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SOURCE Herley Industries, Inc.