PROVIDENCE, R.I., June 30, 2011 /PRNewswire-FirstCall/ -- Nortek, Inc. ("Nortek")(OTC QB: NTKS), a leading diversified global manufacturer of innovative, branded residential and commercial ventilation, HVAC and technology products, announced today the retirement of its longstanding Chairman, President and Chief Executive Officer Richard L. Bready and the appointment of J. David Smith as Interim Chief Executive Officer, effective July 1, 2011. Nortek's Board of Directors also announced that it is retaining an executive search firm to identify and secure a permanent replacement.
Prior to assuming the Interim CEO title, Mr. Smith served for approximately two years as an outside director on Nortek's Board of Directors as well as on its Compensation Committee. Mr. Smith has more than 36 years of experience in the building products industry, including 12 years as the Chairman, President & CEO of Euramax International, Inc., an international producer of aluminum, steel, vinyl, copper and fiberglass products for original equipment manufacturers, distributors, contractors and home centers worldwide.
"Nortek will continue to operate on a business-as-usual basis relying upon the leadership of our business segment senior management," said Mr. Smith. "We remain focused on delivering high-quality, attractively-designed products to our customers as well as fulfilling our commitments to our employees."
Mr. Bready is retiring after 36 years of service to Nortek and its predecessor companies. Under his leadership, Nortek grew into a diversified manufacturer of residential and commercial building products with leading positions in each of the Company's four business units—Residential Ventilation Products, Technology Products, Residential Air Conditioning and Heating Products and Commercial Air Conditioning and Heating Products. He also worked with their respective leadership teams to ensure that they were developing and executing on their business plans, and had the necessary resources in order to develop an array of innovative products.
"With the 2009 restructuring, the successful acquisitions of Ergotron and TV One, as well as the recent refinancing of the Company's balance sheet behind us, Nortek is now solidly positioned for the future. Therefore, I felt we had reached a point where I could confidently step back," said Mr. Bready. "The Company is in excellent hands with David, who has offered his wealth of knowledge of this industry as well as his sound judgment and guidance during his tenure on the Board of Directors. I have complete confidence in his ability to lead Nortek and work with the management team in this transitional time in order to continue to drive outstanding performance for the Company."
"The entire Nortek organization extends its sincerest gratitude to Rick for his innumerable contributions to the growth of the company," said Jeffrey Bloomberg, Lead Director of Nortek. "Everyone wishes him great happiness in his retirement."
Nortek* is a leading diversified global manufacturer of innovative, branded residential and commercial ventilation, HVAC and technology products. Nortek 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. 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. 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, 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.
Edward J. Cooney, Vice President and Treasurer
SOURCE Nortek, Inc.