TORONTO, March 29 /PRNewswire-FirstCall/ - SMTC Corporation (Nasdaq: SMTX) (TSX: SMX), a global electronics manufacturing services provider, announces that following the planned retirements of the current Chair of the Board, Mr. Wayne McLeod, and President and Chief Executive Officer, Mr. John Caldwell, Mr. Alex Walker will be appointed Chairman of the Board and will also Chair a newly created Interim Office of the CEO, on which he will serve alongside fellow Director Claude Germain. Mr. Walker's and Mr. Germain's appointments are effective April 1, 2011. Mr. Walker has served as a member of the board of directors since June, 2008 and Mr. Germain was recently appointed to the board of directors in February, 2011. Both directors bring extensive executive and board experience to the positions, and are co-Managing Partners of Rouge River Capital, an investment firm specializing in manufacturing and logistics companies.
"The appointments of Alex Walker to the Chair of the Board and the creation of the Interim Office of the CEO mark the completion of an orderly Board succession process as SMTC transitions to new leadership," stated Wayne McLeod, Chair of the Board.
"The Board through its search committee has been very engaged in identifying the next president and chief executive officer. Although the process has extended longer than anticipated, it is critical that SMTC has the right leadership at the top of the organization to lead the Company to sustained growth. While putting in place the next chief executive officer as soon as practicable is a top board priority, the formation of the Interim Office of the CEO is expected to provide continuity and focus for important initiatives that are currently underway at the company," stated Alex Walker.
About SMTC Corporation: SMTC Corporation, founded in 1985, is a mid-size provider of end-to-end electronics manufacturing services (EMS) including PCBA production, systems integration and comprehensive testing services, enclosure fabrication, as well as product design, sustaining engineering and supply chain management services. SMTC facilities span a broad footprint in the United States, Canada, Mexico, and China, with more than 1,500 full time employees. SMTC services extend over the entire electronic product life cycle from the development and introduction of new products through to the growth, maturity and end-of-life phases. SMTC offers fully integrated contract manufacturing services with a distinctive approach to global original equipment manufacturers (OEMs) and emerging technology companies primarily within industrial, computing and communication market segments.
SMTC is a public company incorporated in Delaware with its shares traded on the Nasdaq National Market System under the symbol SMTX and on the Toronto Stock Exchange under the symbol SMX. For further information on SMTC Corporation, please visit our website at www.smtc.com (http://www.smtc.com/)
Note for Investors: The statements contained in this release that are not purely historical, including our expectations regarding continued revenue and earnings growth in 2011, are forward-looking statements which involve risk and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. These statements may be identified by their use of forward looking terminology such as "believes", "expect", "may", "should", "would", "will", "intends", "plans", "estimates", "anticipates" and similar words, and include, but are not limited to, statements regarding the expectations, intentions or strategies of SMTC Corporation. For these statements, we claim the protection of the safe harbor for forward-looking statements provisions contained in the Private Securities Litigation Reform Act of 1995. Risks and uncertainties that may cause future results to differ from forward-looking statements include the challenges of managing quickly expanding operations and integrating acquired companies, fluctuations in demand for customers' products and changes in customers' product sources, competition in the EMS industry, component shortages, and others discussed in the Company's most recent filings with securities regulators in the United States and Canada. The forward-looking statements contained in this release are made as of the date hereof and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ materially from those projected in the forward-looking statements.
SOURCE SMTC Corporation