Nortech Systems Announces the Addition of Stacy Kruse to its Board of Directors
Nortech Systems Incorporated (NASDAQ: NSYS) has appointed Stacy Kruse to its board of directors, enhancing its strategic focus on growth and profitability. Kruse, currently the COO and CFO of Portico Benefit Services, brings a robust financial and operational background, previously serving as CFO at Wilsons Leather and holding key positions at US Bank and Carlson Marketing Group. Her leadership is expected to strengthen the company as it pursues future objectives. The board also acknowledged the departure of Kathleen Iverson, credited for her valuable contributions during her tenure.
- Stacy Kruse's addition to the board brings significant financial experience and operational expertise.
- Kruse's role as Chair of the Audit Committee is expected to enhance financial oversight and strategy.
- The company is perceived to have a stronger balance sheet post-Iverson's tenure, positioning it well for growth.
- None.
Nortech Systems Incorporated (Nasdaq: NSYS), a leading provider of engineering and manufacturing solutions for complex electromedical and electromechanical products serving the medical, aerospace & defense and industrial markets, today announced the addition of Stacy Kruse to its board of directors.
Ms. Kruse will contribute strategic capabilities in finance and operations to support Nortech’s growth initiatives and profitability objectives. Ms. Kruse currently serves as Chief Operating Officer and Chief Financial Officer of Portico Benefit Services (Portico). She has led innovation oriented and transformational growth strategies, while staying true to the Portico’s mission. Ms. Kruse leverages a strong financial and marketing background, previously serving as CFO & Treasurer at Wilsons Leather, Director of Finance at US Bank and Director of Operations at Carlson Marketing Group. Ms. Kruse served on the Washburn Center for Children Board of Directors. In 2018, she was recognized as a Twin Cities CFO of the Year by the Minneapolis St. Paul Business Journal. Ms. Kruse is an independent director and qualified as an “audit committee financial expert.” She will serve as Chair of the Audit Committee.
David Kunin, Chairman of the Board stated, “Stacy joins a strong board and I am confident she will be a valuable partner with management.” Jay Miller, Nortech System’s president and CEO, added, “We are delighted to welcome Ms. Kruse to our board of directors. She comes to Nortech not only with a strong financial background but with impressive strategic skills and experience that will help Nortech face future challenges that come with our growth objectives.”
In March of 2021, Kathleen (Kitty) Iverson notified the Board that for personal reasons, she would not stand for reelection. Ms. Iverson's term as a director ended at the conclusion of the annual meeting of shareholders of the Company on May 13, 2021.
“Kitty has been a critical member of the Nortech board for six years,” noted David Kunin, “She has not only been the chair of the Audit committee but also a steady and very knowledgeable voice in the boardroom.” Jay D. Miller, added, “She has overseen a great number of significant positive changes during her tenure on Nortech’s board, but notably will be leaving Nortech with a much stronger balance sheet that positions the company well for future growth.”
Nortech uses intelligence, innovation, speed, and global expertise to provide high-quality, high performance engineering and manufacturing solutions to resolve our customers’ most important challenges to be leaders in secure, reliable digital connectivity & data management. Nortech strives to be a premier workplace that fosters valued relationships internally and in our communities.
About Nortech Systems Incorporated Nortech Systems is a leading provider of design and manufacturing solutions for complex electromedical devices, electromechanical systems, assemblies, and components. Nortech Systems primarily serves the medical, aerospace & defense, and industrial markets. Its design services span concept development to commercial design, and include medical device, software, electrical, mechanical, and biomedical engineering. Its manufacturing and supply chain capabilities are vertically integrated around wire/cable/interconnect assemblies, printed circuit board assemblies, as well as system-level assembly, integration, and final test. Headquartered in Maple Grove, Minn., Nortech currently has seven manufacturing locations and design centers across the U.S., Latin America, and Asia. Nortech Systems is traded on the NASDAQ Stock Market under the symbol NSYS. Nortech’s website is www.nortechsys.com.
Forward-Looking Statements This press release contains forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 including without limitation statements regarding the Company’s growth and profitability objectives and initiatives. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the United States Securities and Exchange Commission, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, to reflect actual results or changes in factors or assumptions affecting such forward-looking statements.
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