TTM Technologies, Inc. Announces Retirement of Board Member and Appointment of a New Chairman
TTM Technologies, Inc. (NASDAQ: TTMI) announced the retirement of Robert E. Klatell as Chairman of the Board, in accordance with the mandatory retirement policy for Directors at age 75. Klatell served as a Director since 2004 and Chairman since 2005. Rex D. Geveden, appointed as the new Chairman, has been a Director since 2018 and is currently the President and CEO of BWX Technologies. His background in industrial technology and the aerospace sector is expected to enhance the Board’s capabilities as TTM focuses on strengthening its position in the PCB industry.
- Appointment of Rex D. Geveden as new Chairman brings extensive experience in industrial technology.
- Geveden's leadership expected to strengthen the Board's capabilities as TTM focuses on growth.
- Retirement of Klatell may raise continuity concerns due to his long tenure and leadership.
SANTA ANA, Calif., May 12, 2021 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (NASDAQ: TTMI), a leading global printed circuit board (“PCB”) and radio frequency (“RF”) components and assemblies manufacturer, announced today that Robert E. Klatell has retired from his position as Chairman of the Board and Board member of TTM in accordance with TTM’s Corporate Governance Policy that proscribes a mandatory retirement for Directors at the age of 75. Mr. Klatell has served as a Director of our Company since September 2004 and our Chairman of the Board since May 2005.
TTM also announced that effective May 12, 2021, Rex D. Geveden has been appointed by the unanimous vote of the remaining Directors to serve as Chairman on the Company’s Board of Directors. Mr. Geveden has served as a Director on TTM’s board since 2018 and currently is the president and chief executive officer of BWX Technologies, Inc. (NYSE: BWXT), a
“We are very appreciative of the exceptional service of Rob Klatell over the years. We have benefitted immeasurably from his leadership as the Board’s Chairman and his many other contributions to the success of TTM, particularly as we strengthened our company through strategic acquisitions and divestitures aimed at further differentiating our leading position in the PCB industry,” said Tom Edman, President and CEO of TTM. “We are also pleased to have Rex take the helm as our next Chairman. His extensive background in industrial technology, coupled with his experience in the aerospace and defense sector, will bolster the Board’s capabilities as we look forward to the future for TTM.”
After Mr. Klatell’s retirement and Mr. Geveden’s appointment, TTM’s Board will consist of eight directors, seven of whom are independent under NASDAQ rules.
About TTM
TTM Technologies, Inc. is a leading global printed circuit board manufacturer, focusing on quick-turn and volume production of technologically advanced PCBs and backplane assemblies as well as a global designer and manufacturer of high-frequency radio frequency (RF) and microwave components and assemblies. TTM stands for time-to-market, representing how TTM's time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market. Additional information can be found at www.ttm.com.
Contact:
Sameer Desai
Senior Director, Corporate Development & Investor Relations
TTM Technologies, Inc.
+1 714 327 3050
sameer.desai@ttmtech.com
FAQ
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