Allied Motion Technologies Announces Transition Plan
Allied Motion Technologies Inc. (NASDAQ: AMOT) announced today it has entered into a five-year consulting agreement with Richard Smith that will become effective upon his retirement as a full time employee of the Company on March 31, 2013. Dick currently serves as Executive Chairman of the Board and Chief Financial Officer of the company and is announcing his intentions to allow the Company to plan for a smooth transition of his CFO responsibilities. Upon his retirement, Dick will be available to work part time as an independent contractor on assignments as requested by the CEO. The transition plan calls for his replacement as CFO to be in place in the last half of 2012. After his retirement, Dick will continue to serve as a Board Member for the company as recommended by the Board of Directors and approved by the Company’s shareholders.
Dick Smith commented, “In reviewing my plans for the future and the succession options for our company, I felt it would be best to provide the Company with as much notice as possible to ensure that a smooth transition could take place. I have enjoyed working with Dick Warzala over the last nine years during which time we have worked together to refocus the Company on our motion control business and to grow that business from $15 million in annual sales to nearly $100 million which includes the recently announced acquisition of Ostergrens Elmotor AB. I look forward to continuing with my current responsibilities until my retirement and helping with the transition of my CFO responsibilities in 2012 and then to assist Dick Warzala and the Company as a consultant thereafter to achieve the goals of our corporate strategy."
Dick Warzala, President and CEO, commented that “Dick Smith and I have developed an excellent partnership and it has been a true pleasure working with him since I began employment with the Company in 2001. Our respective skills complement each other very well, and I respect and have relied upon his financial and business acumen as we worked to grow the Company. He has always had a Company-first mentality and he once again exhibits his commitment to the Company by providing us with the time to plan the transition and agreeing to work with us on a consulting basis once he retires from full time employment. In the meantime, we fully expect to utilize his skills as we continue to execute our corporate strategy to ensure we meet the growth objectives of Allied Motion and provide our customers with Motion Solutions That Raise the Bar.”
Headquartered in Denver, Colorado, Allied Motion designs, manufactures and sells motion control products into applications that serve many industry sectors. Allied Motion is a leading supplier of precision and specialty motion control components and systems to a broad spectrum of customers throughout the world.
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