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
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