PROVIDENCE, R.I., Dec. 20, 2011 /PRNewswire-FirstCall/ -- Nortek, Inc. (" Nortek") (NASDAQ:NTK), a leading diversified global manufacturer of innovative, branded residential and commercial ventilation, HVAC and technology products, announced today that it has appointed Michael J. Clarke as its President and Chief Executive Officer ("CEO") effective December 30, 2011. He will also become a member of the Nortek Board of Directors. As previously announced, Nortek began an extensive search process to replace longtime CEO Richard Bready upon his retirement. The Board of Directors selected Mr. Clarke based on his 25 years of relevant experience driving growth in both revenue and profitability within the technology and industrial sectors. He most recently served as Group President, Integrated Network Solutions at Flextronics International, Ltd., a publicly traded, global leader in providing design and electronics manufacturing services to a wide range of end markets. Interim CEO J. David Smith will return to his role as a member of Nortek's Board of Directors.
"The Board is very encouraged by the outlook for Nortek as our extensive review of our business plan is well underway and we have successfully recruited Michael as CEO. We feel that his experience and leadership will help us to realize our growth plan," said Mr. Smith. "We were attracted to Michael because he has demonstrated a long track record of expanding several manufacturing divisions through multiple market cycles. The Board also felt that his experience in a broad array of sectors relevant to our business, as well as his proven ability to motivate, retain and develop talent would be important to Nortek and its stakeholders."
"I am excited to join the Nortek team, and to build upon its long history of developing innovative home and commercial ventilation, HVAC and technology products, providing superior customer service and fostering a dynamic corporate culture," said Mr. Clarke. "As I join Nortek, I see significant opportunities to grow our businesses and capitalize on our superior products, customer service and people."Mr. Clarke has more than 25 years of senior executive, business development and hands-on operational experience managing global companies in a myriad of industries including electronics, telecommunications, industrial, aerospace and automotive. For the past six years, Mr. Clarke served as a senior executive at Singapore-based Flextronics International, Ltd. Prior to this position, Mr. Clarke has held progressively senior executive positions in companies such as Sanmina-SCI Corporation, Devtek Corporation and Hawker Siddeley. Mr. Clarke was educated in mechanical engineering at Bradford Polytechnic in England. He has worked in various parts of the world including Canada, South Africa and England. ABOUT NORTEK Nortek* is a leading diversified global manufacturer of innovative, branded residential and commercial ventilation, HVAC and technology products. Nortek offers a broad array of products, including: range hoods, bath fans, indoor air quality systems, heating and air conditioning systems, and technology offerings, including audio, video, access control, security, and digital display mounting and mobility products. *As used herein, the term "Nortek" refers to Nortek, Inc., together with its subsidiaries, unless the context indicates otherwise. This term is used for convenience only and is not intended as a precise description of any of the separate corporations, each of which manages its own affairs.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV