The Board of Directors of CTS Corporation (NYSE: CTS) today announced that Vinod M. Khilnani, Chairman, President and Chief Executive Officer, has expressed his desire to retire at a mutually agreed date to allow for a smooth and seamless transition. As a result, the Board has entered into an agreement with Mr. Khilnani that sets December 31, 2013, as the date by which it is anticipated that he will retire from both the corporation and the Board of Directors. Mr. Khilnani joined CTS as Senior Vice President and Chief Financial Officer in May 2001. He became President, Chief Executive Officer and a member of the Board of Directors on July 2, 2007, and became Chairman on May 27, 2009.
Thomas Cody, Lead Director, stated, “We have ample time to select an appropriate successor. It is our goal to have announced a successor by the end of 2012, in order to allow the person sufficient time to work alongside Vinod through 2013 to insure an orderly transition. Vinod has steered the corporation through very challenging times in the past five years and under his leadership the corporation has diversified its businesses and is positioned for strong growth in the coming years, driven by an exciting pipeline of new products and new business wins.”
The Board also announced that it has formed a committee to begin a thoughtful, planned and expected succession process to appoint a new President and Chief Executive Officer and is in the process of retaining the services of a leading executive search firm to advise on the process. The search is expected to encompass both internal and external candidates.
About CTSCTS is a leading designer and manufacturer of electronic components and sensors and a provider of electronics manufacturing services (EMS) to OEMs in the automotive, communications, medical, defense and aerospace, industrial and computer markets. CTS manufactures products in North America, Europe and Asia. CTS' stock is traded on the NYSE under the ticker symbol "CTS.” To find out more, visit the CTS Web site at www.ctscorp.com. Safe Harbor Statement This press release contains statements that are, or may be deemed to be, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, any financial or other guidance, statements that reflect our current expectations concerning future results and events and any other statements that are not based solely on historical fact. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and are based on various assumptions as to future events, the occurrence of which necessarily are subject to uncertainties. These forward-looking statements are made subject to risks, uncertainties and other factors, which could cause our actual results, performance or achievements to differ materially from those presented in the forward-looking statements, including, without limitation: changes in the economy generally and in respect to the businesses in which CTS operates; unanticipated issues in integrating acquisitions; rapid technological change; general market conditions in the automotive, communications and computer industries, as well as conditions in the industrial, defense and aerospace and medical markets; reliance on key customers; unanticipated natural or other events such as the Japan earthquake and floods in Thailand; the ability to protect our intellectual property; pricing pressures and demand for our products; and risks associated with our international operations, including trade and tariff barriers, exchange rates and political and geographical risks. For more detailed information on the risks and uncertainties associated with CTS’ business, see the reports CTS files with the SEC available at http://www.ctscorp.com/investor_relations/investor.htm. CTS undertakes no obligation to publicly update its forward-looking statements to reflect new information or events or circumstances that arise after the date hereof, including market or industry changes.