ROCHESTER, N.Y., April 1, 2013 (GLOBE NEWSWIRE) -- Transcat, Inc. (Nasdaq:TRNS) ("Transcat" or the "Company"), a leading provider of accredited calibration, repair, inspection and compliance services and distributor of professional grade, handheld test, measurement and control instrumentation, today announced several executive management and Board changes.
Charles P. Hadeed, Chief Executive Officer and Director, has announced his retirement as CEO effective July 1, 2013. Concurrently, the Transcat Board of Directors announced that Mr. Hadeed will serve as its Executive Chairman, effective July 1, 2013. Carl E. Sassano, who has served as Board Chairman since April 2007, will remain on the Board of Directors and serve on various committees.
The Company also announced that effective July 1, 2013, its current President and Chief Operating Officer, Lee D. Rudow, will succeed Mr. Hadeed as Chief Executive Officer of the Company. Mr. Rudow joined Transcat as Chief Operating Officer in November 2011 and was recently promoted to President in September 2012. His experience includes more than 25 years in the calibration services and electronic test and measurement industry, having held a variety of leadership positions at other leading companies in the electronics equipment and services industry."It has been a privilege to lead Transcat and its extraordinary and committed employees. We experienced much success during my tenure and we now have the best of both worlds namely, an experienced and seasoned Board combined with an excellent management team. This combined strength makes it an ideal time for this management transition and I am confident that the Company is well positioned for its next phase of growth and development," commented Mr. Hadeed. "As we look forward, it is critical we maintain continuity for the benefit of our customers, our employees and our shareholders." Mr. Hadeed joined Transcat in 2002 as Vice President of Finance and Chief Financial Officer. He was named Chief Operating Officer in 2004 prior to being appointed CEO in 2007. Mr. Hadeed will continue to serve the Company in overseeing the executive transition plan and will also focus his efforts on strategic planning, investor relations and potential acquisitions.
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