MINNEAPOLIS--(BUSINESS WIRE)--Nortech Systems Incorporated (NASDAQ: NSYS) today named Jay D. Miller as president and chief executive officer, effective February 27. He has been serving as interim president since January 1 and has been an independent director of the company since May 2018.
“We are pleased that Jay will guide Nortech Systems into the future because he brings the vision, leadership and experience necessary for us to achieve our next chapter of growth,” said David Kunin, chairman of Nortech’s board of directors. “Our national executive search process was widespread and rigorous, as we evaluated numerous qualified candidates,” added Kunin. “After careful review, Jay’s unique combination of management experience, technical background and deep familiarity with our business made him an outstanding choice.” Kunin also credited Miller’s important role in strategic planning, his seamless transition from board member and the enthusiastic reception he has received from senior management across all locations.
Kunin cited Miller’s excellent marketing credentials and robust understanding of the medical imaging and medical device markets, including both emerging and established technology platforms supported by Nortech. The medical market has posted strong growth for Nortech the past few years, fueled in part by the company’s expanding engineering capabilities.
Commenting on his new role, Miller said, “Nortech aspires to be the most innovative and nimble engineering and manufacturing services company in the Upper Midwest, while taking great care of our employees, customers and vendor partners.” He added, “Nortech’s greatest strength will always be our skilled and dedicated employees, and I’m looking forward to working even more closely with this very talented team.” Miller noted that the company’s cutting-edge engineering and manufacturing services continue to evolve to better serve customers across the medical, industrial, defense and aerospace industries.
In recent years, Nortech’s strategic investments in the U.S., Mexico and China have diversified the company’s capabilities and improved efficiencies to enhance profitability and support future growth. For example, the Nortech medical device product development group, which helps clients accelerate the commercialization process from ideation through manufacturing, recently relocated to Nortech’s headquarters in Maple Grove, Minn.
“I believe in our growth strategy – including leveraging these investments – as the best path to enhancing shareholder value, which remains a top priority of our entire management team,” Miller commented.
Miller brings Nortech broad executive leadership and business experience with a wide range of medical technology companies. He also serves on the boards of a number of medical imaging and medical device companies. Previously Miller held CEO positions with IMRIS, Inc., Zonare, Inc. and Vital Images, Inc., in the medical imaging industry. Earlier in his career Miller worked for the medical divisions of both Siemens and GE.
He earned a master’s degree of business administration in marketing and management from the Kellogg School of Management at Northwestern University, a master’s degree in biomedical engineering from the University of Virginia and a bachelor’s degree in chemistry from Dartmouth College.
Chairman David Kunin reiterated the company’s gratitude to Miller’s predecessor, Rich Wasielewski, who is retiring after 15 years with Nortech Systems as previously announced. Wasielewski joined the company in 2004 as vice president and chief financial officer; he was named senior vice president in 2008 and president and CEO in 2014. “Rich made invaluable contributions to strengthening Nortech’s foundation and spearheading our evolution into a global solutions provider,” concluded Kunin. “We appreciate his assistance to Jay and our entire leadership team throughout this transition and wish him the very best in his retirement.”
About Nortech Systems Incorporated
Nortech
Systems (www.nortechsys.com),
based in Maple Grove, Minn., is a full-service engineering and
electronics manufacturing services (EMS) provider of complex
interconnect solutions, printed circuit board assemblies, higher-level
assemblies and box builds. Markets served include medical device,
industrial and commercial equipment, aerospace and defense. Nortech has
a range of specialized, high-tech facilities in the U.S., Latin America
and Asia used for customized design, manufacture, testing and repair of
its solutions. Nortech Systems is traded on the NASDAQ Stock Market
under the symbol NSYS.
Forward-Looking Statements
This
press release contains forward-looking statements made pursuant to the
safe harbor provision of the Private Securities Litigation Reform Act of
1995. While this release is based on management’s best judgment and
current expectations, actual results may differ and involve a number of
risks and uncertainties. Important factors that could cause actual
results to differ materially from the forward-looking statements
include, without limitation: volatility in market conditions which may
affect market supply of and demand for the company’s products; increased
competition; changes in the reliability and efficiency of operating
facilities or those of third parties; risks related to availability of
labor; commodity and energy cost instability; general economic,
financial and business conditions that could affect the company’s
financial condition and results of operations; as well as risk factors
listed from time to time in the company’s filings with the SEC.
