MEI - Methode Electronics Announces CEO Transition | Benzinga
Kevin Nystrom Appointed Interim Chief Executive Officer
Mark Schwabero Appointed Vice Chairman of the Board
CHICAGO, May 06, 2024 (GLOBE NEWSWIRE) -- Methode Electronics, Inc. (NYSE:MEI), a leading global supplier of custom-engineered solutions for user interface, LED lighting system and power distribution applications, announced today that Kevin Nystrom, a partner and managing director at AlixPartners LLP, has been appointed interim CEO, effective immediately. The company has previously disclosed its ongoing engagement with AlixPartners for various consulting services, including cost reduction and financial advisory.
Mr. Nystrom succeeds Avi Avula, who resigned from his position as President and Chief Executive Officer. Methode's Board of Directors, with the assistance of executive search firm Spencer Stuart, has initiated a search to identify a permanent CEO.
The Methode Board also announced the appointment of Mark Schwabero, current director and former Chairman, Chief Executive Officer and Director of Brunswick Corporation, as Vice Chairman of the Board, effective immediately. In this role, Mr. Schwabero will work closely with Mr. Nystrom to provide counsel and support the execution of the Company's strategic and operational initiatives until a permanent successor has been appointed. The company's former President and Chief Executive Officer, Donald W. Duda, remains a strategic consultant to Methode through January 2025 and will continue to provide support during the transition period.
Walter J. Aspatore, Chairman of the Methode Board, said, "The Board will work diligently to undertake a comprehensive and timely search to identify a permanent CEO. As we move forward with that process, we are pleased that Kevin will take on the interim role. He brings deep financial management and operational experience to Methode. Since joining the Board ...