Magnetek Announces Appointment of Thomas G. Boren as President and Chief Executive Officer
LOS ANGELES , CA - May 9, 2005 - Magnetek, Inc. (NYSE: MAG) today announced the appointment of Thomas G. Boren, 55, as President and Chief Executive Officer of the Corporation, effective immediately. Mr. Boren will continue to serve as a member of the Company’s Board of Directors, of which he has been a member since 1997. Andrew Galef, who will continue to serve as Chairman, said that Mr. Boren will assume full-time responsibility for day-to-day operations and guiding the strategic direction of the Company.
Mr. Boren has held executive positions in the energy products and services sector since 1980, most recently as Executive Vice President of PG&E Corporation and as President and Chief Executive Officer of PG&E’s National Energy Group from August 1999 until December 2002. Prior to joining PG&E Corporation, Mr. Boren was an Executive Vice President with Southern Company and served as President and CEO of Southern Energy Inc., Southern Company’s worldwide power plant, energy trading and energy services business.
Magnetek, Inc. manufactures digital power products for communications, industrial automation, information technology, consumer products, alternative energy, power generation, transmission and distribution, transportation, and other applications that require reliable, controllable, energy-efficient power. The Company operates manufacturing and research facilities in North America, Europe and China and reported total revenue of $243 million for its 2004 fiscal year, which ended on June 30, 2004.
Director, Marketing Communications
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's anticipated growth in alternative energy markets. These forward-looking statements are based on the Company's expectations and are subject to risks and uncertainties that cannot be predicted or quantified and are beyond the Company's control. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying these forward-looking statements. These risks and uncertainties include unanticipated financial results of operations, audit-related findings and their effect on the Company's expected financial results, lack of certainty as to when and how economic conditions and market dynamics may manifest themselves and the actual effects such conditions and dynamics may have on the Company. Other factors that could cause actual results to differ materially from expectations are described in the Company's reports filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934.