Magnetek Announces Executive Retirement and Senior Management Promotions
MENOMONEE FALLS, Wis. - January 2, 2008 - Magnetek, Inc. (NYSE: MAG) today announced an executive retirement and two senior management promotions. Robert Murray, long-time Vice President of Communications and Investor Relations, retired effective Dec. 28, 2007. Murray had been with Magnetek for over 20 years handling corporate marketing communications and serving as the company’s representative to the investment community. David Reiland, Magnetek Chief Executive Officer said, “Bob has been a valued member of the Magnetek team for over two decades and will certainly be missed. All of us at Magnetek wish him the best in his well-deserved retirement.”
Marty Schwenner, Magnetek’s Chief Financial Officer, will serve as the company’s investor relations contact going forward. Schwenner has been Magnetek since 1989, serving as the company’s controller from 2002 to 2006. In 2003, Schwenner was promoted to Vice President of Magnetek; and in 2006, he was named Chief Financial Officer.
Lynn Bostrom has been promoted to Director of Marketing Communications. Bostrom joined Magnetek in 2001 as Manager of Marketing Communications for the company’s Material Handling business unit. In 2005, she was given responsibility for marketing communications for the company’s Alternative Energy and Mining product lines, and for the Elevator and Telecom Power product lines in 2006. In addition, she will oversee Magnetek’s Corporate Communications.
Prior to joining Magnetek, Bostrom held account management positions in several advertising agencies including Foote, Cone & Belding, Inc. (now DraftFCB), Chicago; Campbell-Mithun Advertising, Minneapolis; and Kamstra Communications (now Bozell Kamstra), St. Paul, Minn. Bostrom holds Bachelor of Science degrees in business administration and psychology from the University of Wisconsin - Platteville, as well as a Master of Science in advertising from Northwestern University, Evanston, Ill.
Mark Haug has been promoted to Director of Alternative Energy. Haug has served as Business Development Manager for Magnetek’s Alternative Energy business for the past six years and has over 15 years of experience in the alternative energy industry including wind, fuel cell, variable speed distributed power generation and photovoltaic applications. Haug has held previous sales management positions with Xantrax Technologies, Omnion Power Engineering and AEG. He holds a Bachelor of Science Degree in biology/bio-medical engineering from Marquette University.
Magnetek, Inc. manufactures digital power and motion control systems used in material handling, people moving, wireless communications and energy delivery including its own line of multi-megawatt E-Force™ large wind power inverters designed and produced for wind turbine manufacturers. The Company is headquartered in Menomonee Falls, Wis., in the greater Milwaukee area, and operates manufacturing facilities in Pittsburgh, Pa., and Mississauga, Ontario, Canada, as well as Menomonee Falls. Magnetek reported revenues of $103.8 million for its 2007 fiscal year, which ended July 1, 2007.
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 wind and fuel cell power inverter business. 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. These risks and uncertainties include effects of economic, market and operating conditions on the Company and its financial results. 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.