GlobeNewswire
2012-08-06
Wayne Fortun Appointed Chairman of the Board; Jeffrey Green
to Retire From Board
HUTCHINSON, Minn., Aug. 6, 2012 (GLOBE NEWSWIRE) -- The board of
directors of Hutchinson Technology Incorporated (Nasdaq:HTCH) announced
today that Richard J. Penn has been named president and chief executive
officer and appointed to the board, effective October 1, 2012. Penn,
56, succeeds Wayne M. Fortun, who has been appointed chairman of the
board, also effective October 1, 2012. Jeffrey W. Green, who co-founded
Hutchinson Technology in 1965, is retiring from the board and from his
position as chairman, effective at the end of the company's current
fiscal year, September 30, 2012.
"In accordance with the succession plan that was developed with and
endorsed by our board of directors, we're pleased to announce Rick's
appointment to president and chief executive officer," said Fortun.
"With over 30 years of experience, Rick is a highly skilled executive
with in-depth knowledge of our business and a keen understanding of the
disk drive industry. He has been an integral member of our executive
team, and I am confident his strategic insight, leadership skills and
broad experience will enable him to lead the company as we ramp new
programs, grow our market share and achieve our goals for
profitability."
Penn, who will report directly to the board, currently serves as senior
vice president of the company and president of its Disk Drive
Components Division. He joined Hutchinson Technology in 1981 and has
held a variety of management positions at the company, including vice
president of sales and marketing, vice president of operations, and
president of the company's BioMeasurement Division. Penn holds a
bachelor's degree in marketing and a master's degree in business
administration, both from the University of Minnesota.
On behalf of the board, Fortun also acknowledged Jeff Green's enduring
contributions to the company Green co-founded nearly 50 years ago.
"Jeff's imprint is especially evident in our company's values, our
culture and the way we approach our work," said Fortun. "Thanks to his
influence, we have always been an organization that focuses on facts,
values problem-solving innovation, treats colleagues, customers and
suppliers with respect and never stops learning and improving. We are
very grateful for his leadership, determination and the judgment he
consistently demonstrated on the company's behalf."
"We welcome Rick as a member of the board and look forward to Wayne's
continuing contributions in his role as chairman of the board," said
Russ Huffer, lead director and chairman of the governance and
nominating committee.
About Hutchinson Technology
Hutchinson Technology is a global technology leader committed to
creating value by developing solutions to critical customer problems.
The company's Disk Drive Components Division is a key worldwide
supplier of suspension assemblies for disk drives. The company's
BioMeasurement Division is focused on bringing new technologies and
products to the market that provide information clinicians can use to
improve the quality of health care and reduce costs.
CONTACT: INVESTOR CONTACT:
Chuck Ives
Hutchinson Technology Inc.
320-587-1605
MEDIA CONTACT:
Connie Pautz
Hutchinson Technology Inc.
320-587-1823