Electronic component and electrical contact maker Technitrol Inc. (TNL), Monday said its Chairman and Chief Executive Officer James Papada will retire from his position no later than March 31, 2010.
Commenting on his decision, Papada said, "With the worst of the recession behind us and with Technitrol well-positioned in several growing and emerging market opportunities, I believe that this is a good time to step aside and allow new leadership to advance."
Papada added, "Almost two years ago I advised our board of my long-held view that companies should explore new CEO leadership every decade or so, particularly in the fast-moving electronics industry, where a continuous flow of new, disruptive ideas is important to sustaining success."
Following the development, the board has also initiated a formal search for a successor and is evaluating candidates from within and outside the company.
Papada has been Technitrol's CEO since 1999, as board chairman since 1996 and a director since 1983. During his tenure, the company expanded from its passive magnetics-based components business into advanced wireless antennas and audio components, connectors and active coils for automotive ignition and control systems.
The Philadelphia-based company also said it expects to divest its non-core Electrical Contact Products Group in the coming months and become a single-segment company focused on electronic components engineering and manufacturing.
TNL closed Monday's regular trading at $9.24, up $0.33 or 3.70%, on a volume of 0.24 million shares.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.