Late Thursday, White Electronic Designs Corp. (WEDC) announced that it's President, Chairman, Chief Executive Officer and Director Hamid Shokrgozar has resigned from the company to pursue other opportunities. Pursuant to the resignation, the company's founder Edward White was elected the chairman of the board.
Commenting on the resignation, White said, "We acknowledge Hamid for his contributions and accomplishments throughout his tenure with the company. Under Hamid's leadership, White Electronic Designs Corp. undertook key strategic initiatives and we believe that the company is well positioned to grow its business and to continue to focus on its core markets."
The Phoenix, Arizona-based designer, developer, and manufacturer of microelectronic and display components noted that it has already started the search for a replacement and also formed a special committee to evaluate all possible strategic alternatives. In the interim, Vice President and Chief Financial Officer Roger Derse and Executive Vice President Sales and Marketing Dante Tarantine would perform the duties of the president.
Shokrgozar has over twenty years of both technical management and general management accomplishments in the technology sector. Shokrgozar has been serving as president and chief executive officer of the company since October 1998 and as the chairman of the board since August 2000.
Prior to this, Shokrgozar served as president and chief executive officer of Bowmar Instrument Corp., and served on the board of Bowmar Instrument. Shokrgozar also served as president and chief executive officer of White Microelectronics, a division of Bowmar Instrument from June 1993 until October 1998.
From June 1989 to June 1993, Shokrgozar was the vice president of Engineering for the White Microelectronics division. In October 1998, Shokrgozar was elected to serve as the president and chief executive officer of the merged entity created by the merger of Bowmar and one of its key competitors, Electronic Designs, Inc.
Shokrgozar has also served as chairman of American Electronic Association or AEA, Arizona Council in fiscal 2000 and served on the AEA, Arizona council Board in 1998 and 1999.
White Electronic Designs provides advanced technology solutions for the defense/aerospace, medical, hi-performance computing and controls & instrumentation market segments. Its core strength is the ability to offer electronic contract manufacturing and system integration services through the integration of its multi-chip memory modules, enhanced AMLCD displays, membrane keypads and precision electromechanical assemblies for diverse set of end-user applications.
WEDC closed Thursday's regular trading session at $4.85, up $0.11 or 2.32% on a volume of 10,600 shares, lower than the three-month average volume of 31,500 shares.
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