Rich Wasielewski, who has led Nortech Systems Inc. for the past four years, said Wednesday that he will retire after the company's board finds a successor.
Rich Wasielewski to retire as CEO of electronics maker Nortech Systems
The announcement came as Nortech reported its best quarterly profit in seven years.
August 16, 2018 at 3:24AM
The news came the same day that the Maple Grove-based provider of electronics manufacturing services reported its best quarterly profit in seven years.
"This succession plan has been discussed with the board for some time," Wasielewski said in a statement. "The timing is right for me, and for Nortech, to make this transition. We have a strong track record of accomplishment and many opportunities on the horizon."
Wasielewski joined Nortech in 2004 and was named president and CEO in 2014.
The company said it earned $390,000, or 14 cents a share, in the three months ended June 30. That's a turnaround from a loss of $16,000 in the same period a year ago. The per-share profit was Nortech's best since the first quarter of 2011.
Revenue was $28.5 million, down 5.3 percent from a year ago. But adjusted for an accounting-rule change, revenue rose 5 percent.
The company's stock rose nearly 8 percent to $3.94 a share Wednesday.
Nortech credited Wasielewski for contributions that include strategic investments and acquisitions that increased the company's capabilities and expanded its geographic reach.
"The vision he developed and spearheaded includes a global solutions footprint, expanded medical-market presence, enhanced value-added services and an innovative R&D culture," David Kunin, Nortech's chairman, said in a statement.
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