Nortech Systems named Jay Miller as president and CEO, effective February 27. He has been serving as interim president since January 1 and has been an independent director of the company since May 2018.
Nortech Systems announced several leadership changes effective January 1, 2019. Jay Miller, currently an independent director of the company, will become interim president reporting to the board of directors. Miller will assist the company with strategic planning and initiatives and assume responsibility for managing the company's day-to-day operations alongside other members of senior management, who will be reporting to him. It is anticipated that Miller will hold this interim position until a new chief executive officer is hired. Previously, Miller held CEO positions with IMRIS, Inc., Zonare, Inc. and Vital Images, Inc. in the medical imaging industry. Rich Wasielewski will continue as CEO until his successor is hired, overseeing the company's strategic communications and investor relations activities, financial reporting requirements and certain strategic projects. Wasielewski's planned retirement was announced in August 2018; his contract was recently extended through May 15, 2019.
Nortech Systems announced that Intercon 1 will take over manufacturing of discontinued machine vision cable assemblies for Northwire, Inc., of Osceola, Wis. In February 2018, Nortech Systems announced that Intercon 1 had expanded manufacturing capabilities in China to support regional machine vision customers in Asia with faster turnaround, reduced shipping time and cost, and local, on-demand engineering support.
Nortech Systems announced that its board has approved another installment of a stock repurchase program similar to the company's inaugural repurchase program that expired last month. The approved program authorizes the company to repurchase shares of its common stock in an amount up to $250,000 up through July 2019, in amounts of up to $62,500 per quarter. Under the prior repurchase program, which started in August 2017, the company spent substantially all of the $250,000 that was authorized.
Rich Wasielewski, president and CEO of Nortech Systems, announced he will be retiring. Nortech Systems' board of directors has retained an executive recruitment firm to assist in its national search to identify Wasielewski's replacement. He will continue to lead the company during the search and subsequent transition period. Wasielewski has served as Nortech's president and chief executive officer since 2014.
Nortech Systems has signed a lease for a new facility to be built in Monterrey, Mexico, approximately five miles from the company's current location. The company plans for occupation during the third quarter of 2018 with the transfer of operations expected by year-end. The Monterrey facility opened in 2001 producing wire harnesses and cable assemblies. The facility's size, employment and capabilities have steadily grown, including adding printed circuit board assemblies and higher-level electronic assemblies. He added that the new facility's advantages will include enhanced productivity, improved workflow, additional space for engineering and increased amenities for customers and employees. The new facility will almost double Nortech's current footprint while providing flexibility for future expansion.