Methode Electronics, Inc. (NYSE: MEI), a leading
global supplier of custom-engineered solutions for user interface,
LED lighting system and power distribution applications, announced
today that Avi Avula has been appointed as Methode’s new President
and Chief Executive Officer (CEO), starting on January 29, 2024.
Mr. Avula’s appointment follows the previously announced retirement
of Donald W. Duda, President and CEO.
Mr. Duda will work with Mr. Avula through a three-month
transition period, after which Mr. Duda will serve as a strategic
consultant for a nine-month period.
Mr. Avula will also be appointed as a director of Methode as of
his start date, replacing Mr. Duda who intends to resign as of such
date.
Mr. Avula brings 17 years of electronics industry leadership
experience to Methode, and currently serves as the Vice President
of Strategy for DuPont’s Electronics & Industrial (E&I)
business. In this role, Mr. Avula leads strategy, growth, new
business development and global commercial excellence for E&I,
which reported approximately $6 billion in 2022 revenue. Mr. Avula
previously led the Interconnect Solutions line of business within
E&I, where he was deeply involved in key strategic initiatives
including the integration of DuPont Circuit and Packaging Materials
and Dow Interconnect Technologies during the merger between Dow and
DuPont.
Chairman Walter J. Aspatore said, "On behalf of Methode’s Board
of Directors, we are thrilled to welcome Avi to the Methode team.
Avi’s appointment follows a comprehensive search process to
identify the right CEO to lead Methode forward. He is a proven
executive having led large engineered-product businesses on a
global basis that have grown both organically and through
acquisition. His strategic, technical, and transformative
manufacturing experiences will help drive Methode’s innovation and
growth initiatives and create value for shareholders."
Mr. Aspatore continued, "We thank Don for his outstanding
contributions to Methode since his arrival in 2000 and wish him the
very best in his retirement. Because of Don and his leadership,
Methode is well-positioned to drive value creation for our
shareholders, customers, and employees."
Added Mr. Avula, "It is an honor to be selected as Methode’s
CEO. I am joining a company that has excelled for over 75 years and
is well-positioned given its strong foundation. The Company’s
position in the growing markets for lighting, power distribution,
and sensor solutions is an exciting opportunity to take Methode
forward into the next chapter of its proud history. I look forward
to working with the Board and management team to drive enhanced
growth and performance."About Avi AvulaAvi Avula,
age 50, joins Methode from DuPont, where he is currently the Vice
President of Strategy for DuPont’s Electronics & Industrial
(E&I) business with additional responsibility for
sustainability and business excellence. Before his current role, he
was the Global Vice President & General Manager for
Interconnect Solutions (ICS), a line of business within DuPont
E&I focused on delivering total solutions and systems design to
address signal integrity and power transmission challenges. During
his tenure in ICS, Mr. Avula led the integration of DuPont Circuit
and Packaging Materials and Dow Interconnect Technologies during
the merger between Dow and DuPont. He also led the $2.3 billion
Laird Performance Materials acquisition, successfully integrated
Laird, and tripled ICS’ revenue to $1.8 billion. Mr. Avula also
made an impact around the world, including setting up E&I’s
regional headquarters in Singapore and acting as Singapore country
leader. Previously in DuPont, he served as the Global Business
Director for Displays, where he led the OLED and flexible display
business.
Prior to DuPont, Mr. Avula held numerous roles with Applied
Materials, most recently in Singapore where he led their business
and technology development for advanced packaging. His earlier
roles at Applied Materials’ headquarters included serving as
Assistant to the Chairman and CEO on strategic, operational and
governance matters. Mr. Avula’s additional experience includes
serving as a management consultant at Booz & Co. where he
worked on business, operations and product strategies across the
automotive, pharmaceuticals and consumer products sectors in the
U.S. and Europe. He has also worked extensively in the
semiconductor fabrication, electronics packaging and assembly
industries in the U.S. and Asia.
Mr. Avula has an MBA from the University of Chicago, and an MS
in Industrial Engineering from Texas A&M University. He earned
his bachelor’s degree in mechanical engineering, specializing in
composite materials, in India.
About Methode Electronics, Inc.Methode
Electronics, Inc. (NYSE: MEI) is a leading global supplier of
custom-engineered solutions with sales, engineering and
manufacturing locations in North America, Europe, Middle East and
Asia. We design, engineer, and produce mechatronic products for
OEMs utilizing our broad range of technologies for user interface,
LED lighting system, power distribution and sensor
applications.
Our solutions are found in the end markets of transportation
(including automotive, commercial vehicle, e-bike, aerospace, bus,
and rail), cloud computing infrastructure, construction equipment,
and consumer appliance. Our business is managed on a segment basis,
with those segments being Automotive, Industrial, Interface and
Medical.
Forward-Looking StatementsThis press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 that reflect, when
made, our current views with respect to current events and
financial performance. Such forward-looking statements are subject
to many risks, uncertainties and factors relating to our operations
and business environment, which may cause our actual results to be
materially different from any future results, expressed or implied,
by such forward-looking statements. All statements that address
future operating, financial or business performance or our
strategies or expectations are forward-looking statements. In some
cases, you can identify these statements by forward-looking words
such as “may,” “might,” “will,” “should,” “expects,” “plans,”
“intends,” “anticipates,” “believes,” “estimates,” “predicts,”
“projects,” “potential,” “outlook” or “continue,” and other
comparable terminology.
Any forward-looking statements made by us speak only as of the
date on which they are made. We are under no obligation to, and
expressly disclaim any obligation to, update or alter our
forward-looking statements, whether as a result of new information,
subsequent events or otherwise.
For Methode Electronics, Inc.Robert K.
CherryVice President Investor
Relationsrcherry@methode.com 708-457-4030
Grafico Azioni Methode Electronics (NYSE:MEI)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Methode Electronics (NYSE:MEI)
Storico
Da Set 2023 a Set 2024