Methode Electronics Announces CEO Transition

Kevin Nystrom Appointed Interim Chief Executive Officer

Mark Schwabero Appointed Vice Chairman of the Board

CHICAGO, May 06, 2024 (GLOBE NEWSWIRE) -- 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 Kevin Nystrom, a partner and managing director at AlixPartners LLP, has been appointed interim CEO, effective immediately. The company has previously disclosed its ongoing engagement with AlixPartners for various consulting services, including cost reduction and financial advisory.

Mr. Nystrom succeeds Avi Avula, who resigned from his position as President and Chief Executive Officer. Methode's Board of Directors, with the assistance of executive search firm Spencer Stuart, has initiated a search to identify a permanent CEO.

The Methode Board also announced the appointment of Mark Schwabero, current director and former Chairman, Chief Executive Officer and Director of Brunswick Corporation, as Vice Chairman of the Board, effective immediately. In this role, Mr. Schwabero will work closely with Mr. Nystrom to provide counsel and support the execution of the Company’s strategic and operational initiatives until a permanent successor has been appointed. The company’s former President and Chief Executive Officer, Donald W. Duda, remains a strategic consultant to Methode through January 2025 and will continue to provide support during the transition period.

Walter J. Aspatore, Chairman of the Methode Board, said, “The Board will work diligently to undertake a comprehensive and timely search to identify a permanent CEO. As we move forward with that process, we are pleased that Kevin will take on the interim role. He brings deep financial management and operational experience to Methode. Since joining the Board in 2019, Mark has demonstrated outstanding leadership and provided critical expertise relevant to Methode’s business. Given Mark’s significant public company CEO experience, we are grateful he is taking on this expanded role to support Kevin.”

“As the Board conducts its thorough yet expeditious search for a permanent CEO, my priority will be to work closely with Kevin to advance the ongoing review of our operations, costs and portfolio with the aim of restoring profitability and strengthening our foundation to drive growth and shareholder value creation,” said Mr. Schwabero.