MALVERN, Pa.--(BUSINESS WIRE)--
Vishay Precision Group, Inc. (NYSE: VPG), a leading global producer of
precision sensors and systems, today announced the appointment of two
new independent members to its Board of Directors, Bruce Lerner, Ph.D.
and Wes Cummins.
Marc Zandman, Chairman of the Board of Vishay Precision Group, said, “We
believe these appointments provide valuable depth and breadth of
experience and strategic counsel for our Board. Bruce’s proven ability
to manage complex global operations and his track record of successful
growth through diversification are an excellent fit as we look to the
future. We also welcome the expertise and focus that Wes brings to bear
in the areas of strategic finance and capital allocation. We are
fortunate to have the unique perspective of these strong advisors in our
efforts to ensure we maximize value creation for our shareholders.”
Dr. Lerner currently serves as President and CEO of PeroxyChem, LLC, a
private equity-backed, well-diversified, global specialty chemicals
company, a position he has held since 2014. From 2007 to 2014, he served
as vice president and global business director with FMC Peroxygens,
where he led the business through a strategic transformation from a pure
commodities business into a specialty chemicals business with a
diversified portfolio of products. Dr. Lerner began his career in 1993
as a staff chemist at Engelhard Corporation and continued, through
acquisition, at BASF Corporation, where he developed and patented two
new products. Between 1993 and 2007, he served in a variety of sales,
marketing, business development and operational roles with increasing
responsibility. Since 2007, Dr. Lerner has also served as a board member
and director for Thai Peroxide Ltd., a joint-venture chemicals company
based in Thailand serving Asia.
Dr. Lerner earned his Bachelor of Science degree from the University of
Massachusetts at Amherst and his Master of Science degree in Industrial
Chemistry from the University of Central Florida. He earned his Ph.D. in
Inorganic Chemistry from Northwestern University in 1993, where he
completed his thesis in the area of Catalysis & Surface Science. Dr.
Lerner is the author of more than 25 peer-reviewed publications.
Mr. Cummins has been an analyst with Nokomis Capital, L.L.C., an
investment advisory firm which currently owns approximately 15.9 percent
of VPG’s outstanding common stock, since October 2012. Mr. Cummins also
currently serves as a director of Telenav, Inc. (NASDAQ: TNAV), a
leading provider of location-based platform services, since August,
2016. From March 2011 to September 2012, Mr. Cummins was an analyst for
Harvey Partners. Prior to that position, Mr. Cummins was at B. Riley &
Co. (NASDAQ: RILY), an investment banking firm, from February 2002 to
2011. He served in increasing positions of responsibility there,
including as an equity research analyst, Director of Research, Capital
Markets Director and, prior to his departure, as President of B. Riley &
Co.Mr. Cummins holds a Bachelor of Science degree in Business
Administration from Washington University in St. Louis. Mr. Cummins has
been appointed to the Board in accordance with the terms of an agreement
with Nokomis previously announced March 27, 2017 and amended concurrent
with Mr. Cummins’ appointment.
About VPG
Vishay Precision Group, Inc. (VPG) is an internationally recognized
designer, manufacturer and marketer of: components based on its
resistive foil technology; sensors; and sensor-based measurement systems
specializing in the growing markets of stress, force, weight, pressure,
and current measurements. VPG is a market leader of foil technology
products, providing ongoing technology innovations in precision foil
resistors and foil strain gages, which are the foundation of the
company's force sensors products and its weighing and control systems.
The product portfolio consists of a variety of well-established brand
names recognized for precision and quality in the marketplace. To learn
more, visit VPG at www.vpgsensors.com.
Forward-Looking Statements
From time to time, information provided by us, including but not limited
to statements in this report, or other statements made by or on our
behalf, may contain "forward-looking" information within the meaning of
the Private Securities Litigation Reform Act of 1995. Such statements
involve a number of risks, uncertainties, and contingencies, many of
which are beyond our control, which may cause actual results,
performance, or achievements to differ materially from those anticipated.
Such statements are based on current expectations only, and are subject
to certain risks, uncertainties, and assumptions. Should one or more of
these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from
those anticipated, expected, estimated, or projected. Among the factors
that could cause actual results to materially differ include: general
business and economic conditions; difficulties or delays in completing
acquisitions and integrating acquired companies (including the
acquisitions of Stress-Tek and Pacific Instruments); the inability to
realize anticipated synergies and expansion possibilities; difficulties
in new product development; changes in competition and technology in the
markets that we serve and the mix of our products required to address
these changes; changes in foreign currency exchange rates; difficulties
in implementing our cost reduction strategies, such as underutilization
of production facilities, labor unrest or legal challenges to our
lay-off or termination plans, operation of redundant facilities due to
difficulties in transferring production to achieve efficiencies; and
other factors affecting our operations, markets, products, services, and
prices that are set forth in our Annual Report on Form 10-K for the
fiscal year ended December 31, 2016. We undertake no obligation to
publicly update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise.
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VPG
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Source: VPG