Published: October 12, 2009
WSI Industries Announces Leadership Transition
MINNEAPOLIS - (BUSINESS WIRE) - WSI Industries, Inc. (Nasdaq: WSCI) today announced that Benjamin
Rashleger has been appointed as President and Chief Operating Officer.
Michael Pudil will continue as Chief Executive Officer and Chairman of
the Board for the Company. The Company entered into a new employment
agreement with Michael Pudil that established a two year transition
period that would provide the Company with the opportunity to
proactively implement an orderly succession plan.
Michael J. Pudil, Chief Executive Officer, commented: "We are very
pleased with the addition of Benjamin Rashleger. Over the past 16 years
he has held various positions with Milltronics Manufacturing Company
including President & CFO. Over this period, he helped guide the growth
and positioned this high-tech machine tool manufacturer for continued
success. Looking forward, I have tremendous confidence in Benjamin's
ability to implement the WSI growth strategy that takes full advantage
of our strong financial position and established 60 year reputation in
the contract machining industry." In addition to Benjamin Rashleger,
Paul Sheely, Chief Financial Officer, will continue to report directly
to Michael Pudil.
WSI Industries, Inc. is a leading contract manufacturer that specializes
in the machining of complex, high-precision parts for a wide range of
industries, including avionics, aerospace and defense, energy,
recreational vehicles, computers, small engines, marine, bioscience and
instrumentation.
The statements included herein which are not historical or current facts
are forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Reform Act of 1995. There are
certain important factors which could cause actual results to differ
materially from those anticipated by some of the statements made herein,
including the Company's ability to retain current programs and obtain
additional manufacturing programs, and other factors detailed in the
Company's filings with the Securities and Exchange Commission.
WSI Industries, Inc.
Michael J. Pudil (CEO), 763-295-9202
or
Paul
D. Sheely (CFO), 763-295-9202
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