Key Tronic Corporation Announces Leadership Succession Plans

• President and Chief Executive Officer Craig D. Gates to retire
  
• Brett R. Larsen to be promoted immediately to Chief Operating Officer, and to President and Chief Executive Officer on June 30, 2024
• Anthony (“Tony”) G. Voorhees to be promoted to Executive Vice President of Administration, Chief Financial Officer and Treasurer on June 30, 2024
• Chairman of the Board Patrick Sweeney retiring from the Board of Directors; continuing to serve the Company in an emeritus status
• Board Member Ronald F. Klawitter to act as Chairman of the Board
• Cheryl Berenak, founding member and CEO of Clearfield Communications, appointed as a new member of the Board

SPOKANE VALLEY, Wash., Jan. 09, 2024 (GLOBE NEWSWIRE) -- Key Tronic Corporation (Nasdaq: KTCC) today announced that effective June 30, 2024, its Board of Directors has named Brett R. Larsen to succeed Craig D. Gates as the Company’s President and Chief Executive Officer. Mr. Gates will retire from the Company effective June 30, 2024, but expects to remain a member of the Company’s Board of Directors. Mr. Larsen, who has served as the Company’s Executive Vice President of Administration, Chief Financial Officer, and Treasurer since July 2015, joined the Company in May 2004 and has assumed ever-increasing roles and responsibilities over the past 20 years. Tony Voorhees will also be promoted to Executive Vice President of Administration, Chief Financial Officer, and Treasurer on June 30, 2024.

In addition, Patrick Sweeney retired from the Board and his role as Chairman on January 4, 2024. In his stead, the Board has nominated director Ronald F. Klawitter to act as Chairman until the next Annual Meeting of the Shareholders. In addition, the Board welcomed Cheryl Berenak, founding member and CEO of Clearfield Communications Inc., to the Board on January 4, 2024. Her insight and experience will make valuable contributions to the Board and governance of the Company.

Patrick Sweeney said, “On behalf of the Board of Directors and the entire company, I want to thank Craig for his tremendous leadership and numerous accomplishments during his 30 years of dedicated service to Keytronic. During Craig’s tenure as President and CEO, the last fifteen years, the Company has more than tripled its revenue; more than doubled its facility space; opened a new factory in DaNang Vietnam; developed a world-class design engineering department; and launched dozens of new products in each of its factories. Craig has mentored and created a very strong management team and led the Company through a period of unprecedented growth. I am excited about Craig’s opportunity to continue to serve on the Board of Directors and look forward to his continuing contributions to the Company’s success.