Methode Electronics Appoints Laura Kowalchik as Chief Financial Officer
Rhea-AI Summary
Methode Electronics (NYSE: MEI) has appointed Laura Kowalchik as Chief Financial Officer, effective October 1, 2024. Kowalchik, currently CFO at Communication & Power Industries, brings over 25 years of experience in strategic, management, and financial roles in the automotive and industrial sectors. She succeeds interim CFO David Rawden.
President and CEO Jon DeGaynor expressed confidence in Kowalchik's ability to guide the finance organization and support Methode's transformation to drive profitability and return to growth. Kowalchik's track record includes leading finance organizations through successful strategic transformations, resulting in enhanced financial practices, more efficient systems, and improved operational results.
Positive
- Appointment of an experienced CFO with over 25 years of industry-relevant experience
- New CFO has a track record of successful strategic transformations in finance organizations
- Potential for improved financial practices and operational results under new CFO leadership
Negative
- None.
CHICAGO, Aug. 28, 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 Laura Kowalchik has been appointed Chief Financial Officer (CFO), effective October 1, 2024. Ms. Kowalchik succeeds David Rawden, a director at AlixPartners LLP, who has served as interim CFO since July 12, 2024.
Ms. Kowalchik, currently the CFO of Communication & Power Industries (CPI), is a seasoned financial executive with more than 25 years of experience in strategic, management, and financial roles at public and private companies in the automotive and industrial markets. In particular, she has led multiple finance organizations through successful strategic transformations leading to enhanced financial practices, more efficient systems, and ultimately improved operational results.
President and Chief Executive Officer Jon DeGaynor said, “After a thorough search process, we are pleased to appoint an experienced executive of Laura’s caliber as the new CFO of Methode. She brings an impressive track record of delivering successful business transformations within our industry. The Board of Directors and I are confident that Laura is the right person to guide our finance organization and support our transformation to drive profitability and return to growth.”
Mr. DeGaynor added, “I thank David Rawden for lending his financial management experience and continuing to advance our key initiatives during his time as interim CFO.”
Ms. Kowalchik said, “I look forward to leading the Methode finance organization and working alongside Jon and the executive team. Methode has a long and storied past to leverage as it starts a new chapter in its history.”
About Laura Kowalchik
Laura Kowalchik, age 55, is currently the CFO of CPI, a global manufacturer of electronic components and subsystems focused primarily on communications, defense and medical markets, since February 2023. Prior to joining CPI, Ms. Kowalchik had been the CFO of Dayco Products, LLC from 2019 until 2023. She previously held senior financial management positions at Kenwal Steel Corp., Urban Science, Kaydon Corporation and other automotive supplier organizations. Ms. Kowalchik holds a B.S. degree in business administration, accounting from the University of Richmond and a MBA in finance from Indiana University. She currently serves on the board of directors of Gentherm Inc.
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, and Interface.
For Methode Electronics, Inc.
Robert K. Cherry
Vice President Investor Relations
rcherry@methode.com
708-457-4030
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