Methode Electronics’ Board of Directors Names New Chairman of the Board

Rhea-AI Summary

Methode Electronics, Inc. (NYSE: MEI), a global supplier of custom-engineered solutions, has announced a planned transition in its Board leadership. Mark Schwabero has been appointed as the new Chairman of the Board, succeeding Walter Aspatore, who is retiring after 16 years of service. Schwabero, previously appointed as Vice Chairman in May 2024, has been a director at Methode since 2019. He brings valuable experience from his former role as Chairman, CEO, and Director of Brunswick , a recreational marine products company, from 2016 to 2018. This transition marks a significant change in Methode's leadership structure, potentially influencing the company's future direction and strategy.

Positive

• Planned and orderly transition of Board leadership
• New Chairman has prior experience as CEO of a public company
• Incoming Chairman already familiar with Methode as a director since 2019

Negative

• Loss of 16 years of experience with the outgoing Chairman

CHICAGO, Sept. 12, 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 as part of a planned transition resulting from the retirement of the former Chairman of the Board, Walter Aspatore, the company's Board of Directors has appointed Mark Schwabero as the new chairman of the board.

Mr. Schwabero was previously appointed Methode’s Vice Chairman of the Board in May 2024 and has been a director at the company since 2019. He was formerly Chairman, Chief Executive Officer and Director of Brunswick Corporation, a recreational marine products company, from 2016 to 2018.

Mr. Schwabero commented, "I am privileged to have the opportunity to serve Methode as chairman. Speaking on behalf of Methode, we thank Walter for his 16 years of service to the company and wish him all the best in his retirement."

About Mark Schwabero
Mark Schwabero has served as Vice Chairman of the Board since May 2024. Mr. Schwabero previously served as Chairman, Chief Executive Officer and director of Brunswick Corporation, a recreational marine products company, from 2016 until his retirement in 2018. Prior thereto, Mr. Schwabero served as President and Chief Operating Officer of Brunswick from 2014 to 2016 and as President of its Mercury Marine subsidiary from 2008 to 2014. Mr. Schwabero serves as a director of 1st Source Corporation, parent company of 1st Source Bank. In addition, Mr. Schwabero serves on the Advisory Board of The Ohio State University Center for Automotive Research.

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

FAQ

Who is the new Chairman of the Board for Methode Electronics (NYSE: MEI)?

Mark Schwabero has been appointed as the new Chairman of the Board for Methode Electronics (NYSE: MEI).

When was Mark Schwabero appointed as Vice Chairman of Methode Electronics (NYSE: MEI)?

Mark Schwabero was appointed as Vice Chairman of Methode Electronics (NYSE: MEI) in May 2024.

What is Mark Schwabero's previous experience before joining Methode Electronics (NYSE: MEI)?

Mark Schwabero was formerly the Chairman, Chief Executive Officer, and Director of Brunswick , a recreational marine products company, from 2016 to 2018.

How long did the previous Chairman, Walter Aspatore, serve on Methode Electronics' (NYSE: MEI) Board?

Walter Aspatore served on Methode Electronics' (NYSE: MEI) Board for 16 years before retiring.