Magnetek Announces Changes Following Divestiture of Power Electronics Group

Magnetek, Inc. announced Board and executive management changes following the October 23rd divestiture of the company's Power Electronics Group. Proceeds from the divestiture are being used for, among other purposes, paying off Magnetek's debt and contributing to the company's pension trust, enabling Magnetek to emerge as a profitable enterprise with positive cash flow and outstanding growth prospects.

Stepping down as Chairman of the Board is Andrew G. Galef, who will remain as a Magnetek Director. Succeeding Galef as Chairman is Mitchell I. Quain, who has served as a Director since 2000. Quain, 54, was formerly Vice Chairman of Investment Banking at ABN AMRO. Prior to the acquisition of its banking business by ABN AMRO, Quain was Executive Vice President and a Principal of ING Barings LLC. Before joining ING Barings Furman Selz, he served in research and investment banking capacities with Schraeder Wertheim. He holds an MBA, with distinction, from the Harvard Business School. He is Chairman of the Board of Overseers of The University of Pennsylvania's School of Engineering & Applied Sciences and also serves on the University's Board of Trustees.

Stepping down as Magnetek's President and Chief Executive Officer is Thomas G. Boren, who remains as a director. Succeeding Boren is David P. Reiland, 52. Reiland has been Magnetek's Executive Vice President since 2001 and its Chief Financial Officer since 1988. He joined the company as Controller in 1986, and served as Vice President of Finance from 1987 to 1989. Prior to joining the company, Reiland was an Audit Manager with Arthur Andersen & Co. He holds an MBA from the University of Southern California.

Magnetek also announced that, due to the divestiture of its facilities in California, the company's corporate headquarters has moved from the Los Angeles area to its manufacturing center located in Menomonee Falls, Wisconsin.