Molex Inc. (India), an electronic components company, announced the appointment of Frederick Krehbiel, a current Co-Chairman of the Board of Directors, as the company's Chief Executive Officer effective December 9, 2004, and provided guidance regarding Molex's Chief Executive Officer succession plan. Krehbiel previously served as Molex's Chief Executive Officer from 1988 to 1998 and as its Co-Chief Executive Officer from 1999 to 2001.
The board has reviewed Molex's Chief Executive Officer succession plan and advised that, while no definitive action has yet been taken by the board, the current expectation is that President and Chief Operating Officer Martin Slark would replace Krehbiel as Chief Executive Officer during the first fiscal quarter following the end of Molex's current fiscal year on June 30, 2005.
In addition, the board accepted the resignation of Vice Chairman, Chief Executive Officer and board member J. Joseph King. The board also accepted the resignation of Vice President and Treasurer Diane Bullock. Both Bullock and King will continue to serve Molex in a staff function. Neither King nor Bullock will be elected an officer of Molex, nor will their positions involve or significantly influence accounting, financial reporting or internal controls.
