WESCO Appoints New Chairman
The board took this action after careful deliberation, and it marks the culmination of the succession plan announced by the board in May 2009, in which Mr Engel succeeded Roy Haley as CEO effective September 2009, and Mr Haley continued to serve as chairman until the completion of his current term as a member of the board of directors in May 2011.
Mr Engel will assume the responsibility of chairman of the board upon Mr Haley's retirement at the close of the annual meeting of WESCO's stockholders on May 25, 2011.
William Vareschi, presiding director who serves as lead independent director of WESCO, said: â€œOn behalf of the WESCO board, I would like to thank Roy Haley for his extraordinary contributions to the Company and its employees, customers, shareholders and suppliers over the last 17 years while establishing WESCO as a leader in the industry.
â€œJohn Engel's outstanding leadership and commitment to excellence serve WESCO and its shareholders well going forward. We are pleased that our careful attention to talent management and succession planning has resulted in a smooth transition.â€
Mr Haley said: â€œI have had the distinct privilege of being associated with WESCO, and I could not be more proud of our company and the quality of our organization. John Engel joined WESCO almost seven years ago, and he has done an outstanding job positioning WESCO for continued growth and profitability over the long term. I am confident that the management team, under John's leadership, will be highly successful.â€
Will Mr Engelâ€™s experience benefit the firm?
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