STRATTEC SECURITY CORPORATION Announces CEO Transition Plan
14 November 2023 - 12:12AM
STRATTEC SECURITY CORPORATION (NASDAQ:STRT) (“STRATTEC” or the
“Company”), today announced that Frank J. Krejci, President and
Chief Executive Officer, will retire from employment with the
Company effective December 31, 2023. He will also retire from the
Company’s Board of Directors on December 31st.
Mr. Krejci became a member of STRATTEC’s inaugural Board of
Directors in 1995 and has been a valued Board member for over 28
years. He became an Officer of STRATTEC in 2010, serving as
President, and has served as President and Chief Executive Officer
since September 1, 2012.
Rolando Guillot, Senior Vice President – Operations and Chief
Operating Officer, has been named to serve as Interim Chief
Executive Officer effective January 1, 2024 in addition to his
current role. Mr. Guillot joined STRATTEC in 1996 and
gained experience in various management roles, primarily in
STRATTEC’s Mexican subsidiary, until September, 2004 when he was
elected Vice President – Mexican Operations. In December 2016 he
was elected Senior Vice President – Operations, responsible for all
the Company’s operations, and was elected to his current position
in March, 2023.
The Company will engage a leading national executive search firm
to conduct a formal search to identify a successor to Mr. Krejci as
soon as possible. The Board of Directors is confident that Mr.
Guillot has the necessary skills and experience to lead STRATTEC
while a select group of independent members of the Board conduct
the executive search for a successor CEO.
“Frank Krejci has had a positive influence on STRATTEC for over
28 years, first as a Director on the Company’s Board, and then as
the President/CEO, as well as continuing as a member of the Board.
His accomplishments have been many and have played an important
role in growing the Company over his years of involvement with
STRATTEC. His leadership and personal demeaner through the Pandemic
and its immediate after-effects were a source of stability in an
environment of significant uncertainty and stress for all who
worked at the Company during those many months. On behalf of all of
us at STRATTEC, I express my sincere gratitude to Frank for his
leadership, his kindness and concern for our associates and the
stewardship of our Company,” said Harold M. Stratton II, Chairman
of the Company’s Board of Directors.
About STRATTECSTRATTEC designs,
develops, manufactures and markets automotive access control
Products, including mechanical locks and keys, electronically
enhanced locks and key fobs, steering column and instrument panel
ignition lock housings, latches, power sliding side door systems,
power lift gate systems, power deck lid systems, door handles and
related products. These products are provided to customers in North
America, and on a global basis through a unique strategic
relationship with WITTE Automotive of Velbert, Germany and ADAC
Automotive of Grand Rapids, Michigan. Under this relationship,
STRATTEC, WITTE and ADAC market select products from each company
to global customers as cooperating partners of the “VAST Automotive
Group” brand name. STRATTEC’s history in the automotive business
spans 115 years.
Contact: Dennis BoweVice President and Chief Financial
Officer414-247-3399
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