Key Technology Announces Leadership Transition
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Key Technology, Inc.
150 Avery St.
Walla Walla, WA, 99362
Press release date: May 18, 2012
MAY 18, 2012 - Key Technology, Inc. (Nasdaq: KTEC) announced today that John J. Ehren has been selected to succeed David M. Camp as President and Chief Executive Officer of the Company, who has advised the Company that he is resigning from all positions with the Company and the Board of Directors. Camp will continue to support the Company in a consulting role over the next year in addition to pursuing other business interests. In addition to Ehren's election to President and CEO, he has been appointed to serve as a member of the Company's Board of Directors. The Company intends to initiate the process of selecting a new Chief Financial Officer.
Ehren has served Key Technology as Executive Vice President and COO/CFO since December 2011. He joined the Company in 2008 as Senior Vice President and Chief Financial Officer. During 2009, he additionally served as General Manager of SYMETIX®, the Company's pharmaceutical division. During 2010, he additionally assumed the duties of the Senior Vice President of Global Operations for a significant portion of the year. Prior to joining Key, Ehren was with Planar Systems, Inc. where he served in several officer positions, including Vice President of Global Operations, Vice President of Finance, Corporate Controller and Treasurer.
David Camp commented, "During the past four years, Jack has demonstrated strong leadership within the Company, and gained broad operating experience and a deep understanding of the industry and our business. His vision for Key's future and his passion for the Company and its constituencies make him an ideal choice going forward. He is unequivocally committed to Key shareholders, customers and employees. I am very pleased that the Board has elected to transition leadership of Key to a person of Jack's capabilities and character."
Camp continued, "It has been an honor and privilege to have served with the dedicated and talented people of Key Technology, and I am proud of the accomplishments that have been achieved during the past six years. The management team at Key is top-notch and enthusiastic, and I am proud to have led the effort in bringing such a great team together. Key is a strong leader in the industry and well positioned to serve the needs of its customers going forward. I look forward to supporting Jack and the Company in the future."
Commenting on his new appointment, Jack Ehren stated, "I am excited to have the opportunity to lead Key as we pursue our vision of technology leadership and excellence. The Company has a talented and committed work force and a blue-chip customer base, and I look forward to the challenge of continuing its tradition of excellence and returning to levels of profitability and cash flows that reward our shareholders for their continuing support."
Chuck Stonecipher, Chairman of the Board stated, "David was recruited to Key Technology as its Chief Executive in 2006 and successfully repositioned the Company to better serve our customers. More than half of Key's current optical products have been developed under David's leadership, and during his tenure at Key the Company achieved five of the highest revenue years in the company's 65-year history. We appreciate his many accomplishments. We are pleased that he has agreed to make himself available to Key and its management team for consultation on strategic and business development issues. We wish him well as he pursues other business interests and know that his next endeavor will be highly successful."
About Key Technology
Key Technology, Inc., headquartered in Walla Walla, Washington, is a worldwide leader in the design and manufacture of process automation systems for the food processing, industrial and pharmaceutical markets. The Company's products integrate electro-optical inspection and sorting, specialized conveying and product preparation equipment, which allow processors to improve quality, increase yield and reduce cost. Key has manufacturing facilities in Washington, Oregon, and the Netherlands, and worldwide sales and service coverage.