Sparton Corporation Announced the Retirement of David W. Hockenbrocht
(Jackson, Michigan) - March 10, 2008 - Sparton Corporation announced the retirement of David W. Hockenbrocht, its Chief Executive Officer and President and his resignation as a Director, effective on March 7, 2008. Mr. Hockenbrocht has served as President of the Company for thirty years and more recently served as CEO and President since 2000.
In his announcement to the Company, Mr. Hockenbrocht stated:
"My retirement will end a thirty-year career at Sparton that has been filled with interesting work with great people and many challenges. I shall miss the personal associations developed over the years and the challenges of the public company arena. However, after due consideration, I believe that it is now time for the next generation of leadership to take the reins at Sparton and time for me to spend more time with family and other private interests."
The Board of Directors accepted Mr. Hockenbrocht's resignation with regret, noting that he had ably guided the firm through a series of challenging periods for the Company, including the sale of the Company's automotive companies at the high point of the market and restructuring the Company into an industry leading electronics contract manufacturer, culminating in the acquisition of Astro Instrumentation, LLC which is now a significant contributor to the Company's financial performance.
At their meeting on March 7, 2008, the Board of Directors appointed Richard L. Langley, as interim President and Chief Executive Officer of the Company. Mr. Langley was formerly Chief Financial Officer of the Company and Joseph S. Lerczak, interim Chief Financial Officer.