'Nu Horizons Electronics Corp. Announces Departure of President and CEO
Press Release
Source: Nu Horizons Electronics Corp.
On Monday August 3, 2009, 12:25 pm EDT

MELVILLE, N.Y.--(BUSINESS WIRE)--Nu Horizons Electronics Corp. (NASDAQ:NUHC - News), a leading global distributor of advanced technology semiconductor, display, illumination, power and system solutions, today announced that the Board of Directors and James Estill, the company’s president and chief executive officer, have mutually agreed to end his employment relationship effective August 3, 2009 to permit him to pursue other opportunities. In connection with his departure, Mr. Estill also resigned from the Board of Directors and withdrew his consent to serve as a nominee for election as a director of the company at the company’s annual meeting of stockholders to be held on August 4, 2009.

The Board of Directors appointed Arthur Nadata, currently the company’s executive chairman and its prior chief executive officer, to serve as interim chief executive officer, while remaining as executive chairman. The Board appointed Richard Schuster, the company’s senior executive vice president, as interim president. Mr. Schuster will remain as chief operating officer. The Board of Directors intends to resume its search for a president and chief executive officer in connection with its succession planning. The Board of Directors also voted to reduce the board to eight members from the current nine.'