Tecumseh Products Company Announces It Has Been Exploring Expansion of Its
Board of Directors and Equity Changes
ANN ARBOR, Mich., March 7, 2013
ANN ARBOR, Mich., March 7, 2013 /PRNewswire/ --Tecumseh Products Company
(Nasdaq: TECUA, TECUB), a leading global manufacturer of compressors and
related products, announced that its Board of Directors has been exploring
expansion of Tecumseh's board, using a search process commenced by its
Governance and Nominating Committee. This expansion is subject to identifying
two additional qualified, experienced and independent candidates.
"Certain of our largest shareholders have made their views known regarding
changes that they would like to see us make at the Board level and we
certainly value their opinion. As Tecumseh continues to execute its strategy
to rebuild value for all of our stakeholders, we believe that adding up to two
new members to our Board of Directors would be beneficial. At the same time,
we intend to adhere to our governance processes to help bring the appropriate
new talent and skills to the Board," said Jim Connor, President and CEO.
Tecumseh's Board of Directors agree with the position to expand the size of
our current five-member board to seven members, which Tecumseh believes will
further enhance the board's overall skillset and support a stronger governance
structure. After completion of this process, Tecumseh intends to address the
appointment of a director to fill its Chairman of the Board vacancy.
In addition, Tecumseh Products Company announced its Board of Directors has
determined that it would be beneficial for Tecumseh to reorganize its Class A
and Class B shares into one class of stock, and currently expects to have a
proposal ready for presentation to shareholders by the 2014 annual meeting of
Tecumseh Products Company is a global manufacturer of hermetically sealed
compressors for residential and specialty air conditioning, household
refrigerators and freezers, and commercial refrigeration applications,
including air conditioning and refrigeration compressors, as well as
condensing units, heat pumps and complete refrigeration systems. Press
releases and other investor information can be accessed via the Investor
Relations section of Tecumseh Products Company's Website at www.tecumseh.com.
Contact: Janice Stipp
Tecumseh Products Company
SOURCE Tecumseh Products Company
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