Perceptron(R) Announces Appointments of Keith R. Marchiando as Chief Financial
Officer and Mark S. Hoefing as Chief Operating Officer
PLYMOUTH, MI -- (Marketwired) -- 02/12/14 -- Perceptron, Inc.
(NASDAQ: PRCP), a leading global provider of non-contact 3D
measurement, inspection and automation solutions, announced that the
Board of Directors of the Company, following an extensive search, has
appointed Keith R. Marchiando to serve as Vice President and Chief
Financial Officer of the Company, effective February 17, 2014.
Mr. Marchiando will succeed Sylvia M. Smith, the Company's acting
Chief Financial Officer, who will return to her duties as Vice
President, Controller and Chief Accounting Officer, effective
February 17, 2014.
The Company also announced that Mark S. Hoefing has been named the
Company's Chief Operating Officer, effective immediately. In this
role Mark will focus on driving operational excellence for our
established businesses while ensuring that our plans are consistently
executed for the Company's significant and growing international
Mr. Marchiando, 51, served as Executive Vice President and Chief
Financial Officer of Carbon Motors Corporation, a specialty vehicle
original equipment manufacturer, from January 2008 to February 2013.
From April 2007 to December 2007, he served as an independent
strategy and financial consultant to multiple manufacturing clients.
From March 2005 to December 2006, he was the Senior Vice President
and Chief Financial Officer of Dura Automotive Systems, Inc., a $2.2
billion automotive and specialty vehicle component supplier. From
February 2003 to February 2005, he served as Vice President and
Corporate Controller at Dura. Prior to joining Dura, Mr. Marchiando
served in various financial management roles of increasing
responsibility at Dow Chemical Company from 1997 to 2003 and Ford
Motor Company from 1990 to 1997. He holds a Bachelor's degree in
Business Administration from Lehigh University and a Master's degree
in Industrial Administration from Carnegie Mellon University,
Graduate School of Industrial Administration (Tepper School).
"I am delighted to welcome Keith to our senior executive team," said
Jeffrey M. Armstrong, President and Chief Executive Officer. "Keith
brings finance, strategy and operational expertise combined with
global industry experience. His significant track record in driving
operational and financial improvements makes him an excellent fit for
the CFO role at Perceptron. In addition, Keith will play a
significant leadership role as the Company executes its growth plans
and overall business strategy."
Perceptron develops, produces, and sells
non-contact 3D machine vision solutions for measurement, inspection,
and robot guidance in industrial applications. Manufacturing
companies throughout the world rely on Perceptron's hardware and
software solutions to help them manage their complex manufacturing
processes to improve quality, shorten product launch times and reduce
costs. Perceptron also offers Value Added Services such as training
and customer support services. Headquartered in Plymouth, Michigan,
Perceptron has approximately 240 employees worldwide, with operations
in the United States, Germany, France, Spain, Brazil, Japan,
Singapore, China, and India. For more information, please visit
Safe Harbor Statement
Certain statements in this press release may
be "forward-looking statements" within the meaning of the Securities
Exchange Act of 1934, such as statements about Mr. Hoefing's focus on
operational excellence, Mr. Marchiando's expected contribution to
Perceptron and the expansion of Perceptron's business. When we use
words such as "will," "should," "believes," "expects," "anticipates,"
"estimates," or similar expressions, we are making forward-looking
statements. We claim the protection of the safe harbor for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995 for all of our forward-looking
statements. While we believe that our forward-looking statements are
reasonable, you should not place undue reliance on any such
forward-looking statements, which speak only as of the date made.
Because these forward-looking statements are based on estimates and
assumptions that are subject to significant business, economic and
competitive uncertainties, many of which are beyond our control or
are subject to change, actual results could be materially different.
Factors that might cause such a difference include, without
limitation, risks associated with Mr. Marchiando's ability to
integrate into Perceptron's management team and operations; risks
associated with international operations, such as fluctuations in
currency exchange rates, difficulties in staffing and managing
foreign operations, political and economic instability, compliance
with import and export regulations, and the burdens and potential
exposure of complying with a wide variety of U.S. and foreign laws
and labor practices; and other risks and uncertainties discussed from
time to time in our reports filed with the Securities and Exchange
Commission, including those listed in "Part I, Item 1A - Risk
Factors" of the Company's Annual Report on Form 10-K for fiscal 2013.
Other factors not currently anticipated by management may also
materially and adversely affect our financial condition, liquidity or
results of operations. Except as required by applicable law, we do
not undertake, and expressly disclaim, any obligation to publicly
update or alter our statements whether as a result of new
information, events or circumstances occurring after the date of this
report or otherwise.
Jeffrey M. Armstrong
President and Chief Executive Officer
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