CAMBRIDGE, ON, Dec. 14 /CNW/ - COM DEV International Ltd. (TSX:CDV), a
leading manufacturer of space hardware subsystems, today announced that
its Board of Directors has unanimously decided to appoint Mike Pley to
the role of Chief Executive Officer on a permanent basis. Mr. Pley had
been serving as Interim CEO since September 1, 2010.
"In September the Board made a decision to replace the CEO as a key step
towards improving the company's operational performance and
profitability," said Terry Reidel, Chairman of COM DEV. "We engaged international recruiting firm Odgers Berndtson to conduct a
global search for a new CEO, one who will provide the determined
leadership and focus to improve COM DEV's performance. Their mandate
was to deliver the very best CEO, a candidate who would balance
continuity and change. At the same time we worked closely with
management to identify specific solutions to the challenges the company
has been facing, and to evaluate the opportunities within the
business. We determined that our performance targets can best be
achieved through a course correction rather than through sweeping
Mr. Reidel continued: "Odgers approached 86 candidates from several different countries as a
part of the search process. Extensive due diligence was completed on a
short list of 15 external and internal candidates, culminating in the
selection of Mr. Pley. On the basis of the process we've undertaken in
the past few months, the Board feels strongly that Mike Pley is the
right person to lead this company.
"We have been impressed with the decisive leadership Mike has shown
since assuming the Interim CEO role. He has set a clear course for
moving forward with a rigorous focus on profitability and the
organization is responding. He has realigned the roles,
responsibilities and accountabilities of the executive management team,
has flattened the reporting structure, and has been working with that
team and the Board to review the strategies within each of the lines of
"I am confident that there are some key Fiscal Year 2011 adjustments we
can make to improve the health of our business," said Mike Pley, CEO. "COM DEV is as determined as ever and as we focus our strategy and
our accompanying efforts to deliver it, the results will follow. I am
immensely excited for what FY 2011 has in store for COM DEV's
shareholders and employees."
Mike Pley first joined COM DEV in 1983 as a design engineer. He has
held a number of management roles at the Company, most recently serving
as Chief Operating Officer from 2008 to 2010 with responsibility for
the Company's four operating divisions. As President of COM DEV Space
from 2001 to 2008, Mr. Pley was responsible for the operational
performance of the Company's core space business. This period was
marked by COM DEV's increased market share in the commercial space
sector, as well as the substantial penetration of the military and
civil space markets. Mr. Pley graduated Summa Cum Laude from McMaster
University in Hamilton, Ontario with a Bachelor of Engineering
(Electrical) and Management.
Mr. Pley will also become an Executive Member of the Board.
About COM DEV
COM DEV International Ltd. (www.comdevintl.com) is a leading global designer and manufacturer of space hardware
subsystems. With facilities in Canada, the United Kingdom and the
United States, COM DEV manufactures advanced products and subsystems
that are sold to major satellite prime contractors for use in
communications, space science, remote sensing and military satellites.
This news release may contain certain forward-looking statements that
involve risks and uncertainties. Actual results may differ materially
from results indicated in any forward-looking statements. The Company
cautions that, among other things, in view of the rapid changes in
communications markets and technologies, and other risks including the
cost and market acceptance of the Company's new products, the level of
individual customer procurements and competitive product offerings and
pricing, and general economic circumstances, the Company's business
prospects may be materially different from forward-looking statements
made by the Company.
The triangular logo and the word COM DEV are each registered trademarks
and the property of COM DEV Ltd. All rights reserved.
SOURCE Com Dev International Ltd.
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