Electro-Sensors Inc. Announces Management Changes; Announces Temporary Suspension of Quarterly Dividend
July 23, 2013 at 04:34 pm EDT
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Electro-Sensors Inc. announced the appointment of David L. Klenk as CEO and CFO of the company. Mr. Klenk recently joined the Electro-Sensors board of directors and now replaces Bradley D. Slye in these roles. Brad Slye will remain with the company and lead its new product development and integration efforts. Mr. Klenk has over 20 years of experience leading technology companies, most recently as director and president of Harland Medical Systems Inc. In addition, the company has announced the appointment of Scott A. Gabbard to the company's board of directors. Mr. Gabbard is currently CFO of Magenic Technologies Inc.
The board of directors has also announced that they have temporarily suspended the company's quarterly dividend. The board is acutely focused on maximizing shareholder value and is suspending the dividend to best position the company for renewed growth.
Electro-Sensors, Inc. manufactures and sells industrial production monitoring and process control systems. It manufactures a line of monitoring and control systems for a range of industrial machine applications. The systems measure machine production and operation rates, as well as regulate the speed of related machines in production processes. Its product range includes speed monitoring systems, temperature application products, position application products, vibration monitoring products, tilt switches and hazard monitoring systems. Its speed monitoring systems compare revolutions per minute or speed against acceptable rates as determined by its customers. Its speed monitoring systems also include a line of products that measure production counts or rates, such as number of parts, gallons per minute and others. Its main temperature applications include bearing, gear box, and motor temperature monitoring sensors. Electro-Sentry and HazardPRO are its hazard monitoring systems.