© kemet - for illustrative purposes Components | December 20, 2018
KEMET CEO Per-Olof Loof resigns
Passive electronic component supplier, KEMET Corporation, announces that William M. Lowe, Jr., who has served as Executive Vice President and CFO of the company since 2008, has been appointed CEO and a member of the Company's Board of Directors, effective immediately.
Mr. Lowe succeeds Per-Olof Loof, who, in agreement with the Board, has resigned as Chief Executive Officer and as a member of the Board, a press release reads. The reason behind Mr. Loof's departure follows an investigation overseen by certain independent members of the KEMET Board, with the assistance of an external law firm, of the facts and circumstances surrounding a consensual personal relationship between Mr. Loof and an employee of the company and related actions which were inconsistent with KEMET’s policies. The company says that the alleged conduct did not relate to questions regarding the company's operations or the integrity of the its financial statements. Mr. Loof will not receive any severance benefits. "KEMET is committed to ensuring that the Company's policies are upheld by all KEMET employees," said Frank G. Brandenberg, Chairman of the Board. "The Board recognizes Mr. Loof's contributions to the Company's financial performance, as well as the establishment of an outstanding leadership team now to be led by Bill." During Mr. Loof's almost 14 year tenure as KEMET's CEO, the company's annual revenues almost tripled with profits improving from a loss to a USD 254 million profit with gross margins of 28.4% (all for the fiscal year ending March 31, 2018) and the company expanded its product lines through the addition of the Film & Electrolytic and Magnetics, Sensors and Actuators business groups.
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