Nu
Horizons Names Kurt Freudenberg As New Chief Financial
Officer
MELVILLE,
NY, May 17, 2006 - Nu Horizons Electronics Corp. (Nasdaq:NUHC),
a leading distributor of active and passive electronic
components, announced today that the company has named
Kurt Freudenberg as Vice President-Finance and Chief Financial
Officer, effective July 15, 2006. Freudenberg replaces
Paul Durando who is retiring as CFO, but will remain involved
with Nu Horizons, including as a member of the Board of
Directors.
Commenting
on the change, Arthur Nadata, Chairman and Chief Executive
Officer of Nu Horizons Electronics Corp., stated, "We
are extremely pleased to have someone with Kurt's experience
in finance joining our team. He is a seasoned financial
executive and we expect that his extensive involvement
in all areas of finance will be beneficial to Nu Horizons.
We believe that his background, particularly in acquisitions,
will serve him well in our organization as we go forward
with our efforts to build a global electronics components
distribution company. Kurt will replace Paul Durando who
will be retiring from an active executive role in the
Company in July of this year. Paul has been a valued member
of this management team since 1991 and we are grateful
for his dedication and contribution to the success of
our Company. We look forward to and appreciate Paul's
continued involvement with the Company."
Prior
to his arrival at Nu Horizons, Mr. Freudenberg was Vice
President, Corporate Finance of Henry Schein, Inc., the
largest distributor of healthcare products to office-based
practitioners in the combined North American and European
markets. While there, he was responsible for the corporate
accounting, financial planning and tax departments, along
with associated acquisition work. From March 2001 to April
2005, he was the Senior Vice President of Finance and
Group Controller of Cendant Car Rental Group, Inc., and
from July 1997 to March 2001, he held various accounting
positions at Avis Group Holdings, Inc., until its acquisition
by Cendent Car Rental Group. Prior to joining Avis Group,
Mr. Freudenberg was employed by Grant Thornton LLP as
a senior manager in their audit practice. Mr. Freudenberg
was director of finance at NBC News from March to November
1996 and from September 1984 to March 1996; he was senior
manager at Deloitte & Touche, LLP where he worked
in the firm's audit practice and ultimately in its Mergers
and Acquisitions Group.
Mr.
Freudenberg, a Certified Public Accountant, received his
undergraduate degree in Accounting from Trenton State
College and his MBA from Long Island University.
About
Nu Horizons Electronics Corp.
Nu Horizons Electronics Corp. is a leading global distributor
of advanced technology active components and systems to
a wide variety of commercial original equipment manufacturers
(OEMs) and Electronic Manufacturing Services providers
(EMS). With sales facilities in 47 locations across North
America, Europe and Asia and regional logistics centers
throughout the globe, Nu Horizons partners with a limited
number of best-in-class suppliers to provide in-depth
product development, custom logistics and life-cycle support
to its customers. Information on Nu Horizons and its services
is available at http://www.nuhorizons.com.
Except for historical information contained herein, the
matters set forth in this news release are forward looking
statements. When used in this press release, words such
as "anticipate," "believe," "estimate,"
"expect," "intend" and similar expressions,
as they relate to Nu Horizons or its management, identify
forward-looking statements. Such forward-looking statements
are based on the current beliefs of Nu Horizons' management,
as well as assumptions made by and information currently
available to its management. Forward-looking statements
involve certain risks and uncertainties that could cause
actual results to differ from those in the forward looking-statements.
Potential risks and uncertainties include such factors
as the level of business and consumer spending for electronic
products, the amount of sales of the Company's products,
the competitive environment within the electronics industry,
the ability of the Company to continue to expand its operations,
the level of costs incurred in connection with the Company's
expansion efforts and the financial strength of the Company's
customers and suppliers. Investors are also directed to
consider other risks and uncertainties discussed in documents
filed by the Company with the Securities and Exchange
Commission. Such statements reflect our current view with
respect to the future and are subject to these and other
risks, uncertainties and assumptions relating to Nu Horizons'
financial condition, results of operations, growth strategy
and liquidity. The Company does not undertake any obligation
to update its forward-looking statements.
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