NU
HORIZONS ELECTRONICS CORP. ANNOUNCES RESIGNATION OF CHAIRMAN AND CHIEF OPERATING
OFFICER APPOINTMENT OF NEW CHAIRMAN, PRESIDENT AND CHIEF OPERATING OFFICER
Melville,
New York - May 4, 2004 - Nu Horizons Electronics Corp. (NASDAQ:NUHC), a leading
distributor of high technology active components, today announced that Irving
Lubman, the Company's Chairman of the Board and Chief Operating Officer, has determined
to retire from such offices effective June 1, 2004. Mr. Lubman will continue to
be employed as a Vice President of the Company. At the time of Mr. Lubman's resignation,
Arthur Nadata, currently the Company's President and Chief Executive Officer,
will become Chairman of the Board, while retaining his CEO title, and Richard
Schuster, currently Vice President and President of the Company's subsidiary NIC
Components Inc., will become the Company's President and Chief Operating Officer.
Arthur Nadata
stated "Nu Horizons is thankful to Irving Lubman for his efforts on behalf
of the Company over the past 22 years. We anticipate that although Irving will
serve the Company in a less active role, he will continue to assist us in accomplishing
our goals."
Richard
Schuster stated "Arthur and I are looking forward to assuming our additional
responsibilities and developing new opportunities to grow the Company's business
both domestically and overseas."
About
Nu Horizons
Nu
Horizons is a national distributor of high technology electronic components, which
provide innovative, total semiconductor and passive component solutions through
products and technologies that are faster, smaller and lower powered. Nu Horizons
was established in 1982 and currently has 29 branch and subsidiary offices located
in the U.S., Asia and Europe. For more information, visit Nu Horizons' home page
at http://www.nuhorizons.com.
Except
for historical information contained herein, the matters set forth in this news
release are forward looking statements that 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 electronic 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. |
