May 12, 2016 – Spencer Stuart has been retained by TESSCO Technologies, Inc. to lead its search for a new chief executive officer.
The incoming CEO will replace longtime leader Robert Barnhill, who has been chairman and CEO at TESSCO since re-founding the former electronic equipment company as a mobile radio industry supplier in 1982.
With fiscal 2016 year-end revenues of $530.7 million, TESSCO is a complete source for building, using and maintaining wireless broadband voice, data and video systems.
“This is the right time for CEO succession. TESSCO is positioned to regain and achieve growth and shareowner value, by making a difference in our customers’ wireless deployment success,” said Mr. Barnhill. “The new CEO will accelerate the transformations already underway, responding to the exponential pace of change in wireless and customer behaviors and expectations. I look forward to working with the new CEO, who will bring passion, experience and leadership to take TESSCO to a new level of success in the exploding world of wireless connectivity.”
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Mr. Barnhill will remain as executive chairman when the CEO is named.
The search for a new chief executive at the company comes amid declining revenues and earnings which have pushed its shares down 18 percent since the beginning of the year.
Spencer Stuart’s CEO practice has conducted nearly 1,500 CEO search and succession assignments over the past half decade or so. Veteran recruiter Jim Citrin leads the firm’s North American CEO sector group. During his 20-plus years with the firm, Mr. Citrin has worked with clients on more than 600 CEO, board director, CFO and other top management searches and CEO succession assignments. He has handled a number of high-profile CEO searches including the ones that led to the hiring of Marissa Mayer at Yahoo, Léo Apotheker at Hewlett-Packard, Jack Dorsey at Twitter, and the promotion of Brian Krzanich to CEO at Intel. Just recently, the firm recruited Frito-Lay North America CEO, Thomas Greco, to the CEO post at Advance Auto Parts.
Contributed by Dale M. Zupsansky, Managing Editor, Hunt Scanlon Media