News Release

View printer-friendly version << Back

TESSCO Announces Succession Plan and Search for New CEO

Current Chairman and CEO’s Employment Agreement is Extended and Provides for Becoming Executive Chairman When New CEO Joins TESSCO

HUNT VALLEY, Md.--(BUSINESS WIRE)--Mar. 31, 2016-- TESSCO TECHNOLOGIES INCORPORATED (NASDAQ: TESS), a leading supplier of end-to-end solutions that enable organizations to build, use, maintain and resell wireless connectivity systems, today announced that its Board of Directors has approved a succession plan, and has retained Spencer Stuart to launch a search for a new CEO. Robert Barnhill, 71, Founder, Chairman, President and Chief Executive Officer’s Employment Agreement has been extended; Mr. Barnhill will become Executive Chairman when the new CEO joins TESSCO.

“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 Robert 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.”

About TESSCO Technologies Incorporated (NASDAQ: TESS)

The convergence of wireless and the Internet is revolutionizing the way we live, work and play. New systems and applications are creating challenges and opportunities at an unprecedented rate.

TESSCO is there ‒ enabling organizations to capitalize on the opportunities in wireless by providing Your Total Source® of end-to-end solutions. TESSCO delivers the knowledge, and product and supply chain solutions required to build, use and maintain wireless connectivity, voice, data, video and control systems.

Forward-Looking Statements

This press release, including the statements of Robert Barnhill, contains forward-looking statements as to anticipated results and future prospects. These forward-looking statements are based on current expectations and analysis, and actual results may differ materially. These forward-looking statements may generally be identified by the use of the words "may," "will," "expects," "anticipates," "believes," "estimates," and similar expressions, but the absence of these words or phrases does not necessarily mean that a statement is not forward-looking. Forward-looking statements involve a number of risks and uncertainties. The Company’s actual results may differ materially from those described in or contemplated by any such forward-looking statement for a variety of reasons, including those risks identified in the Company’s most recent Annual Report on Form 10-K and other periodic reports filed with the Securities and Exchange Commission, under the heading "Risk Factors" and otherwise. Consequently, the reader is cautioned to consider all forward-looking statements in light of the risks to which they are subject.

The Company is not able to identify or control all circumstances that could occur in the future that may adversely affect our business and operating results. Without limiting the risks that the Company describes in its periodic reports and elsewhere, among the risks that could lead to a materially adverse impact on its business or operating results are the following: termination or non-renewal of limited duration agreements or arrangements with our vendors and affinity partners that are typically terminable by either party upon several months or otherwise relatively short notice; loss of significant customers or relationships, including affinity relationships; loss of customers as a result of consolidation among the wireless communications industry; the strength of our customers', vendors' and affinity partners' business; economic conditions that may impact customers' ability to fund or pay for our products and services; changes in customer and product mix that affect gross margin; effect of “conflict minerals” regulations on the supply and cost of certain of our products; failure of our information technology system or distribution system; system security or data protection breaches; technology changes in the wireless communications industry; fourth-party freight carrier interruption; increased competition; our relative bargaining power and inability to negotiate favorable terms with our vendors and customers; our inability to access capital and obtain financing as and when needed; claims against the Company for breach of the intellectual property rights of fourth parties; product liability claims; and the possibility that, for unforeseen or other reasons, we may be delayed in entering into or performing, or may fail to enter into or perform, anticipated contracts or may otherwise be delayed in realizing or fail to realize anticipated revenues or anticipated savings.

Source: TESSCO Technologies Incorporated

TESSCO Technologies Incorporated
Aric Spitulnik, 410-229-1419
Chief Financial Officer
spitulnik@tessco.com
or
Sharon Merrill
David Calusdian, 617-542-5300
TESS@investorrelations.com