SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
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Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) - December 11, 1999
IEC Electronics Corp.
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(Exact name of Registrant as Specified in its Charter)
Delaware
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(State or other jurisdiction of Incorporation)
0-6508 13-3458955
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(Commission File Number) (IRS Employer Identification No.)
105 Norton Street, Newark, New York 14513
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(Address of Principal Executive Offices)
(315) 331-7742
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(Registrant's Telephone Number, including Area Code)
Item 5. Other Events
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David W. Fradin, President, Chief Executive Officer, and a director of
Registrant, died suddenly on December 11, 1999. Registrant's Board of Directors
has named Russell E. Stingel, the current Chairman of the Board and former Chief
Executive Officer until his retirement in September 1999, as acting Chief
Executive Officer. He will also continue as Chairman of the Board.
Registrant will immediately commence a search for a candidate to assume the
permanent duties of President and Chief Executive Officer.
Item 7. Financial Statements, Pro Forma Information and Exhibits.
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(c) Exhibits
99.1 Press Release dated December 13, 1999
IEC Electronics Corp.
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(Registrant)
Date: December 14, 1999 By:/s/ Russell E. Stingel
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Russell E. Stingel, Acting Chief
Executive Officer and Chairman of the Board
Exhibit 99.1 Press Release dated December 13, 1999
IEC President David Fradin Dies Suddenly
Russell Stingel, Chairman, Appointed Interim CEO
Newark, NY--Dec. 13, 1999--David W. Fradin, Ph.D., 53, named
President and Chief Executive Officer of IEC Electronics Corp.
(NASDAQ: IECE) earlier this year, died suddenly over the weekend.
Russell E. Stingel, Chairman of IEC and former Chief Executive
Officer of the company until his retirement in September 1999, has
been named interim CEO.
IEC will immediately commence a search for a candidate to assume the
permanent duties of President and Chief Executive Officer.
"David's death was a sudden shock to all of us at IEC as well as our
shareholders, clients and suppliers. We all join together to express
our deepest sympathies to his family. David was instrumental in
assisting IEC in redirecting itself during the past two years.
Although this has been a difficult transition, we believe that his
efforts are beginning to bear fruit, and that this will be one of the
many legacies that he will leave behind," said Mr. Stingel.
Dr. Fradin joined IEC in June 1997 following his position as
President of Harvard Custom Manufacturing, LLC. Dr. Fradin was well
known in the industry from his position as CEO and President of EMD
Associates, Inc., where he led EMD through a number of transitions,
including significant diversification of its customer base. He was
active in the industry's trade association, the IPC, chairing many
committees and frequently representing the industry at business and
government forums.
Prior to his work in the EMS industry, Dr. Fradin held a number of
management positions with the General Electric Company. He was also a
Division Manager with Alcoa Laboratories. He held a B.S. in
Engineering Physics from Cornell University, a Ph.D. in Physics from
Harvard University and an MBA from the Wharton School at the
University of Pennsylvania.
IEC is a full service, ISO 9002 certified contract manufacturer
employing state-of-the-art production utilizing both surface mount
and pin-through-hole technology. IEC offers its customers a wide
range of manufacturing and management services, on either a turnkey
or consignment basis, including design prototyping, material
procurement and control, concurrent engineering services,
manufacturing and test engineering support, statistical quality
assurance and complete resource management. Information regarding IEC
can be found on its World Wide Web page located at
http://www.iec-electronics.com.
The foregoing, including the discussion regarding the Company's
future prospects, contains certain forward-looking statements that
involve risks and uncertainties, including uncertainties associated
with economic conditions in the electronics industry, particularly in
the principal industry sectors served by the Company, changes in
customer requirements and in the volume of sales to principal
customers, the ability of the Company to assimilate acquired
businesses and to achieve the anticipated benefits of such
acquisitions, and competition and technological change. The Company's
actual results of operations may differ significantly from those
contemplated by such forward-looking statements as a result of these
and other factors, including factors set forth in the Company's 1998
Annual Report on Form 10-K filed with the Securities and Exchange
Commission on December 29, 1998.