HVAC Breaking News

July 19, 2011: Bready Retires as CEO of Nortek, Smith Appointed Interim CEO

July 19, 2011
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PROVIDENCE, R.I. - Nortek Inc., a leading global manufacturer of branded ventilation, HVAC, and technology products, announced the retirement of its longstanding chairman, president and chief executive officer, Richard L. Bready, and the appointment of J. David Smith as interim chief executive officer. Nortek’s board of directors also announced that it is retaining an executive search firm to find a permanent replacement.

Prior to assuming the interim CEO title, Smith served for approximately two years as an outside director on Nortek’s board of directors as well as on its compensation committee. Smith has more than 36 years of experience in the building products industry, including 12 years as the chairman, president, and CEO of Euramax International Inc.

“Nortek will continue to operate on a business-as-usual basis relying upon the leadership of our business segment senior management,” said Smith. “We remain focused on delivering high-quality, attractively-designed products to our customers as well as fulfilling our commitments to our employees.”

Bready is retiring after 36 years of service to Nortek and its predecessor companies. Under his leadership, Nortek grew into a diversified manufacturer of residential and commercial building products with leading positions in each of the company’s four business units: Residential Ventilation Products, Technology Products, Residential Air Conditioning and Heating Products, and Commercial Air Conditioning and Heating Products. The company’s brands include Broan, CES Group, and Nordyne.

“With the 2009 restructuring, the successful acquisitions of Ergotron and TV One, as well as the recent refinancing of the company’s balance sheet behind us, Nortek is now solidly positioned for the future. Therefore, I felt we had reached a point where I could confidently step back,” said Bready. “The company is in excellent hands with David, who has offered his wealth of knowledge of this industry as well as his sound judgment and guidance during his tenure on the board of directors. I have complete confidence in his ability to lead Nortek and work with the management team in this transitional time in order to continue to drive outstanding performance for the company."

“The entire Nortek organization extends its sincerest gratitude to Rick for his innumerable contributions to the growth of the company,” said Jeffrey Bloomberg, lead director of Nortek. “Everyone wishes him great happiness in his retirement.”

For more information, visit www.nortek-inc.com.

Publication date: 07/18/2011

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