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11 February 2015

Anadigics' elects ServCo CEO to board

Broadband wireless and wireline communications component maker Anadigics Inc of Warren, NJ, USA says that Richard B. Kelson, chairman, president & CEO of strategic sourcing and supply chain management company ServCo LLC, has been elected to its board of directors.  Paul Bachow is stepping down from the board after more than two decades of service.

Anadigics says that Kelson is a recognized finance and supply chain management leader, having held several positions at Alcoa Inc (one of the world's most successful metals companies). Most notably, Kelson served as chairman's counsel until he retired in 2006, executive VP & chief financial officer from 1997 to 2005, and general counsel from 1994 to 1997. Institutional Investor magazine named him 'Best CFO in Metals and Mining' in 2004 and 2005. He is also a recipient of two of CFO Magazine's global CFO Excellence Awards.

"We conducted an exhaustive search to find a leader whose experience, knowledge, and values will further expand our board's breadth and depth of talent," says Anadigics' chairman & CEO Ron Michels. "With an extensive public company and private equity background, Rick brings to Anadigics vast financial, legal and supply chain expertise that we believe will be invaluable in helping to shape the future of our company," he adds.

Kelson is currently a member of the board of directors of PNC Financial Services Group, MeadWestvaco Corp, and Commercial Metals Corp. He was previously operating advisor with private equity fund manager Pegasus Capital Advisors from 2006 to 2010. He graduated from the University of Pennsylvania with a bachelor's degree in political science and obtained a Juris Doctor degree in law from the University of Pittsburgh.

Paul Bachow has served on Anadigics' board since 1993 and was most recently chairman of the audit committee. With his departure, Harry Rein has been elected chairman of the audit committee and Kelson will join the committee as its financial expert. Kelson has also been elected as a member of the compensation & HR committee. He will serve out the remainder of Bachow's term and remain in office through the firm's Annual Shareholder meeting, when he will stand for re-election by the shareholders.

Tags: Anadigics

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