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FOR MORE INFORMATION
CONTACT:
Bob Murray
VP Communications
office818.704.0733
Mobile 213.200.7606
bmurray@magnetek.com
FOR IMMEDIATE RELEASE
Magnetek
Announces Appointment of Thomas
G. Boren
as President and Chief Executive
Officer
Los Angeles,
CA, May 9, 2005 -- Magnetek,
Inc. (NYSE: MAG) today announced
the appointment of Thomas G. Boren,
55, as President and Chief Executive
Officer of the Corporation, effective
immediately. Mr. Boren will continue
to serve as a member of the Company’s
Board of Directors, of which he
has been a member since 1997. Andrew
Galef, who will continue to serve
as Chairman, said that Mr. Boren
will assume full-time responsibility
for day-to-day operations and guiding
the strategic direction of the Company.
Mr. Boren has held executive positions
in the energy products and services
sector since 1980, most recently
as Executive Vice President of PG&E
Corporation and as President and
Chief Executive Officer of PG&E’s
National Energy Group from August
1999 until December 2002. Prior
to joining PG&E Corporation, Mr.
Boren was an Executive Vice President
with Southern Company and served
as President and CEO of Southern
Energy Inc., Southern Company’s
worldwide power plant, energy trading
and energy services business.
Magnetek, Inc. manufactures digital
power products for communications,
industrial automation, information
technology, consumer products, alternative
energy, power generation, transmission
and distribution, transportation,
and other applications that require
reliable, controllable, energy-efficient
power. The Company operates manufacturing
and research facilities in North
America, Europe and China and reported
total revenue of $243 million for
its 2004 fiscal year, which ended
on June 30, 2004.
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This news release
contains forward-looking statements
within the meaning of the Private
Securities Litigation Reform Act
of 1995, including statements regarding
the Company's anticipated growth
in alternative energy markets. These
forward-looking statements are based
on the Company's expectations and
are subject to risks and uncertainties
that cannot be predicted or quantified
and are beyond the Company's control.
Future events and actual results
could differ materially from those
set forth in, contemplated by, or
underlying these forward-looking
statements. These risks and uncertainties
include unanticipated financial
results of operations, audit-related
findings and their effect on the
Company's expected financial results,
lack of certainty as to when and
how economic conditions and market
dynamics may manifest themselves
and the actual effects such conditions
and dynamics may have on the Company.
Other factors that could cause actual
results to differ materially from
expectations are described in the
Company's reports filed with the
Securities and Exchange Commission
pursuant to the Securities Exchange
Act of 1934.
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