Molex hires new auditor; switches CEOs

Lisle, IL—Molex Inc. reports that its board of directors’ audit committee has hired Ernst & Young LLP to serve as Molex's independent auditor. Molex’s board also has appointed Frederick Krehbiel, present board co-chairman and former CEO, to temporarily serve as the firm’s new CEO following the Dec. 9 resignation of J. Joseph King as CEO and board vice chairman.

12/14/2004


Lisle, IL— Molex Inc. reports that its board of directors’ audit committee has hired Ernst & Young LLP to serve as Molex's independent auditor. Molex’s board also has appointed Frederick Krehbiel, present board co-chairman and former CEO, to temporarily serve as the firm’s new CEO following the Dec. 9 resignation of J. Joseph King as CEO and board vice chairman. King reportedly will continue to serve Molex in a staff function with responsibilities that include strategic planning and coordination of certain Molex functional areas.

Krehbiel previously served as Molex's CEO from 1988 to 1998, and as its co-CEO from 1999 to 2001. Molex also announced that its board has reviewed Molex's CEO succession plan, and plan and advised that, while no definitive action has yet been taken by the board, that its current expectation is that Martin Slark, Molex's president and COO, would replace Krehbiel as CEO during the first fiscal quarter following the end of Molex's current fiscal year on June 30, 2005.

Ernst & Young will begin serving as Molex's independent auditor effective immediately, and will begin reviewing Molex's financial statements for the fiscal quarter that ended Sept. 30, 2004 under Statement of Auditing Standards No. 100, 'Interim Financial Information.' Molex also plans to file an amendment to its Form 10-Q for the fiscal quarter that Sept. 30, 2004, as soon as possible after Ernst & Young completes its review. Filing the planned amendment to the Form 10-Q after the SAS 100 review of the interim financial statements has been completed would make Molex current in its SEC filing obligations and in compliance with the applicable Nasdaq continued listing requirement.

In addition, the board accepted the resignation of Diane Bullock as VP and treasurer. She will continue to serve Molex in a staff function with responsibilities that include coordination of Molex's global procurement and logistics strategy, and overseeing Molex's global lean manufacturing program.

King anduested by Molex's previous independent auditor.

Control Engineering Daily News Desk
Jim Montague, news editor
jmontague@reedbusiness.com





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