Waytek CEO Charlie Kanan will
remain CEO until Q1 of 2025 and Board Chair through 2026 while
working with the Board on a smooth leadership transition.
CHANHASSEN, Minn., Aug. 7, 2024
/PRNewswire-PRWeb/ -- Electrical components
distributor Waytek, Inc. announced today that Charlie Kanan, CEO and Board Chair, has notified
the Board of Directors of his intention to retire from Waytek on
December 31, 2026. Kanan will work
with the Board on a smooth leadership transition.
"My deepest thanks go to both generations
of the Larson family and all the employees who have made our
success possible. I look forward to helping see Waytek through this
important leadership change."
Kanan, who has been Board Chair and CEO at Waytek since 2012,
has presided over company milestones including revenue increase
from $32 million to $87 million, doubling the number of employees,
and winning a Minnesota Family Business Award in 2020. He also
helped steer Waytek through the pandemic years and world supply
chain disruptions, avoiding employee layoffs and overseeing rapid
business growth during turbulent economic times.
"I'd like to thank Charlie on behalf of the owners and the Board
for his hard work over the past 12 years," said Mike Larson, Chief Operations Officer and a
co-owner of Waytek. "Charlie has been essential in furthering our
mission of providing an exceptional customer experience while
growing revenue and fostering a customer-focused work force. We
appreciate his willingness to play a vital role in ensuring a
smooth transition to a new CEO."
Kanan will continue to lead the company and assist with the
transition with the goal of hiring a new CEO by the end of Q1,
2025. Once the transition to a new CEO is complete, Kanan will
continue in his role as Board Chair until December 31, 2026.
"I've thoroughly enjoyed working for such a great company," said
Kanan. "My deepest thanks go to both generations of the Larson
family and all the employees who have made our success possible. I
look forward to helping see Waytek through this important
leadership change, and starting the next phase of my life which
will include spending more time with my family and
grandchildren."
Kanan and the Waytek Board have formed a search committee and
retained independent consultant Lyman Executive Search to lead the
search, which is already underway.
About Waytek
Waytek, Inc. is a customer-driven distributor of automotive wire
and DC electrical components serving OEMs (original equipment
manufacturers), wire harness manufacturers, and upfitters across
North America. A family-owned
business founded in 1970, Waytek commits to providing exceptional
service to our customers, shipping more than 99.5 percent of
in-stock orders the same day.* We partner with product
manufacturers known for premier quality and take pride in creating
a consistent sense of purpose and unity for our employees. With a
mission to provide an exceptional customer experience, we do our
part so our customers can do theirs.
*Orders entered by 3:30 p.m. Central
Time.
Media Contact
Steve Green, Waytek, Inc, 1
612-364-5650, steve.green@waytekwire.com, www.waytekwire.com
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SOURCE Waytek, Inc