Kemet Corporation (KEM) Reports Election of Karen Rogge to Board; Joseph Borruso to Retire from Board
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KEMET Corporation (NYSE: KEM) announced today that on May 30, 2018, Joseph V. Borruso informed the Company that he was resigning from the Company’s Board of Directors (the “Board”). Mr. Borruso also resigned from the board of directors of KEMET Electronics Corporation, a wholly owned subsidiary of the Company (“KEC”). Mr. Borruso’s resignations were accepted by each board and became effective on May 30, 2018. Mr. Borruso informed the boards that he was resigning for personal and health reasons and not due to any disagreement with, or any matter relating to, the operations, policies or practices of, the Company. Mr. Borruso, age 78, has served on the each of the boards since March of 2008.
Following the resignations of Mr. Borruso, also on May 30, 2018, the Board elected Karen M. Rogge to the Board to fill the resulting vacancy. Ms. Rogge was also elected to the board of KEC. Ms. Rogge is currently President of the RYN Group LLC, a management consulting business, which she founded in 2010. She served as the Interim Vice President and Chief Financial Officer for Applied Micro Circuits Corporation, a global semi-conductor company, from August 2015 to January 2016. Previously, Ms. Rogge served as the Chief Financial Officer and Senior Vice President of Extreme Networks, Inc., a computer network company, and has held executive financial and operations management positions at Hewlett Packard Company, Seagate Technology, and Inktomi Corporation.
Per Loof, KEMET Corporation’s Chief Executive Officer, stated, “We are delighted to welcome Karen Rogge to our Board of Directors. We believe that Karen’s financial expertise, as well as her industry experience and knowledge of the markets, will provide significant benefits to our Board and to our shareholders as we continue to expand our business and markets. We have been fortunate to have benefitted from Joe Borruso’s expertise during his time on the Board, and wish him well in his future endeavors.”
“I am honored to join the Board of Directors of KEMET,” said Karen Rogge. “I look forward to working with the Board and management to continue the Company’s positive momentum and leveraging my experience to benefit the stockholders of KEMET.”
Ms. Rogge has been placed in the Director Class of 2020, and has been appointed to the Audit Committee of the Board. The Board has determined that Ms. Rogge qualifies as an “independent director,” as that term is defined in Item 407(a) of Regulation S-K, and also determined, after a review of her qualifications, that Ms. Rogge is an “audit committee financial expert” serving on the Audit Committee within the meaning of the Securities and Exchange Commission rules and regulations.
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