THORNTON, Colo., Dec. 15 /PRNewswire-FirstCall/ -- Ultimate Electronics,
Inc. (Nasdaq: ULTE), today announced it had appointed the company's president
and chief operating officer, David J. Workman, as president and chief
executive officer, effective upon the retirement of Edward McEntire, its chief
executive officer, at year end. The company also announced that Mr. McEntire
will resign from its board of directors and that the size of its board will be
reduced from nine members to eight members upon his resignation.
"I am proud to have been associated with Ultimate Electronics for more
than a decade, both as a board member and, more recently, as an operating
executive, and I am looking forward to the less demanding schedule that comes
with retirement," Mr. McEntire said.
"On behalf of the company, I want to thank Ed for his leadership and
management contributions during an exciting and challenging period for our
business," said William J. Pearse, founder and chairman of Ultimate
Electronics.
Commenting on the board's decision to appoint Mr. Workman as chief
executive officer, Mr. Pearse said: "I have worked with Dave for many years
and believe he is one of the most knowledgeable retail executives in the
consumer electronics industry. He possesses a unique and deep understanding
of our company from an operational perspective. Dave has exceptional
leadership skills. I am confident in Dave, our management team and our
prospects moving forward."
Mr. Workman, a 24-year veteran of Ultimate Electronics, joined Ultimate
Electronics as a sales associate in 1979. He was promoted to store manager in
1982, to vice president of sales and store operations in 1985, to executive
vice president and general manager in 1991 and then to president and chief
operating officer in 1992. As president and chief operating officer, he has
been directly responsible for store operations, marketing, merchandising and
human resources. As chief executive officer and president, he will lead the
continued growth and development of Ultimate Electronics' business. Mr.
Workman will also continue in his role as spokesman for the company.
Ultimate Electronics is a leading specialty retailer of home entertainment
and consumer electronics products in 14 states. The company operates 65
stores, including 54 stores in Arizona, Idaho, Illinois, Iowa, Kansas,
Minnesota, Missouri, Nevada, New Mexico, Oklahoma, South Dakota, Texas and
Utah under the trade name Ultimate Electronics(R) and 11 stores in Colorado
under the trade name SoundTrack(R). In addition, the company operates Fast
Trak, Inc., an independent electronics repair company and a wholly owned
subsidiary of Ultimate Electronics. During the past two years, the company
received numerous industry awards including Audio Video International's 2002
"Top 10 Audio/Video Retailer of the Year."
Contact: Alan E. Kessock, Chief Financial Officer, Ultimate Electronics,
Inc., 303-801-4000.
SOURCE Ultimate Electronics, Inc.
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Related links:
http://www.ultimateelectronics.com
CONTACT:
Alan E. Kessock, Chief Financial Officer of
Ultimate Electronics, Inc., +1-303-801-4000
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