Technitrol CEO announces plans to retire

Technitrol CEO announces plans to retire by early next year

• On 5:52 pm EDT, Monday September 28, 2009

PHILADELPHIA (AP) -- Electronic components maker Technitrol said Monday its chairman and CEO James M. Papada III plans to retire by early next year.

Papada, 61, will retire no later than March 31, 2010, the company said in a release.

Technitrol said it has started a search for a successor and is evaluating candidates from within and outside the company.

"With the worst of the recession behind us and with Technitrol well positioned in several growing and emerging market opportunities, I believe that this is a good time to step aside and allow new leadership to advance," Papada said in the release.

He noted that about two years ago, he told the board that companies should explore new CEO leadership about every decade, particularly in the electronics industry.

Papada has served as Technitrol's CEO since 1999, as board chairman since 1996 and as director since 1983.

Shares of Technitrol rose 33 cents, or 3.7 percent, to close at $9.24.