Cherokee International has announced that Pat Patel will step down as non-executive chairman of the board effective July 22, 2004. Patel retired as CEO of the company in 2001 with the hiring of current CEO, Jeff Frank.
Patel will continue to be available as a consultant to the company to support Cherokee International's continued growth and success. "When I decided to retire as CEO three years ago, I committed to ensuring a smooth transition to the current management team," said Patel. "I now believe that I have fulfilled my commitment in this regard. I will continue to be available to support the company in certain technical areas on an as needed basis. As founder and shareholder, I wish the company continued success."
"Pat has done a tremendous job building a terrific organization," said Jeff Frank, CEO and president of Cherokee International. "He deserves to be very proud of the company he helped create, and he can rest assured that we will continue to work hard to exceed the expectations of our customers, employees and shareholders. We are extremely grateful to Pat for his many years of service and hard work and wish him well."
Patel will be replaced as chairman of the board on an interim basis by Ian Schapiro, a current director of Cherokee International. Schapiro will lead a subcommittee of the board in a search for a permanent replacement expected to be named before the end of the year.