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.
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, [email protected], www.waytekwire.com
SOURCE Waytek, Inc
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