Transcat Inc. announced late Monday afternoon its CEO Charles Hadeed, will retire from the post to serve as executive chairman, effective July 1.
Lee Rudow, president and chief operating officer, will succeed Hadeed as CEO, also effective July 1, the Ogden-based service provider and distributor of calibration and measurement instruments said.
Carl Sassano, chairman since April 2007, will remain on the board and serve on various committees.
Rudow joined Transcat as chief operating officer in November 2011 and became president last September. Rudow has more than 25 years in the calibration services and electronic test and measurement industry, having held leadership positions at other companies in the electronics equipment and services industry.
Hadeed, who also serves as a director, joined Transcat in 2002 as vice president of finance and chief financial officer. He was named chief operating officer in 2004, and CEO in 2007.
"It has been a privilege to lead Transcat and its extraordinary and committed employees,” Hadeed said in a statement. “As we look forward, it is critical we maintain continuity for the benefit of our customers, our employees and our shareholders."
Shares of Transcat (NasdaqGM: TRNS) closed Monday at $6.17, down 3 percent from its previous close. The announcement was made after the market closed.
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