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Data I/O Announces CEO Transition Plan: Industry Veteran Bill Wentworth to Lead Company
REDMOND, Wash.--(BUSINESS WIRE)-- Data I/O Corporation (NASDAQ: DAIO) today announced a Chief Executive Officer (“CEO”) transition plan, with industry
About this update from Data I/o Corporation
[{"type":"text","content":" REDMOND, Wash.--(BUSINESS WIRE)--\nData I/O Corporation (NASDAQ: DAIO) today announced a Chief Executive Officer (“CEO”) transition plan, with industry veteran and current Data I/O Board member William “Bill” Wentworth to become President and CEO. Bill will replace Anthony Ambrose through a managed transition plan.\n\n\n“We are very pleased to announce a leadership transition plan today with Bill Wentworth coming on board to lead Data I/O,” said Sally Washlow, Independent Chair of the Board of Directors of Data I/O. “Already a highly respected Board member of the Company, Bill will take on an executive role as he becomes President effective September 1, 2024 and CEO effective October 1, 2024.”\n\n\nMr. Wentworth, age 58, comes to Data I/O with a wealth of industry experience spanning over 35 years, including private equity and M&A exposure. As the CEO of Source Electronics, the global market share leader in programming and test services, he was a Data I/O customer and led the sale of controlling interest of Source Electronics to HIG Capital in 2001 and the company’s subsequent sale to Avnet in 2008 with significant investor return. Under Mr. Wentworth’s leadership, Source developed compelling programming solutions for the automotive and consumer industries, expanding the business and limiting its industry and customer concentration. More recently, as President and owner of Wentworth Advisors, he has consulted in the programming, IT, and private equity markets, focusing on expanding deal flow, performing due diligence and Board service. Mr. Wentworth has been a member of the Board of Directors of Data I/O since May 2023, serving as Chair of the Corporate Governance & Nominating Committee and member of the Audit and Compensation Committees.\n\n\n“I am incredibly excited to become the next leader at Data I/O,” said Bill Wentworth. “Data I/O is the leading supplier to the global automotive industry and has developed industry-leading programming technology, automated solutions, and software. As a longtime customer of Data I/O over the past 40 years, I was a hands-on user of the industry’s first programming solution, the Data I/O 1. As a Board member for the past year, I’ve brought unique perspectives to the Company’s products and go-to-market strategies. Data I/O has the best balance sheet in the industry, an impressive global custo...