Measurement Specialties chief to step down

Jan. 9, 2003 — Joseph Mallon, chairman of the board of Fairfield, N.J.-based sensor provider Measurement Specialties Inc., will step down from his position effective Jan. 31 to pursue other opportunities, according to a news release. He will remain a member of the board.

The company also said it will reduce the size of its board of directors from seven to five. Two members of the board, Damon Germanton and Steve Petrucelli, have declined to stand for re-election when their terms expire at the upcoming shareholders meeting on March 3, the release said. The board has decided to eliminate the two seats.

Measurement Specialties delayed reporting quarterly earnings in 2002 and announced a restructuring plan last June, when Mallon was replaced as chief executive by current CEO Frank Guidone. Mallon was one of the original founders of Novasensor Inc., the pioneering MEMS sensor developer sold last September by TRW Inc. to GE Industrial Systems, a division of General Electric Co.

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