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Herley Industries, Inc. Board of Directors Concludes Strategic Alternatives Review To Discuss Conclusions with Investors at a July 22, 2009 Conference in New York
Date:7/22/2009

LANCASTER, Pa., July 22 /PRNewswire-FirstCall/ -- The Board of Directors for Herley Industries, Inc. (Nasdaq: HRLY) today announced sweeping changes to its top management leadership.

  • Myron Levy Replaced as Chairman and CEO
  • David Lieberman named Chairman of The Board
  • Richard Poirier Named Chief Executive Officer and President
  • Adm. Edward Walker (Ret.) to continue as Vice Chairman of the Board
  • Yonah Adelman Appointed Senior Vice President
  • John McClay Selected as General Manager for Herley New England
  • Substantial cost reductions to be achieved by eliminating separate corporate office and reduced executive compensation
  • Increased Revenue and Profitability to be primary objectives

Effective immediately, Myron Levy has been replaced as the Company's Chief Executive Officer and Chairman of the Board. David Lieberman has been named to serve as the Company's Chairman of the Board. Mr. Lieberman, a senior partner in the New York law firm of Beckman, Lieberman & Barandes, LLP, previously served as a member of the Herley Board of Directors for many years and has provided corporate and securities law counseling for in excess of 25 years to Herley. He has also represented a number of other defense contractors over the years.

Mr. Lieberman commented, "Myron Levy has served the company exceptionally well since he first came to Herley in 1988, and he deserves our respect and appreciation for guiding the company through some very good business years, as well as the recent difficult times. Through his efforts, we believe Herley is well positioned for future growth. With the Company now back on track, the Board of Directors has determined that it is time fo
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SOURCE Herley Industries, Inc.
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