SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
November 15, 1999 (November 10, 1999)
DESA HOLDINGS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 3334496901 22-2940760
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
2701 Industrial Drive
Bowling Green, KY 42101
(Address of principal executive offices, including zip code)
(270) 781-9600
(Registrant's telephone number, including area code)
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Item 5. Other Events
On November 10, 1999, the Registrant announced the resignation of its Chief
Executive Officer and President and the election of a replacement therefor. The
Registrant also announced the resignation of its Chief Operating Officer and the
election of a Chief Financial Officer. For more information, see the press
release dated November 10, 1999, which is attached hereto as Exhibit 99.1.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit 99.1 - Press Release, dated as of November 10, 1999
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
DESA HOLDINGS CORPORATION
(Registrant)
By: /s/ Scott M. Nehm
Scott M. Nehm
Vice President and Controller
Date: November 15, 1999
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EXHIBIT 99.1
Michael Clevy named CEO, DESA International, Inc.
Bowling Green, KY - November 10, 1999 - DESA International, Inc. today announced
that W. Michael Clevy has been named President and Chief Executive Officer
succeeding Terry G. Scariot who along with John Kelly, Chief Operating Officer,
who have elected for personal reasons to step down from their operating
responsibilities, Messrs. Scariot and Kelly will be working with Mr. Clevy
during an extended period to ensure a smooth transition. Stephen L. Clanton has
been named Chief Financial Officer filling an open position.
Mr. Clevy, 51, had been President and Chief Executive Officer of International
Comfort Products from 1994 until its purchase by United Technologies Corporation
in September, 1999. ICP is a designer, manufacturer and marketer of central air
conditioning and heating products for residential and light commercial use in
the U.S. and Canada. Under Mr. Clevy's leadership, ICP revenues grew from $532.8
million to over $800 million in the past five years. Prior to joining ICP, he
spent 23 years with United Technologies, most recently serving as Vice
President, Manufacturing and Technology for Carrier North American operations.
He is a member of the Board of Directors of Pameco Corporation, a member of
Nashville's Baptist Hospital Corporate Advisory Board and a member of Purdue
University's Herrick Laboratories Advisory Committee. Mr. Clevy has a B.S. in
Mechanical Engineering from Purdue University and an M.B.A. from Indiana
University. He was named the Distinguished Engineering alumni in 1998 and was
the recipient of the Outstanding Mechanical Engineering Award in 1997, both from
Purdue University.
Mr. Clanton, 48, had been the Senior Vice President, Chief Financial Officer and
Treasurer of ICP from 1996 until its purchase by United Technologies. Prior to
joining ICP, he was Executive Vice President and Chief Financial Officer for
Falcon Products Inc., St. Louis, Missouri, from 1988 to 1996.
Raymond B. Rudy, Chairman of DESA, said, "Terry and John leave DESA in excellent
condition." "Under their leadership, the Company has achieved market-leading
positions in the zone heating and speciality product sectors." "We are pleased
that Terry and John will continue to work with new management."
Terry G. Scariot became Chief Financial Officer of DESA in March 1985. He was
appointed President of DESA in March 1996 and was named the Chief Executive
Officer in April 1999.
John M. Kelly joined DESA in 1972. During his 27-year-tenure with the company,
Mr. Kelly has held positions of increasing responsibility in the areas of sales,
marking and engineering. He was appointed Executive Vice President in March 1996
and was named Chief Operating Officer in April 1999.
DESA International, Inc., based in Bowling Green, Kentucky, is a leading
manufacturer and marketer of zone heating/home comfort products and specialty
tools in the United
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States. The company sells its products through multiple consumer and commercial
channels of distribution including the leading home centers, mass merchants,
warehouse clubs, hardware cooperatives, specialty heating distributors,
construction and industrial equipment dealers, farm supply outlets and natural
gas utilities under numerous brand names.
Contact: DESA International, Inc.
Ed Patrick
270-745-7843
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