FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest
event reported): February 23, 1995
Zenith Electronics Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-4115 36-1996520
(State or jurisdiction (Commission File (IRS Employer
of incorporation) Number) identification No.)
1000 Milwaukee Avenue
Glenview, Illinois 60025
(Address of principal executive offices) (Zip Code)
Registrant's telephone number,
including area code (708) 391-7000
Not applicable
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events.
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On February 23, 1995, Zenith Electronics Corporation issued a
press release announcing that Jerry K. Pearlman, Chairman and
Chief Executive Officer, plans to retire at the end of 1995 and
that the Company's Board of Directors plans to elect Albin F.
Moschner, current President and Chief Operating Officer, as
Chief Executive Officer after the Company's April 25, 1995
annual meeting. The press release is attached as Exhibit 20
hereto and is incorporated by reference herein.
Item 7. Financial Statements, Pro forma Financial Information and Exhibits.
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(c) The following exhibits are included as part of this report:
Exhibit 20 - Zenith Electronics Corporation Press Release dated
February 23, 1995.
SIGNATURES
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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.
ZENITH ELECTRONICS CORPORATION
By: /s/ David S. Levin
------------------------
David S. Levin, Secretary
Date: February 23, 1995
<PAGE>
Exhibit Index
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Exhibit
Number Exhibit Description
- ------- --------------------
20 Press Release dated February 23, 1995.
EXHIBIT 20
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FOR IMMEDIATE RELEASE
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PEARLMAN ANNOUNCES PLANS TO RETIRE;
MOSCHNER TO BE ELECTED CHIEF EXECUTIVE
GLENVIEW, Ill., Feb. 23, 1995 -- Jerry K. Pearlman, chairman and chief
executive officer (CEO) of Zenith Electronics Corporation, today announced
that he plans to retire at the end of 1995.
To facilitate a smooth transition, Zenith's Board of Directors plans
to elect Albin F. Moschner as CEO after the company's April 25 annual
meeting. Moschner will continue as president, while Pearlman continues
as chairman through 1995.
"Al has been instrumental in the progress we have made toward
returning the company to profitability," Pearlman said. "While much remains
to be done, I'm confident of Al's ability to lead the company forward. With
the digital era just ahead, I feel that, after a dozen years as CEO, this is
the best time to turn over the reins to the next generation of leadership.
"Having a highly qualified successor in place allows me to step aside
and increase my commitment to a numberof charitable and civic interests and
outside corporate boards. I also look forward to catching up on some long-
overdue personal time. All of these interests have been restricted by the
demands of the recent past at Zenith."
"I have committed to remain as chairman until year-end to assist Al as
he takes on his new responsibilities. I also have agreed to continue to
represent the company in its efforts to get HDTV standards established and
products into the market, and to stay active in certain strategic
relationships. These activities may well extend beyond the end of the year,"
Pearlman said.
Moschner, 42, has been Zenith president and chief operating officer
(COO) since August 1993. He joined Zenith in October 1991 as senior
vice president of operations, and has been a member of Zenith's board of
directors since April 1992. Prior to joining Zenith, Moschner was COO
for Tricord Systems Inc. and for ETA Systems. Previously, he held key
engineering and manufacturing positions at IBM.
Pearlman, 55, has been Zenith's chief executive officer since July
1983 and chairman since April 1984. Throughout his 23-year Zenith career, he
held a variety of key senior positions, including senior vice president of
finance and strategic planning. Prior to being named CEO, he served as the
senior executive responsible for Zenith's personal computer business, which
was sold in 1989.
MEDIA CONTACT: John Taylor (708) 391-8181
INVESTOR CONTACT: Bill McNitt (708) 391-7713
