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): July 24, 1996
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Zenith Electronics Corporation
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(Exact name of registrant as specified in its charter)
Delaware 1-4115 36-1996520
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(State or jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
1000 Milwaukee Avenue
Glenview, Illinois 60025
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number,
including area code (847) 391-7000
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Not applicable
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(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events.
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On July 24, 1996, Mr. Albin F. Moschner resigned as president,
chief executive officer and director of Zenith Electronics
Corporation (the "Company"). Mr. Peter S. Willmott, a director
of the Company since 1990, was named interim president and chief
executive officer. A press release announcing the foregoing
is attached as an exhibit hereto and the full text of the press
release is incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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Exhibit No. Exhibit
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99 Press Release dated July 24, 1996.
SIGNATURES
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 thereunto duly authorized.
ZENITH ELECTRONICS CORPORATION
(Registrant)
By: /s/ Richard F. Vitkus
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Richard F. Vitkus
Senior Vice President, General
Counsel and Secretary
Date: July 29, 1996
<PAGE>
EXHIBIT INDEX
Exhibit No. Exhibit
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99 Press Release dated July 24, 1996
Exhibit 99
FOR IMMEDIATE RELEASE For more information
contact:
John I. Taylor
(847) 391-8181
ZENITH ELECTRONICS CEO MOSCHNER RESIGNS;
PETER S. WILLMOTT NAMED INTERIM PRESIDENT AND CEO
GLENVIEW, ILL. July 24 -- Albin F. Moschner, president and chief
executive officer of Zenith Electronics Corporation resigned today, the
company announced.
Peter S. Willmott, 59, former president and chief operating officer of
Federal Express Corp. (now known as FedEx), as well as a member of Zenith's
board for the past six years, was named interim president and chief executive
officer. A search led by Mr. Willmott and the board is being undertaken for
Mr. Moschner's successor.
In a statement being issued to Zenith employees worldwide, Willmott said:
"Al Moschner has led the company through a difficult transition period, securing
new capital, streamlining the manufacturing process, creating new distribution
and logistics systems, and establishing a presence in additional international
markets. As a result, Zenith has become a much more competitive organization,
positioned for new initiatives.
"Our goal now is to find a successor capable of building on these strengths,
while providing dynamic new leadership that focuses on energizing our engineer-
ing, research and development efforts, expanding our promising network system
capabilities, and continuing to execute our strategies in consumer electronics
and CRT," added Willmott.
"It has been a privilege to serve Zenith shareholders, customers and
employees worldwide. We have had to deal with extraordinary challenges in the
past few years, but together we made significant progress. I believe that
Zenith has a bright future. I wish you all well as I pursue my own personal
business interests," Moschner said.
Moschner came to Zenith in 1991 from Control Data Corp., where he served
as chief operating officer of ETA Systems, its supercomputer subsidiary. He
previously served as chief operating officer of Tricord Systems and also served
14 years with IBM in a series of engineering and manufacturing positions. He
had served as chief executive officer of Zenith since February of 1995.
In addition to serving in senior executive roles at Federal Express, Willmott
has served as chairman and chief executive officer of Carson Pirie Scott & Co.,
a leading retailer. He currently holds executive positions as chief executive
officer of Willmott Services, Inc., as well as serving as the non-executive
chairman of MacFrugal's Inc.
In November of last year, LG Electronics, a Korea-based global manufacturer
and marketer of electronic products whose best known brand name is GoldStar,
purchased a majority stake in Zenith.
Zenith has recently announced a series of new products, including Internet-
compatible TVs scheduled for introduction this fall, and is a leading player
in the development of High Definition Television (HDTV).
Zenith Electronics Corporation based in Glenview, Ill. has been a leader
in electronics for more than 75 years. Zenith's core business -- Consumer
Electronics and Network Systems -- is at the center of the company's digital
strategy, which includes interactive television, digital video disc (DVD)
players, digital and wireless cable, data modem and HDTV systems.
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