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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Form 8-K
CURRENT REPORT
Pursuant to Section 12 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): April 21, 1999
PLANAR SYSTEMS, INC.
(exact name of registrant as specified in its charter)
Oregon 0-23018 93-0835396
(State or other jurisdiction of (Commission (IRS Employer
incorporation or organization) File Number) Identification No.)
1400 N.W. Compton Drive, Beaverton, Oregon 97008
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: (503)690-1100
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Item 5. OTHER EVENTS
On April 21, 1999, Planar Systems, Inc. (the "Company") issued a press
release announcing that James M. Hurd, the Company's President and
Chief Executive Officer, intends to take a medical leave of absence
from the Company beginning May 13, 1999, and announcing certain other
changes in the Company's management. The press release is attached
hereto as Exhibit 99.1 and is incorporated in its entirety herein by
reference.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99.1 Press Release issued by Planar Systems, Inc. on April 21, 1999
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 on April 23, 1999.
PLANAR SYSTEMS, INC.
(Registrant)
/s/ Jack Raiton
-------------------------
Jack Raiton
Vice President and
Chief Financial Officer
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EXHIBIT 99.1
PLANAR'S HURD TO TAKE MEDICAL LEAVE OF ABSENCE
BEAVERTON, Oregon - April 21, 1999 - Planar Systems, Inc. (Nasdaq: PLNR)
president and chief executive officer Jim Hurd announced today that he intends
to take a medical leave of absence from the company. Bill Walker, Planar's
chairman, will become interim chief executive officer, effective May 13, until
Hurd returns to the company in late 1999.
Hurd said he recently received a diagnosis that he has leukemia with a favorable
prognosis for treatment. He said he plans to undergo aggressive treatment
starting in mid-May.
"Bill Walker has been involved in Planar's strategies since its inception," said
Hurd. "He has been instrumental in Planar's evolution from a pioneer in
electroluminescent display technology to its current position as the largest
producer of advanced information display products in North America and Europe.
The combination of Bill's leadership with Planar's exceptional board and
management team means I can take this step knowing that I do not need to worry
about the company during my absence."
"The board fully supports Jim in his decision and wants him to place total
priority on his medical treatment," said Walker. "Thanks to Jim's leadership
and preparations, Planar is well positioned to pursue its strategy for continued
growth."
Walker said that Planar's directors also are initiating a search for a president
and chief operating officer. "This search is part of a succession plan
developed by Jim Hurd in consultation with the board of directors," said Walker.
"We expect to fill this position by the end of 1999."
"My goal is to relinquish my position as chief executive officer by the end of
2000 while remaining actively involved with Planar succeeding Bill Walker as
chairman of the board," Hurd said. "My health situation has put a higher
priority on implementing the succession plan we have put in place."
At the same time, Planar announced that co-founder and executive vice president
Chris King has been named general manager of Planar Components Group, the
company's largest business unit. He succeeds Charlie Hoke, former chief
executive officer of Standish Industries, who joined Planar with its acquisition
of his company in September 1997.
"Charlie had intended to retire by the end of this year. Due to the change in
my situation, Charlie and I decided to move forward the date of his planned
retirement to avoid any further changes in Planar's executive management team,"
said Hurd. "We are pleased that Charlie will continue to support Planar as a
consultant to the company."
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"Charlie Hoke has done a great job consolidating and restructuring Planar
Components Group, including operations in Oregon, Wisconsin, and Finland, while
moving us into larger markets with a broader set of products," said Hurd. "Chris
King will use his extensive product engineering and manufacturing experience to
focus on faster time to market for new products and worldwide manufacturing cost
reductions."
Planar's three founders Jim Hurd, Chris King and John Laney worked together at
Tektronix where they developed what would become Planar's first product, the
first commercial electroluminescent display. They founded Planar in 1983, with
the support of Tektronix Development Co.
The company is currently building in Hillsboro the world's most advanced
facility for the production of EL displays. It recently established a licensing
agreement with DENSO CORPORATION of Japan to develop the consumer automobile
business for EL displays. Planar recently received major contract awards to
supply displays for many of the world's most advanced military aircraft and was
chosen by Mack Trucks as its sole supplier for its on-board driver information
system. Planar has also recently introduced several new integrated
computer/display products targeted for use in hospitals.
Hurd has an extensive history in the electronics industry in Oregon and in the
display industry at the national level. He has been chairman of the Oregon
Council of the American Electronics Association, a board member of the Oregon
Resource and Technology Development Fund and founded the annual Oregon
Technology Benchmarks Report. He was recognized in 1993 as Oregon High
Technology Executive of the year.
Hurd also has served as a board member of the National American Electronics
Association, and founder and chairman of the American Display Manufacturers
Association. He currently serves as a Trustee of the Oregon Graduate Institute,
a member of the Oregon Electronics and Technology Industry Council, and as a
task force member for the Defense Science Board.
Walker has been a director of Planar since its formation, and has served as
chairman since 1988. He is a former chairman and chief executive officer of
Electro Scientific Industries and former president and chief operating officer
of Tektronix. Walker continues to serve as vice chairman and a director of
Tektronix.
Known worldwide for his leadership in the display industry, King has held
numerous positions at Planar including manufacturing, product development and
Chief Technology Officer. He has been a key architect of Planar's technology
and product strategy and is recognized for his pioneering work to establish
Planar as the worldwide market share leader in EL displays.
Hoke owned Standish Industries of Lake Mills, Wisconsin, for nine years and took
the company to more than $30 million in annual revenues. He is a director of
the U.S. Display Consortium and Quest Technologies.
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Planar has major manufacturing operations in Oregon, Wisconsin and, Finland and
more than 900 employees worldwide. The company reported revenues of $129
million in its most recent fiscal year.
