Airtech Group Announces Chief Executive Officer Succession Plan
Tom Latsos to Retire as CEO, Will Remain on the Board of Directors
Mike Sutter to Succeed Tom Latsos as CEO
Rutherford, NJ – May 1, 2019 – Airtech Group, a provider of specialized pressure technologies, today announced that is has appointed Mike Sutter as Chief Executive Officer, effective May 1, 2019, as part of a succession plan adopted by the Company’s Board of Directors. Mr. Sutter succeeds Tom Latsos, Airtech’s founder, who will remain involved with the company as a shareholder and member of the Board of Directors.
“Since I founded Airtech in 1982, the Company has grown into a leader in a niche market with over 3,000 customers globally, and I’m extremely proud of all that the team has accomplished,” said Mr. Latsos. “The leadership transition announced today is part of a strategic growth plan, and the Board and I have full confidence that Mike Sutter will continue to build on Airtech’s category leadership position. Mike has an exceptional track record in driving growth organically, through product, channel and market development initiatives, as well as through acquisitions. I am confident he is the right person to lead Airtech, and I look forward to working closely with him to ensure a smooth transition, as well as in my capacity on the Board.”
“I am thrilled to join Airtech and lead a company that has set the standard for highly-specialized and engineered industrial solutions among a diversified client base,” said Mr. Sutter. “Airtech is poised to accelerate its significant momentum and capitalize on a variety of expansion and growth opportunities. I look forward to working with the Company’s experienced leadership team and deep bench of talent to continue delivering the highest levels of service for our customers.”
“We are delighted to welcome Mike Sutter, a proven leader with over 30 years of diverse market, product, geographical and technical experience, to Airtech,” said Robert Fogelson, Senior Partner at EagleTree Capital, which invested in Airtech in 2018. “We are confident that his extensive enterprise-level sales and marketing expertise, together with his history of operational excellence, will drive continued innovation and growth at Airtech.”
Mr. Fogelson added, “On behalf of all of the members of the Airtech family, we would like to thank Tom Latsos for his vision and contributions to Airtech. Under his leadership, Airtech has transformed its product portfolio, expanded its customer base and enhanced its position as a market-leading industrial technology company. We look forward to our continued partnership with Tom on Airtech’s Board.”
Mike Sutter Biography
Mike Sutter has led a successful business management career with leadership roles at both privately-held and publicly-traded companies, across diverse industries, technologies and routes to market. Most recently, Mr. Sutter served as President, CEO and Director at Chromalox, a thermal technology company.
Prior to joining Chromalox, Mr. Sutter was Vice President and General Manager of the Industrial Products Group at ITT. Mr. Sutter previously served as Vice President and General Manager of the Industrial Pump Division at Flowserve.
Earlier in his career, Mr. Sutter held operational roles at various companies, including Computer Network Technology, Inrange Technologies, Lindberg/BlueM, and Bell & Howell. He began his career as a manufacturing engineer at Kulicke & Soffa.
Mr. Sutter holds a BS in Industrial Engineering and an MBA from Lehigh University.
About Airtech Group
Airtech designs and manufactures highly engineered specialty industry blowers, vacuums, pumps and valves. Headquartered in Rutherford, NJ with approximately 150 employees, the company’s engineering-first culture drives customized solutions for customers in diversified end markets including alternative energy, food processing, medical, packaging and transportation. For more information, visit www.airtechusa.com.
About EagleTree Capital
EagleTree Capital, is a leading independent private equity and investment firm, focused primarily on leveraged buyout investments and related investment activities. EagleTree manages capital on behalf of institutional and individual investors. The firm is focused on investments primarily in the media and business services, consumer products, and water and specialty industrial sectors. EagleTree is located in New York. For more information, visit www.eagletree.com