Ex-SEC Chief Hills Elected to Oak’s Board

Former Securities and Exchange Commission Chairman Roderick M. Hills on Wednesday was elected a director of troubled Oak Industries. He replaces Frank A. Astrologes, Oak’s executive vice president and chief financial officer, who resigned from the board and will retire at the end of July.

Astrologes becomes the third high-ranking Oak executive to resign recently. Everitt A. (Nick) Carter resigned as chairman last November, and Raymond W. Peirce stepped down as president in March.

The SEC, which is investigating the accuracy of San Diego-based Oak’s financial disclosures and allegations of improper transactions between Carter and his friends and family, had previously asked that Peirce, Astrologes and two other senior managers resign. The SEC’s attempt to remove the executives was part of a proposed consent decree that was never signed because the company objected to the ousters.

Astrologes, 62, said Wednesday that his retirement “has nothing to do” with the SEC’s demands and that he will remain with Oak as a consultant until November. “We’re doing this on our own accord,” he said. “We’re getting (Oak) turned around, and it’s time I started thinking about me.”

Oak reported a net loss in 1984 of $149.3 million on sales of $333.2 million, compared to a loss in 1983 of $65.6 million on sales of $320.2 million.

Hills served as SEC chairman from 1975 to 1977 after serving as counsel to former President Gerald R. Ford. His wife, Carla, was secretary of housing and urban development in the Ford Administration.