Pacific Scientific Co., a manufacturer of electrical and safety equipment, has named a new chairman and chief executive to succeed longtime CEO Edgar S. Brower, who resigned Wednesday.
Lester “Buck” Hill, 53, has held executive positions at several electronics companies, including General Instrument Corp., TRW Inc. and Data Design Laboratories Inc. Pacific Scientific said his appointment was effective immediately.
The departing Bower, who led the company for 12 years, had previously stated his desire to retire this year, the company said.
Last fall, Pacific Scientific was hit with two investor lawsuits accusing the company and Brower of making misleading statements about a line of fluorescent lightbulbs and related products that artificially inflated the value of company stock and bonds. The company has denied the allegations. The lawsuits are pending.