Harold M. Stratton II, chairman and chief executive officer of Milwaukee-based Strattec Security Corp., announced today he will retire from the company on Sept. 1 and will be succeeded by Frank Krejci.
Krejci, currently serves as the company's president and will add the CEO title to his duties. Stratton will remain on the company's board of directors as non-executive chairman. The changes in the company's leadership are part of a succession planning process conducted over the past several years by Strattec's board. Stratton began in the business that is now Strattec in October of 1977, when it was still a division of Briggs & Stratton Corp. He has been CEO of Strattec since its spinoff from Briggs & Stratton. Today marks the 17th anniversary of that spinoff and STRATTEC's emergence as an independent, publicly traded company. Krejci has been Strattec's president and chief operating officer since Jan. 1, 2010. He has been on the Strattec board throughout its 17 years of existence and also was a former employee in the business before it gained its independence. Stratton said, "Through his former experience in our business, his years of service on our board and his current role as president and COO, Frank has significant institutional knowledge of Strattec and its business. This knowledge, combined with his extensive experience in other business endeavors during his career, makes him uniquely suited to be our next CEO. I am very pleased he will be succeeding me in that role." Strattec designs, develops, manufactures and markets automotive Access Control Products, including mechanical locks and keys, electronically enhanced locks and keys, steering column and instrument panel ignition lock housings, latches, power sliding side door systems, power lift gate systems, power deck lid systems, door handles and related products. Krejci was a featured panelist at the 2012 Northern Trust Economic Trends Breakfast in January. To view a video of his presentation about the outlook of the American automotive industry, click here.