Jim Manzi Named Chairman of Thermo Electron Corporation

09-Dec-2003

WALTHAM, Mass. -- Thermo Electron Corporation announced today that Jim Manzi, a member of the company's board of directors, has been named chairman of the board. Mr. Manzi, the former chairman, president, and chief executive officer of Lotus Development Corporation, will succeed Richard F. Syron, who has resigned as Thermo's chairman of the board, executive chairman, and a member of the board to become chairman and chief executive officer of Freddie Mac.

"I am honored to have the opportunity to become chairman of Thermo at this exciting time in the company's history," said Mr. Manzi. "Thermo is one of the world's leading manufacturers of high-tech instruments and has taken important steps to leverage its industry position. As Dick pursues a great opportunity with Freddie Mac, he leaves Thermo in excellent shape and poised for growth. I look forward to working closely with Marijn Dekkers and Thermo's management team to capitalize on the many outstanding business opportunities available to us in our markets."

Marijn E. Dekkers, president and chief executive officer of Thermo, said, "Thermo is extraordinarily fortunate that Jim Manzi will become our next chairman. Jim is one of the technology industry's most respected and successful executives, with a proven record of growing businesses and creating value for shareholders. I expect that we will benefit from his experience, wisdom, and valuable relationships throughout the technology world.

"Jim is a fitting successor to Dick Syron, who made Thermo the company it is today by most capably leading us through our very successful restructuring. The entire Thermo community wishes Dick the very best as he takes on the leadership of Freddie Mac," Mr. Dekkers concluded.

Mr. Manzi joined Thermo's board in 2000 and serves as chairman of the compensation committee. He was chairman, president, and chief executive officer of Lotus from 1984 until 1995, when the company was acquired by IBM. Since 1995, Mr. Manzi has been involved in the creation and development of a number of technology start-up ventures.

Mr. Syron had been affiliated with Thermo since 1997, when he was named an independent director of the company. He was named chief executive officer in 1999, became chairman of the board in 2000, and executive chairman of the company in 2002. Prior to joining Thermo, he was chairman and CEO of the American Stock Exchange, and served as president of the Federal Reserve Bank of Boston and president of the Federal Home Loan Bank of Boston.

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