Longtime leader at AVX resigns

Dick Rosen, 72, steps down from board of directors

By David Wren - dwren@thesunnews.com

Dick Rosen, longtime executive and board member at Myrtle Beach-based AVX Corp., has resigned from the company's board of directors effective Monday, according to a regulatory filing this week.

"There's a time at which your usefulness begins to diminish," Rosen said Wednesday. "There's not an inkling of anything negative about it. It's just been a long time."

Rosen, who retired as chief executive from AVX in August 2001, said his resignation was not tied to any specific event and that he has been thinking about leaving the board for several years.

"I've been talking with [AVX President and CEO] John Gilbertson about this for the last few years, and I really thought last year was the right time to leave," he said. "But I agreed with John to stay. I feel comfortable with the management there. It's a great team and a great company."

Rosen, an investor in the Hard Rock Park theme park, said he will continue working with that venture and other projects. Rosen also is board chairman for Crescent Bank and a board member of Nordson Corp. and The Trelys Funds.

"I have enough to do at 72 years of age," he said. "Most of all, I'll start working on my golf game."

Rosen had been chairman of AVX since 1997 and was a member of the board since 1990.

He served as AVX's chief executive from April 1993 until his retirement in August 2001. He had been with the company since 1972 and guided AVX through its growth in Myrtle Beach and the establishment of a research and development center on the former Myrtle Beach Air Force Base.

Rosen said his only involvement with AVX going forward will be as a shareholder. He held 89,583 shares of AVX stock as of September, according to regulatory filings.

That is the second-largest individual holding behind Gilbertson, who has 95,054 shares, according to the Securities and Exchange Commission.

An AVX spokesman could not be reached for comment Wednesday, and the company did not release a statement about Rosen's resignation.

AVX held its annual meeting Wednesday in Myrtle Beach, and Rosen had been listed as a continuing board member in the company's proxy statement.

Rosen's term on the board was not set to expire until 2010.

AVX Corp., one of Horry County's largest private employers, makes tiny parts that are used in a range of electronic gadgets, including cell phones and computers.

Shares of AVX closed at $11.62 on Wednesday, a 19-cent increase over Tuesday.

Contact DAVID WREN at 626-0281.