Tessco Announces Appointment of John D. Beletic as Chair of the Board of Directors

TESSCO TECHNOLOGIES INCORPORATED (NASDAQ: TESS) today announces that John D. Beletic has been appointed as Chair of the Company’s Board of Directors by unanimous vote of the independent directors. Mr. Beletic, age 68, replaces Robert B. Barnhill, Jr., age 76. Mr. Barnhill, who founded the Company and served as chair for more than 25 years, remains a director. The Board thanks Mr. Barnhill for his many years of service as chair.

Mr. Beletic’s appointment follows the adoption by the Board earlier this year of Corporate Governance Guidelines and Board Diversity Guidelines, which in addition to memorializing historical board governance principles, focus on reducing the age and length of tenure of directors over the next several years, and an increase in board diversity.

The Corporate Governance Guidelines provide that a director not be re-nominated to serve beyond the end of an elected term during which they turn 76 years of age, with the potential for a one-year extension. Under these guidelines, Mr. Barnhill, age 76, cannot stand for reelection at the Company’s 2021 Annual Meeting of Shareholders. The Board selected a new chairman in anticipation of that transition.

The Board Diversity Guidelines reflect the value of a diverse board in improving the quality of a board’s performance through a better understanding of opportunities, issues and risks, which enables stronger decision-making and can ultimately contribute to improved company performance and shareholder value.

In furtherance of these goals, the Board nominated, and at the Annual Meeting of Shareholders held on July 25, 2020 the shareholders elected, Stephanie Dismore, age 47, to serve on the Board. Ms. Dismore has served as a senior vice president at HP, Inc. since 1999, and currently leads all aspects of HP’s market strategy and P&L management for HP’s largest geographic market. With the addition of Ms. Dismore, two diverse directors have joined the Board over the past year, including Sandip Mukerjee who joined the Company as President, CEO and as a member of the Board in August 2019. Mr. Mukerjee brings significant industry experience, along with a strong focus on returning the Company to profitability.