ULTE Ultimate Electronics (MM)

Ultimate Electronics, Inc. President and COO David J. Workman Promoted to President and CEO Following J. Edward McEntire's Retirement at Year End THORNTON, Colo., Dec. 15 /PRNewswire-FirstCall/ -- Ultimate Electronics, Inc. , today announced it had appointed the company's president and chief operating officer, David J. Workman, as president and chief executive officer, effective upon the retirement of Edward McEntire, its chief executive officer, at year end. The company also announced that Mr. McEntire will resign from its board of directors and that the size of its board will be reduced from nine members to eight members upon his resignation. "I am proud to have been associated with Ultimate Electronics for more than a decade, both as a board member and, more recently, as an operating executive, and I am looking forward to the less demanding schedule that comes with retirement," Mr. McEntire said. "On behalf of the company, I want to thank Ed for his leadership and management contributions during an exciting and challenging period for our business," said William J. Pearse, founder and chairman of Ultimate Electronics. Commenting on the board's decision to appoint Mr. Workman as chief executive officer, Mr. Pearse said: "I have worked with Dave for many years and believe he is one of the most knowledgeable retail executives in the consumer electronics industry. He possesses a unique and deep understanding of our company from an operational perspective. Dave has exceptional leadership skills. I am confident in Dave, our management team and our prospects moving forward." Mr. Workman, a 24-year veteran of Ultimate Electronics, joined Ultimate Electronics as a sales associate in 1979. He was promoted to store manager in 1982, to vice president of sales and store operations in 1985, to executive vice president and general manager in 1991 and then to president and chief operating officer in 1992. As president and chief operating officer, he has been directly responsible for store operations, marketing, merchandising and human resources. As chief executive officer and president, he will lead the continued growth and development of Ultimate Electronics' business. Mr. Workman will also continue in his role as spokesman for the company. Ultimate Electronics is a leading specialty retailer of home entertainment and consumer electronics products in 14 states. The company operates 65 stores, including 54 stores in Arizona, Idaho, Illinois, Iowa, Kansas, Minnesota, Missouri, Nevada, New Mexico, Oklahoma, South Dakota, Texas and Utah under the trade name Ultimate Electronics(R) and 11 stores in Colorado under the trade name SoundTrack(R). In addition, the company operates Fast Trak, Inc., an independent electronics repair company and a wholly owned subsidiary of Ultimate Electronics. During the past two years, the company received numerous industry awards including Audio Video International's 2002 "Top 10 Audio/Video Retailer of the Year." Contact: Alan E. Kessock, Chief Financial Officer, Ultimate Electronics, Inc., 303-801-4000. DATASOURCE: Ultimate Electronics, Inc. CONTACT: Alan E. Kessock, Chief Financial Officer of Ultimate Electronics, Inc., +1-303-801-4000 Web site: http://www.ultimateelectronics.com/

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