Ideal Industries (Sycamore, Ill.): David Juday will retire as chairman of the company’s board of directors, effective immediately, as part of a planned succession program. He has worked for the company since 1972, notably as its chairman since 1984, and will continue as a director on its board. Jim James, the company's current CEO and vice chairman, has been appointed chairman of the board.
"We would like to thank Dave for his commitment of time, support, friendship and leadership that has helped make IDEAL what it is today," said Mr. James. "IDEAL is a stronger company, poised for future success and long-term sustainability, because of Dave's vision and stewardship."
Ideal said in a press release that under Juday's oversight the company evolved from a regional manufacturer primarily known for its Wire-Nut wire connectors to a more diversified maker of contractor-grade tools, testers and supplies used by electricians, data communications installers and industrial maintenance professionals. Ideal now has international distribution that reaches across five continents and a product portfolio that numbers more than 6,000 SKUs.
Along with driving organic growth, Juday was instrumental in an aggressive acquisition strategy that in the past decade has brought into the IDEAL fold several companies including Anderson Power Products, Casella Measurement, SK Hand Tool, Western Forge, Pratt-Read, and Trend Communications.
"Not many people have a chance to invest in a career that is so laden with tradition and at the same time so dynamic and promising for the future," said Juday in the press release announcing his retirement. "We can imagine that what my granddad started, my dad and the larger family continued, and what I and the rest of the family have worked at for the last 40 plus years will provide the fifth generation of shareholders with the same opportunity my granddad provided me: a chance to spend a meaningful career at a company whose values reflect those of the founders."
Juday is the grandson of J. Walter Becker who founded Ideal Industries in 1916. He followed his father, Eugene "Tug" Juday, who preceded him as chairman, into the family business. During a career spanning more than four decades, he gained insight into many facets of the Ideal organization by taking management or support positions in manufacturing, information technology, sales, and marketing. Today, his daughter, Meghan Juday, is chair of the IDEAL Family Council and a director on the company's board of directors.