Electrical components distributor Waytek, Inc. has announced Charlie Kanan, CEO and board chair, has notified the Board of Directors of his intention to retire from Waytek on Dec. 31, 2026. Kanan will work with the board on a smooth leadership transition.
Kanan, who has been board chair and CEO at Waytek since 2012, has presided over company milestones including revenue increase from $32 million to $87 million, doubling the number of employees, and winning a Minnesota Family Business Award in 2020. He also helped steer Waytek through the pandemic years and world supply chain disruptions, avoiding employee layoffs and overseeing rapid business growth during turbulent economic times.
Kanan will continue to lead the company and assist with the transition with the goal of hiring a new CEO by the end of Q1 2025. Once the transition to a new CEO is complete, Kanan will continue in his role as board chair until Dec. 31, 2026.
Kanan and the Waytek board have formed a search committee and retained independent consultant Lyman Executive Search to lead the search, which is already underway.
