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GenRad's CEO Signs On for Additional Three-Year Term

10 January 2000

GenRad's CEO Signs On for Additional Three-Year Term; Lyons Also Elected as Chairman of the Board

    WESTFORD, Mass.--Jan. 10, 2000--GenRad, Inc. today announced the election of James F. Lyons as Chairman and Chief Executive Officer of the Corporation following a year-long succession planning effort.
    Lyons, who had been President and CEO, has agreed to remain with GenRad for an additional three years.
    Lyons said, "We did not find what we were looking for. We have determined that I will recruit my successor as President and Chief Operating Officer to ensure the continuity of both the vision and the strategy for the Corporation. We believe this will be a more fluid and more constructive process rather than recruiting a CEO from outside the Company."
    Lyons continued, "As we moved through the recruiting process, it became clear that there was a need for a number of changes in organization and strategy that will be required for us to fulfill our vision in the next three years. It was also clear those decisions had to be taken sooner rather than later. Those decisions, which are being reviewed at a senior management meeting later this month, will move GenRad into a market-centric company rather than product-centric".
    "We will be organized around customer end markets rather than product groups. Giving this new organizational paradigm and strategic vision to an arriving CEO would put him or her at a serious disadvantage in terms of maintaining continuity and implementing the strategy. It was felt that a COO who would understand the Company and be part of the implementation of the vision and the organizational shift would be a preferable option to ensure not only continuity, but his or her active participation in those decisions in 2000 and beyond. Our search for a COO is underway. It is a process I will lead with the assistance of the Board of Directors."

    GenRad Background

    GenRad, Inc. provides electronics OEMs and their customers with the hardware, software and services to increase productivity by optimizing product design, manufacturing and after-market service. GenRad, headquartered in Westford, MA, offers products and services through three business units: Advanced Diagnostic Solutions (ADS), Electronic Manufacturing Solutions (EMS), and GR Software (GRS). GenRad's web site address is http://www.genrad.com.

    GenRad's most current shareholder information is available by visiting our Website at http://www.genrad.com or calling our Fax on Demand Service at (800) 469-1261.

    Statements made in this press release which are not historical, including statements regarding future performance, product capabilities and markets are forward looking statements and as such are subject to a number of risks. Factors that may cause results to differ materially from those projected are discussed in GenRad's 1998 Annual Report on Form 10-K for the fiscal year ending January 2, 1999 and form 10-Q for the quarter ended October 2, 1999 under the section "Management's Discussion and Analysis of Financial Conditions and Results of Operations - Factors That May Affect Future Results."