Davis-Standard CEO resigns; search for replacement is underway

"On behalf of Davis-Standard's board of directors, we recognize Bob's tremendous contributions to the company including the creation of a strong Asia-Pacific presence, the introduction of several new market-focused products, and the development of an experienced management team," said Greg Baylin of ONCAP, a private equity firm that acquired Davis-Standard in 2011. "As we seek his replacement, the important work of our company continues by focusing our collective talents and efforts on serving and satisfying customers."

Preston is joining a materials company in the southwest U.S. to become chairman and CEO. In a news release, Davis-Standard says that Preston remains a signficant individual investor in Davis-Standard and will continue to play an important role in the company's strategic leadership.

"We wish Bob well in his new position," Baylin said."We are pleased he is continuing his leadership involvement at Davis-Standard in the role of vice-chairman."