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What you need to know for 07/26/2017

Pillai appointed as president of Contec Holdings

Pillai appointed as president of Contec Holdings

Contec Holdings has appointed Hari Pillai as its new president and CEO, the company announced Tuesda

SCHENECTADY — Contec Holdings has appointed Hari Pillai as its new president and CEO, the company announced Tuesday.

The cable-box repair company, which employs 85 at its Schenectady headquarters on State Street, has had its fair share of financial troubles over the past four years, beginning with massive layoffs locally and most recently undergoing restructuring to help it out of bankruptcy.

Pillai spent 17 years at Sanmina-SCI, a California-based global electronics manufacturing services company, serving in several executive positions that recently included president and chief operating officer.

Pillai is taking over Contec from Larry Young, a restructuring expert who led Contec through its own reorganization after the company filed for Chapter 11 bankruptcy protection last August.

Contec is owned by Bain Capital — a private equity firm once headed by former Republican presidential candidate Mitt Romney — and provides repair services on more than 2 million cable set-top boxes a year, as well as VoIP modems, data modems and satellite receivers.

At one point, Contec employed more than 200 people in Schenectady. But in July 2009, it ended all production at its 50,000-square-foot Schenectady facility at 1101 State St. and laid off 132 workers because of pricing pressures and a drop in orders, the company said at the time.

Today, only administrative work is done at the facility.

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