NVE announced that Dr. Daniel A. Baker, 43, will become president and chief executive officer succeeding Dr. James M. Daughton, 64, who has been named chief technical officer and will continue as a director. Dr. Baker will also serve on the board of directors. In addition, NVE has named Mr. Terrence W. Glarner, 58, as chairman of the board of directors.

"NVE is very fortunate to have Dr. Baker as its new president and CEO," said Daughton. "His experience and energy are ideally suited to lead NVE to the next plateau."

Dr. Baker was previously president and chief executive officer of Printware, a position he has held since 1993. He has over 20 years of experience in high-tech industry including executive positions at Minntech Corporation and Percom Data Corporation. Dr. Baker personally holds 15 patents and holds Ph.D. and M.S. degrees in engineering from the University of Minnesota, a B.S. degree in engineering from Case Western Reserve University, and an M.B.A. degree in finance from the University of Minnesota.

Dr. Daughton has been chairman, president and a director of NVE since he founded the company in 1989. From 1974 to 1989, Dr. Daughton held various positions in research and product development at Honeywell, first as a director of engineering and then as a vice president. From 1964 to 1974, Dr. Daughton held various positions in the development of magnetic and semiconductor memory devices for IBM Corporation. Dr. Daughton received a doctorate in electrical engineering from Iowa State University in 1963. He has 20 issued and 7 pending patents, primarily dealing with thin magnetic films and devices.

Mr. Glarner has been a director at NVE Corporation since August, 1999. Since 1993, Mr. Glarner has been the President of West Concord Ventures, Inc. He also currently consults with Norwest Venture Capital, an entity affiliated with Norwest Growth Fund, Inc. Prior to starting West Concord Ventures, Inc., Mr. Glarner was the President of North Star Ventures, Inc. from 1988 to 1993, a firm which he joined in 1976. Mr. Glarner has a B.A. in English from the University of St. Thomas, a J.D. from the University of Minnesota School of Law and is a Chartered Financial Analyst. He is chairman of the board of Cima Labs, and serves as a director on other publicly held companies, including: Aetrium, Datakey and FSI. He is also a director of Oncotech, Inc.

NVE is a world leader in supplying ultra high speed isolator and sensor components for use in a wide range of communications, industrial, and military applications where cost, speed, size, sensitivity, low power and the ability to operate in a broad range of environmental conditions is required. NVE is widely recognized as a leading edge developer of nonvolatile MRAM technology.