EDGEWOOD, N.Y.--(BUSINESS WIRE)--
CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE MKT:CVU) today
announced that long-time CPI Aero executive and Chief Operating Officer
Douglas J. McCrosson has been named President and Chief Executive
Officer effective today, March 6, 2014. Mr. McCrosson has also been
appointed to the Company’s board of directors.
Edward J. Fred has resigned as President and Chief Executive Officer and
as a director of the Company. Mr. Fred resigned for personal reasons.
Mr. Fred will remain with CPI Aero in an advisory capacity until May 16,
2014 and as a consultant to the Company until November 16, 2015.
Eric Rosenfeld, CPI Aero’s Chairman of the Board, commented, “We are
grateful for Ed’s leadership over the past 11 years. Under his guidance,
CPI Aero has become a world-class aerospace manufacturer with an
international reputation for quality and service, while retaining its
entrepreneurial culture. Among Ed’s most important accomplishments was
assembling a seasoned and impressive management team that includes Doug
McCrosson. As a result, we are confident that this transition will be
seamless.”
Mr. McCrosson, age 51, joined CPI Aero in 2003 as Director of Business
Development. During his tenure, he has held positions of increasing
responsibility, including Vice President of Business Development and
Senior Vice President of Operations, where he headed CPI Aero’s business
development, engineering, procurement and manufacturing organizations.
Mr. McCrosson has been the Company’s Chief Operating Officer since
January 2010. Mr. McCrosson earned a B.S. in Mechanical Engineering from
SUNY Buffalo and an M.S. in Management from Polytechnic University.
Mr. Rosenfeld concluded, “Doug has distinguished himself as an effective
leader focused on program execution and operational excellence. He has
been essential in defining and implementing our growth strategy and has
been instrumental in building the credibility of the CPI Aero brand with
customers and shareholders. Doug is a leader of our Company and we are
confident that we will continue to grow our business and expand our
markets as he guides us to even greater success.”
Mr. McCrosson said, “It is a great honor to be named Chief Executive
Officer. I will continue to work with our senior management team, board
members and the incredibly talented team of professionals at CPI Aero.
As both an engineer and executive, I have experienced first-hand CPI
Aero’s commitment to continuous improvement, and product and service
excellence. I am excited to address the opportunities that lie ahead and
look forward to our future with confidence.”
Mr. Fred noted, “It has been a privilege to serve as Chief Executive
Officer of CPI Aero, and I will continue to support the Company. The
foundation and culture we have created will allow Doug and the CPI Aero
team to continue to grow and create long-term shareholder value.”
About CPI Aero
CPI Aero is a U.S. manufacturer of structural aircraft parts for fixed
wing aircraft and helicopters in both the commercial and defense
markets. Within the global aerostructure supply chain, CPI Aero is
either a Tier 1 supplier to aircraft OEMs or a Tier 2 subcontractor to
major Tier 1 manufacturers. CPI also is a prime contractor to the U.S.
Department of Defense, primarily the Air Force. In conjunction with its
assembly operations, CPI Aero provides engineering, program management,
supply chain management, and MRO services. Among the key programs that
CPI Aero supplies are the E-2D Advanced Hawkeye surveillance aircraft,
the A-10 Thunderbolt attack jet, the Gulfstream G650, the UH-60 BLACK
HAWK® helicopter, the S-92® helicopter, the MH-60S mine countermeasure
helicopter, AH-1Z ZULU attack helicopter, the HondaJet-Advanced Light
Jet, the MH-53 and CH-53 variant helicopters, the C-5A Galaxy cargo jet,
the E-3 Sentry AWACS jet, the Embraer Phenom 300 light business jet and
the New Cessna Citation X. CPI Aero is included in the Russell MicroCap
Index.
The above statements include forward looking statements that involve
risks and uncertainties, which are described from time to time in CPI
Aero’s SEC reports, including CPI Aero’s Form 10-K for the year ended
December 31, 2012 and Forms 10-Q for the quarters ended March 31, 2013,
June 30, 2013, and September 30, 2013.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc.
CPI Aero
Vincent Palazzolo, 631-586-5200
Chief Financial
Officer
www.cpiaero.com
or
Investor
Relations Counsel:
The Equity Group Inc.
Lena Cati,
212-836-9611
www.theequitygroup.com
Source: CPI Aerostructures, Inc.