CPS Technologies Corporation Announces CEO Resignation
21 Abril 2023 - 5:01PM
CPS Technologies Corporation (NASDAQ:CPSH) today announced that
Michael McCormack has resigned as president and CEO of the Company.
Michael McCormack’s resignation is effective April 21, 2023.
Francis Hughes, Chairman of the Board of Directors, commented,
“Since joining CPS in January 2021, and becoming president and CEO
in July 2021, Michael McCormack has accomplished a great deal in a
short period of time. Under his direction, the Company achieved
record revenues and operating income. The Company’s product
development team has been significantly strengthened and expanded,
as have other functions in the Company. We are grateful for his
service, we will miss him, and wish him well in all aspects of his
life.”
The Board of Directors has appointed Charles (Chuck) Griffith,
the current CFO, as the acting president to serve until a new
president and CEO is appointed. Chuck joined CPS as CFO in 2019 and
has been a key member of our management team through this period of
growing revenue and profitability.
Chuck said, “We will truly miss Michael, not only for his
leadership, but also for his sense of humor and his ability to
relate to and motivate all CPS employees from the factory floor to
the C-suite. More importantly, he has built a great team during his
time here in every sense of the word. Not only do we enjoy working
together, but we all have a mutual respect for the expertise that
each brings to the table in his or her own area. Our current
management team is fully committed to the growth of CPS, and we all
expect 2023 to be another record year. We are confident that during
the CEO search we will be able to continue our momentum as we look
forward to a new CEO and the strategies that he or she will
implement to further our growth even more.”
About CPSCPS is a technology and manufacturing leader in
producing high-performance energy management components that
facilitate the electrification of the economy. Our products and
intellectual property include critical pieces of the technology
puzzle for electric trains and subway cars, wind turbines, hybrid
vehicles, electric vehicles, the smart electric grid, 5G
infrastructure and others. CPS hermetic packages can be found in
many Aerospace and Satellite applications including the GPS III
satellite and the Mars rover. CPS armor products provide
exceptional ballistic protection and environmental durability at
very light weight. CPS is committed to innovation and to supporting
our customers in building solutions to this planet’s problems.
Safe HarborStatements made in this document that are not
historical facts or which apply prospectively, including those
relating to 2023 financial results, are forward-looking
statements that involve risks and uncertainties. These
forward-looking statements are identified by the use of terms and
phrases such as “will,” “intends,” “believes,” “expects,” “plans,”
“anticipates” and similar expressions. Investors should not rely on
forward looking statements because they are subject to a variety of
risks and uncertainties and other factors that could cause actual
results to differ materially from the company’s expectation.
Additional information concerning risk factors is contained from
time to time in the company’s SEC filings, including its Annual
Report on Form 10-K and other periodic reports filed with the SEC.
Forward-looking statements contained in this press release speak
only as of the date of this release. Subsequent events or
circumstances occurring after such date may render these statements
incomplete or out of date. The company expressly disclaims any
obligation to update the information contained in this release.
CPS Technologies Corporation
111
South Worcester Street Norton, MA 02766
www.cpstechnologysolutions.com
David Costello (617) 875-2492david@risingtidemhd.com
CPS Technologies (NASDAQ:CPSH)
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