CSP Inc. (NASDAQ:CSPI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) and (c) On August 17, 2017, the Company announced the promotions of Messrs. Michael Newbanks to Chief Accounting Officer and Vice President of Finance and Gary Southwell to Vice President and General Manager of the High Performance Products (HPP) segment effective as of August 17, 2017.
Mr. Newbanks, age 54, has been with the Company since 2003 where he has served as the Controller of CSPi Technology Solutions (TS) division during that period. Prior to that, he served in various accounting roles for Technisource, ANC Rental Corporation, Alamo Rental Car and Eastern Airlines.
Mr. Southwell, age 55, joined the Company in December 2016 as General Manager of HPP. Prior to that, Mr. Southwell was Vice President of Seceon Networks from 2015 to November 2016, Vice President of Product Development for Audinate from 2012 to 2014, Chief Technology Officer for BTI Systems from 2008 to 2010 and prior to that, held various positions at leading network solution companies including Juniper Networks, Ciena and Nortel Networks.
In connection with his appointment, Messrs. Newbanks received an increase in his annual base salary from $130,000 to $150,000. Mr. Southwell’s annual base salary remained at $215,000. Each of Messrs. Newbanks and Southwell will participate in the non-equity executive compensation plan.
There are no family relationships between Messrs. Newbanks or Southwell and any director or officer of the Company, or any person chosen by the Company to become a director or executive officer. Messrs. Newbanks and Southwell are not a party to any related party transactions of the kind described in Item 404(a) of Regulation S-K. Other than as described above, the Company did not enter into any material plan, contract or arrangement, or any amendment to any such existing material plan, contract or arrangement, or make any grant or award, or amend any existing grant or award in connection with Messrs. Newbanks’ and Southwell’s appointment.
Effective as of August 17, 2017, Mr. John Leydon has resigned from his position as Chief Accounting Officer and Vice President of Finance and will be available to assist Mr. Newbanks and the Company in the transition until December, 2017. He will be entitled to certain severance benefits in accordance the Company’s standard severance policy. Mr. Leydon’s departure was for personal reasons and is not related to any disagreement with CSP Inc. regarding any financial, accounting or other matters.
On August 17, 2017, the Company issued a press release announcing the appointments of Messrs. Newbanks and Southwell and the resignation of Mr. Leydon, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Item 9.01Financial Statements and Exhibits.
(d)Exhibits
99.1Press Release Dated August 17, 2017.
CSP INC /MA/ ExhibitEX-99.1 2 a8-kex991pr.htm EXHIBIT 99.1 Exhibit Exhibit 99.1CSP Inc. Promotes Two Senior ExecutivesAppointments Strengthen CSPi’s Position as Security Solutions Provider and Demonstrates Continued Commitment to Operational ExcellenceLOWELL,…To view the full exhibit click here
About CSP Inc. (NASDAQ:CSPI)
CSP Inc. (CSPI) and its subsidiaries develop and market information technology (IT) integration solutions, advanced security and managed services and purpose built network adapters, as well as cluster computer systems. The Company operates through two segments: High Performance Products (HPP) and Technology Solutions (TS). Its HPP segment designs and manufactures computing systems for digital signal processing (DSP) applications within the defense market and network Ethernet adapters that are offered to both commercial and government customers. Its TS segment consists of the computer managed services, integration services, and third-party computer hardware and software value added reseller (VAR) businesses of its Modcomp subsidiary (TS). TS provides professional services for complex IT environments, including advanced security; unified communications and collaboration; wireless and mobility; data center solutions, and network solutions. TS also provides managed IT services.