CVD EQUIPMENT CORPORATION (NASDAQ:CVV) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
(b) Termination of Employment of Leonard A. Rosenbaum as President and Chief Executive Officer
On January 22, 2021, the Board of Directors (the “Board”) of CVD Equipment Corporation (the “Company”) voted to approve the termination of the employment of Leonard A. Rosenbaum as President and Chief Executive Officer of the Company, effective immediately. The Board also voted to approve the removal of Mr. Rosenbaum as Chairman of the Board, effective immediately. Mr. Rosenbaum will remain on the Company’s Board of Directors.
Termination of Employment of Martin J. Teitelbaum as Assistant Secretary and General Counsel
On January 22, 2021, the Board of the Company also voted to approve the termination of the employment of Martin J. Teitelbaum as Assistant Secretary and General Counsel of the Company, effective immediately. Mr. Teitelbaum will remain on the Company’s Board of Directors.
Appointment of Lawrence J. Waldman as Non-Executive Chairman
On January 22, 2021, the Board of the Company appointed Lawrence J. Waldman, who currently serves as Lead Independent Director and chairman of the Audit Committee of the Board, to serve as the non-executive Chairman of the Board, effective immediately.
(c) Appointment of President and Chief Executive Officer
On January 22, 2021, the Board appointed Emmanuel Lakios, age 59, to serve as the Chief Executive Officer of the Company, effective immediately, filling the vacancies left as a result of the termination of Mr. Rosenbaum as President and Chief Executive Officer.
Mr. Lakios has over 30 years of successful enterprise, sales, operations, engineering and distribution management experience of microelectronic components, metrology instrumentation and process equipment. Mr. Lakios has served end use markets of aerospace/defense, medical components, (UV)-LED, OLED, semiconductor, magnetic data storage, industrial and academic research.
Mr. Lakios previously served as the Vice President of Sales & Marketing of the Company since February 2017.
From January 2015 through February 2017, Mr. Lakios was the CEO and President of Sensor Electronic Technology Inc (SETi), where he oversaw that company’s transition from R&D to a leading global commercial UV LED supplier. From February 2012 through December 2014, Mr. Lakios was the Executive Vice President Operations and Business Development of Encapsulix SAS, an atomic layer deposition equipment company for encapsulation, serving the OLED, flexible electronics, photovoltaic & semiconductor markets. While with Encapsulix SAS, Mr. Lakios was responsible for field sales & service, inside sales, engineering and business development. From October 2003 through April 2010, Mr. Lakios was the Senior Vice President of Sales, Service & Marketing (October 2003 through July 2007) and President, Chief Operating Officer and director (July 2007 through April 2010) at Imago Scientific Instruments Corporation, a company in the atom probe analytical instrumentation for advanced materials characterization business. While with Imago Scientific, Mr. Lakios brought the company from pre-revenue to a commercial leadership position in the 3D atomic scale tomography field. From 1984 until 2003, Mr. Lakios held numerous leadership positions at Veeco Industries in New York including President of Process Equipment, growing that group’s annual sales to over $250M, and helped increase market share of the company through strategic acquisitions and organic growth.
Mr. Lakios received his BE in Mechanical Engineering with focus in Material Science from SUNY Stony Brook in 1984.
Mr. Lakios shall continue to receive his current annual base salary of $185,000, which Mr. Lakios received while employed as the Vice President of Sales & Marketing of the Company. The Compensation Committee of the Board is reviewing Mr. Lakios’ compensation in light of his new position with the Company, but as of the date hereof such a decision has not been made.
On January 25, 2021, the Company issued a press release publicly announcing the appointment of Mr. Lakios as the Company’s new Chief Executive Officer and President, the terminations of the employment of Messrs. Rosenbaum and Teitelbaum, and the appointment of Mr. Waldman as Non-Executive Chairman of the Board. A copy of the press release is attached as Exhibit 99.1 to this Current Report on 8-K, which is incorporated by reference herein.
(d) Exhibits
The following documents are furnished herewith as exhibits to this report:
CVD EQUIPMENT CORP Exhibit
EX-99.1 2 ex_222207.htm EXHIBIT 99.1 ex_222207.htm Exhibit 99.1 enabling tomorrow’s technologies™ 355 South Technology Drive,…
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About CVD EQUIPMENT CORPORATION (NASDAQ:CVV)
CVD Equipment Corporation designs and manufactures equipment and process solutions used to develop and manufacture materials and coatings for research and industrial applications. The Company operates through two divisions: CVD/First Nano and Stainless Design Concepts (SDC). The Company’s CVD/First Nano division supplies chemical vapor deposition systems for use in the research, development and manufacturing of aerospace and medical components, semiconductors, light emitting diodes (LEDs), carbon nanotubes, nanowires, solar cells and a number of other industrial applications. The Company’s SDC division designs and manufactures purity gas and chemical delivery control systems for semiconductor fabrication processes, solar cells, LEDs, carbon nanotubes, nanowires, and other industrial applications. Its products include chemical vapor deposition, rapid thermal processing (RTP), annealing and diffusion furnaces, purity gas and liquid control systems, and quartz-ware.
