CPI Aerostructures Appoints Dan Azmon Chief Financial Officer
November 13 2019 - 8:00AM
CPI Aerostructures, Inc. (“CPI Aero®”) (the “Company”) (NYSE
American: CVU) today announced the appointment of Dan Azmon as
Chief Financial Officer effective November 18, 2019, replacing
Vincent Palazzolo, who has left the Company. Most recently, Mr.
Azmon served as vice president, controller, and principal
accounting officer of L3 Technologies, Inc. ("L3") until the merger
between L3 and Harris Corporation, now L3Harris Technologies, Inc.
Mr. Azmon will lead CPI Aero's corporate accounting,
financial planning & analysis, treasury, tax, risk management,
and investor relations activities, as well as oversee the Company's
IT and human resources departments.
“We are excited to welcome Dan to CPI Aero where
he will apply his extensive experience at one of the premier
Aerospace and Defense companies in the world to accelerate our
efforts to improve cash flow and expand margins as we execute on
the long-term programs that comprise our more than $500 million
backlog," said Douglas McCrosson, chief executive officer of CPI
Aero. "His track record of success at L3 in building and
developing talented teams, implementing innovative business
processes and establishing strong financial controls that drive
improved performance throughout the organization is just what we
need now as we embark on a prolonged period of projected revenue
growth. I want to thank Vince for his many contributions to
CPI Aero over the past 15 years. He has played an integral role in
CPI Aero’s success to date. I wish him well in all his future
endeavors."
Mr. Azmon added, “Over the past several years,
CPI Aero has positioned itself for tremendous growth. I look
forward to working with Doug, the Board of Directors, and the
management team to improve overall financial performance, position
the company for continued success and deliver long-term value
creation for our shareholders."
Mr. Azmon brings extensive controllership, U.S.
GAAP and SEC financial reporting, mergers and acquisitions, capital
markets, corporate governance and compliance, change management and
investor relations experience gained in both industry and public
accounting. Before joining L-3, a wholly owned subsidiary of
L3Harris and previously a publicly-traded Fortune 500 defense
electronics and aerospace company, in 2000, Mr. Azmon held a number
of financial management and financial reporting positions at ASARCO
Incorporated and Salomon Brothers, Inc., and was a manager in the
audit practice at Coopers & Lybrand LLP. He holds a Master of
Business Administration degree from St. John’s University in
accounting and a Bachelor of Business Administration degree in
finance from Hofstra University. Mr. Azmon is also a certified
public accountant.
About CPI Aero CPI Aero is a U.S. manufacturer
of structural assemblies for fixed wing aircraft, helicopters and
airborne Intelligence Surveillance and Reconnaissance pod systems
in both the commercial aerospace and national security 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. 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, 2018, and Form 10-Q for the three-month
periods ended March 31, 2019, June 30, 2019, and September 30,
2019.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc.
For more information, visit www.cpiaero.com, and follow us on
Twitter @CPIAERO.
Contact:
Investor Relations Counsel:
LHA Investor Relations
Jody Burfening/Sanjay M. Hurry
(212) 838-3777
cpiaero@lhai.com
www.lhai.com
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