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December 13, 2011 /PRNewswire/ --
TAT Technologies Ltd. ("
The Company"; Nasdaq:
TATT ), a leading provider of services and products to the commercial and military aerospace and ground defense industries, today announced that its Board of Directors has appointed
Itsik Maaravi as its new President and Chief Executive Officer effective
January 1, 2012. Mr. Maaravi is currently President of TAT's Piedmont Aviation Component Services, LLC subsidiary ("
Piedmont"), a position he has held since
July 2011. From
July 2009 through
June 2011 Mr. Maaravi was Chief Marketing Officer for Piedmont as well as for the Company's Limco Airepair subsidiary ("
Limco"). Between 2000 and
June 2009 Mr. Maaravi held senior marketing positions at Kamor Aviation and Israel Aerospace Industries.
The Company has entered into a new employment agreement with Mr. Maaravi pursuant to which he will be entitled to an annual salary of
$250 thousands. Maaravi will be eligible to participate in a bonus plan if and when such a plan is adopted by the Company, and if such bonus plan is adopted, the maximum bonus for meeting target will not be less than 25% of his annual salary. He will also be eligible for a special bonus of
$100,000 if in 2013 the Company has sales of at least
$125 million and EBITDA of at least 18%. The agreement has a term of three years subject to early termination upon any of the following: (a) TAT can terminate for cause (fraud, conviction, gross negligence, breach, etc.) immediately; (b) TAT can terminate without cause upon 90 days prior written notice; and (c) Maaravi can terminate upon 90 days prior written notice. The agreement also contains customary non-compete and non-solicitation provisions.
In connection with the previously announced resignation of Shmuel Fladel, effective
December 7, 2011, 21,825 stock options held by Mr. Fledel expired. Mr. Fledel has the right to exercise the remaining 43,652 stock options held by him through
March 6, 2012.
About TAT Technologies LTD