Dynasil Corporation of America (NASDAQ: DYSL) today announced that Steven K. Ruggieri will resign as Chief Executive Officer and President and as a member of the Board of Directors effective July 6, 2012. Dynasil Chairman Peter Sulick will serve as the Company’s Interim Chief Executive Officer and President until a replacement is named by the Board.
“During his tenure with the Company, Steve helped to further the commercialization strategy for our dual mode technology, advanced our product pipeline and strengthened our business development initiatives,” Sulick said. “On behalf of the Board, I want to wish Steve success as he pursues new endeavors and thank him for his contributions to Dynasil.”
“The Board will begin the search process, which is centered on identifying the right senior executive to maximize the value of our products and technology and enhance shareholder value,” Sulick said. “Our strategy continues to focus on leveraging our research organization and accelerating the commercialization of new products.”
Sulick, 61, has been a director of the Company since 2008 and has served as the non-executive Chairman of the Board since September 2009. He chaired the Audit Committee from July 2008 to February 2012, and has served on the Nominating and Governance Committee since 2010. In addition to his new role, Sulick will remain Chairman of the Board.Sulick is President and CEO of AmeriSite, LLC, a family-owned real estate development and Investment Company he founded in 1998 and is the Executive Chairman and former CEO of Prism Microwave, Inc., which provides RF conditioning products for the mobile wireless infrastructure industry. From 1985 to 2002, Sulick founded and led broadcasting and telecommunications companies that were later acquired by Nextel, T-Mobile and others. Earlier in his career he worked for Cablevision Systems Corporation and the Communications Operations Group of ITT. He began his career in the audit department at Arthur Andersen & Co. in New York City. A certified public accountant, Sulick received his MBA in finance from the University of Massachusetts and a B.S. in Business Administration from The Citadel.
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