CSP Inc. (NASDAQ: CSPI) today announced with great sorrow the sudden passing of Chairman, President and Chief Executive Officer Alexander R. Lupinetti, 67. Victor Dellovo, 43, president of the Company’s Modcomp subsidiary, has been appointed by the Board of Directors as CSP’s Interim President and CEO. The Board has not yet appointed a successor Chairman.
Alex Lupinetti had been Chief Executive Officer and President of CSP Inc. since October 1996. He had also been a Director of the Company since that time, and had served as Chairman since January 1998.
“During his 16 years as CSP’s president and CEO, Alex transformed CSP from a single-product organization to a much larger company with wide-ranging sales opportunities and the potential for accelerated profitable growth,” said CSP Director C. Shelton James. “We are forever indebted to Alex for his commitment and dedication to CSP. The Board of Directors and everyone at CSP offer our condolences to Alex’s family and friends.”
“We are fortunate to have Vic Dellovo available to step in as our Interim President and CEO,” said James. “Vic is an exceptional talent whose technical expertise and vision have been instrumental to the success of CSP’s Service and Systems Integration segment. His knowledge of the Company and proven leadership abilities make him the ideal choice to become Interim President and CEO at this time.”Dellovo was promoted to president of Worldwide Operations of Modcomp in September 2010. Since then he has driven the Service and Systems Integration segment’s strategy expansion into higher-margin consulting as well as solutions and managed services. He also was responsible for spearheading the Company’s successful acquisition of Miami, Florida-based R2 Technology Inc. He joined Modcomp as president of the Service and Systems Integration segment in 2003 following the acquisition of Technisource Hardware Inc., a company he co-founded in 1997. Mr. Dellovo holds a Bachelor of Science degree in Electrical Engineering from the University of Massachusetts-Lowell.
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