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CSP Inc. Announces Board Approval Of CEO Succession Plan

Stocks in this article: CSPI

BILLERICA, Mass., Sept. 4, 2012 (GLOBE NEWSWIRE) -- CSP Inc. (Nasdaq:CSPI), a provider of IT solutions, systems integration services and dense cluster computing systems, today announced its Board of Directors has approved a succession plan for former Chairman, President and Chief Executive Officer Alexander R. Lupinetti, who passed away suddenly late last month. Victor Dellovo, 43, who was appointed Interim President and CEO on August 20, 2012, will assume those roles on a permanent basis and he was also appointed as a member of the Board of Directors. C. Shelton (Shelly) James, 72, a Director of CSPI since 1994, has been appointed Chairman of the Board of Directors.

"Victor was our clear choice as CEO, and as the longest tenured member of our board, Shelly was an equally clear choice to assume the responsibilities of Chairman," said CSP Director Chris Hall. "Both Victor and Shelly possess a deeply-rooted understanding and appreciation of CSP's history, and we believe their combined experience, vision and proven leadership talents create a new governance structure that complements and supports the Company's strategic and operational initiatives."

"The organizational leadership Victor demonstrated at Modcomp was as impressive as the financial performance he delivered," James commented. "His performance has long been lauded by the board and we have complete confidence in his ability to succeed Alex as CSP's new CEO."

"During his tenure, Alex transformed CSP into a much larger company with significantly greater sales and the potential for accelerated profitable growth," said Dellovo. "I am honored to continue his legacy, and I look forward to working with the CSP team to capitalize on our market opportunities."

Victor Dellovo had served as President of Worldwide Operations of CSP's Modcomp subsidiary since September 2010. At Modcomp, he drove the transition of the Service and Systems Integration segment's strategy to higher-margin consulting as well as solutions and managed services. He also was responsible for spearheading the Company's successful acquisition of Florida-based R2 Technology Inc. He joined Modcomp as president of the Systems and Solutions segment in 2003 following the acquisition of Technisource Hardware Inc., a company he co-founded in 1997. Mr. Dellovo received a Bachelor of Science degree in Electrical Engineering from the University of Massachusetts-Lowell.

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