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BILLERICA, Mass., Sept. 20, 2012 (GLOBE NEWSWIRE) --
American Science and Engineering, Inc. ("AS&E") (Nasdaq:ASEI), a leading supplier of innovative X-ray detection solutions for government agencies, corporations, and military organizations worldwide, today announced that Anthony R. Fabiano, President and Chief Executive Officer, has informed the Board of Directors he will retire next year and that the Board has launched a search for his successor.
Fabiano, 59, joined AS&E in Sept. 2003 as President, CEO, and Director. He has agreed to remain employed by the Company as President, CEO, and Director for as long as June 30, 2013 to ensure an orderly transition. If a successor is appointed before that date, Fabiano will step down. After he ends his employment, he will serve as a consultant for six months to help in the transition. The Board has engaged a global executive search firm, Spencer Stuart, to assist in finding a new President and CEO.
Denis R. Brown, Chairman of the Board, said Fabiano was responsible for changing the direction of the Company during his tenure. "Anthony turned American Science and Engineering around from being a small competitor to a powerhouse in the domestic and international security-detection market. He did this by thoroughly rebuilding every department in the Company. He expanded the product lines, enhanced manufacturing and established a new management team," said Brown. "AS&E now has the reputation of being the best security company in its field in terms of product performance, quality and on-time delivery. Our next CEO will build on the good work he has done."
"I want to thank the Board for its unstinting support and encouragement as we grew AS&E into a leading global security company," Fabiano said. "It's been a fulfilling experience, but now it's time for a change for both the company and me. Next March, I will be 60 years old and will have been CEO of AS&E for nine and a half years. I've always felt that a CEO's tenure should be seven to 10 years because it's healthy for an organization to be refreshed with new leadership. I plan to retire and travel the world with my wife to follow my son Michael's performances as a world-class opera singer."