Advanced Photonix, Inc.® (NYSE Amex: API), today announced that the Company separated the roles of Chairman of the Board and Chief Executive Officer, consistent with current best governance practices, and appointed Donald C. Pastor as Non-Executive Chairman of the Company. Mr. Pastor became an independent director of the Company in July 2005 and is currently serving as the Chairman of the Compensation Committee and serves on the Audit Committee. He has over 30 years of Senior Executive level experience in high technology and defense related industries, and has successfully served as a CEO, CFO and division level President in both start-up and turnaround situations.
In his new role Mr. Pastor will take a more prominent role in monitoring the implementation of the Board’s business strategies, in the development of enhanced reporting mechanisms, and in the communications between the Board and the Company’s principal executive officers. Mr. Richard Kurtz, who has been the Company’s Chief Executive Officer since February 2003 and President since June 2006, will continue to oversee the day-to-day operations of the Company.
“The independent directors believe the Company is entering a critical phase as our investment in technology is beginning to propel the Company forward. This change will allow the management team to devote their full attention to meeting the day-to-day needs of our customers in our growing markets. As Chairman, I will work closely with Rick in support of the Company’s overall strategic direction and brand positioning,” stated Mr. Pastor. “I believe the time is right to separate the Chairman and Chief Executive Officer roles and I look forward to working more closely with Don as we grow and expand our business on a national and global level,” said Mr. Kurtz.
Mr. Lance Brewer, Chairman of the Governance and Nominating Committee stated, “the directors of API are excited to have an executive with Don’s experience and record of success across a number of industries take a more active role in the oversight of the Company. We believe that at this time, separating the roles of Chairman of the Board and Chief Executive Officer will help API realize the full potential of its world class technology.”
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