Orbit International Corp. (NASDAQ:ORBT) today announced that Wayne G. Cadwallader has joined its Board of Directors. Mr. Cadwallader is expected to serve as a member of Orbit’s Compensation and Nominating and Corporate Governance Committees. Orbit’s Board of Directors is now comprised of 6 members, 5 of whom are independent.
Mr. Cadwallader, 56, brings more than ten years of investment experience to Orbit’s Board. He is currently Managing Partner-Research with Elkhorn Partners Limited Partnership (Elkhorn Partners), an investment fund focused on companies in a variety of industries. Elkhorn Partners beneficially owns 909,350 shares, or 19.6%, of Orbit’s common stock.
From October 2000 to June 2012, Mr. Cadwallader served as a Senior Investment Analyst for Hamblin Watsa Investment Counsel Ltd. (a subsidiary of Fairfax Financial Ltd.), where as part of the investment team, he was involved in helping manage Fairfax Financial’s $22.0 billion in assets. Mr. Cadwallader’s previous experience includes management positions for CIBC, a Canadian bank, and he began his career at Xerox holding various positions in information technology.
Mr. Cadwallader also serves on the Board of COMARCO, INC., a designer, developer and distributor of mobile power products in North America, Europe and the Asia-Pacific. He earned his Business Administration Certificate from Ryerson University, in Toronto, Canada.Mitchell Binder, President and CEO of Orbit International, added, “We are pleased to welcome Wayne to our Board of Directors. Through his affiliation with Elkhorn Partners, we have gained a deep respect for his analytical skills and suggestions for improving our business. Wayne’s extensive experience makes him an excellent choice as a Board member. We believe that he will play an integral role in helping us execute our business objectives and grow our Company organically and through acquisitions.” Mr. Cadwallader added, “I am delighted to be given the opportunity to join Orbit’s Board. I look forward to working with the management team and my fellow Board members to advance Orbit’s business initiatives and enhance shareholder value.”
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