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ANN ARBOR, Michigan,
May 16, 2013 /PRNewswire/ --
Arotech Corporation (Nasdaq GM: ARTX) announced today that the Board of Directors has approved a succession plan of which, as of
October 1, 2014,
Robert S. Ehrlich will be stepping down as CEO and
Steven Esses President will become CEO of Arotech. Mr. Ehrlich will continue to serve on the Board of Directors as Chairman. These changes are reflected in new management contracts signed this week and filed with the SEC. The management contracts run to the end of 2015, and Mr. Ehrlich's contract includes a reduction in compensation and benefits.
"I have been involved with Arotech for over two decades, half of that time as CEO, and have been working very closely with
Steven Esses over much of this period," noted Arotech Chairman and CEO
Robert S. Ehrlich. "Over this time, the Board and I have placed increased responsibilities in Steven's hands, and have been extremely pleased with the results," continued Ehrlich. "Together, the Board, Steven and I decided that next year would be the right time to hand over the day-to-day management of Arotech to a new generation, and I look forward to continuing my close work with Steven to ensure a smooth handover," concluded Ehrlich.
"As we move through 2013, Bob has successfully brought Arotech to the strongest position that it has ever been in," stated Arotech President
Steven Esses. "I look forward to continuing and building on his hard work, and leading Arotech from strength to strength," concluded Esses.
About Arotech Corporation
Arotech Corporation is a leading provider of quality defense and security products for the military, law enforcement and homeland security markets, including multimedia interactive simulators/trainers and advanced zinc-air and lithium batteries and chargers. Arotech operates two major business divisions: Training and Simulation and Battery and Power Systems.