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ARC Group Worldwide, Inc. (NASDAQ Capital Market: ARCW; the “Company” or “ARC”) announced transitions on its Board of Directors as well as the re-appointment of Mr. Jason Young as Chief Executive Officer. Mr. Young will continue to serve as Chairman of the Company. Mr. Marten, previously serving as CEO of the Company, will continue in a leadership role as CEO of the Company’s metal injection molding (“MIM”) business, as well as continuing to serve as a member of the Board of Directors.
The Board of Directors has also appointed Mr. Eddie Neely as a new director on the Board. Mr. Neely shall serve on the Board's Audit Committee and Compensation Committee. Mr. Neely will also serve as the Company’s designated Audit Committee Financial Expert. Mr. Neely replaces outgoing director Mr. Jerrold H. Abrahams, who has resigned from the Company’s Board. The Board has determined that Mr. Neely meets the independence standards and the Audit Committee Composition standards under the applicable rules of the NASDAQ and the U.S. Securities and Exchange Commission. Mr. Neely has been appointed to serve for a term that will expire at the next shareholders’ meeting at which directors are elected, or until his successor is duly elected and approved.
Mr. Neely has extensive experience serving as an executive officer and CFO within private and public companies. Most recently, Mr. Neely served as an executive at Alpha Natural Resources, Inc. (NYSE: ANR), holding positions as the CFO and Chief Risk Officer. Before joining ANR, Mr. Neely was CFO of Whites Fresh Food, Inc., a family-owned supermarket chain. He also served as Controller for Hunt Assisted Living, LLC, and Director of Accounting for The Brink’s Company and held various accounting and finance positions with Pittston and its subsidiaries prior to that. Mr. Neely graduated magna cum laude with a B.S. in Accounting from East Tennessee State University. Mr. Neely is also a Certified Public Accountant and served in the US Army.