CPI Aerostructures, Inc. (“CPI Aero
”) (NYSE MKT:CVU) today announced that long-time CPI Aero executive and Chief Operating Officer Douglas J. McCrosson has been named President and Chief Executive Officer effective today, March 6, 2014. Mr. McCrosson has also been appointed to the Company’s board of directors.
Edward J. Fred has resigned as President and Chief Executive Officer and as a director of the Company. Mr. Fred resigned for personal reasons. Mr. Fred will remain with CPI Aero in an advisory capacity until May 16, 2014 and as a consultant to the Company until November 16, 2015.
Eric Rosenfeld, CPI Aero’s Chairman of the Board, commented, “We are grateful for Ed’s leadership over the past 11 years. Under his guidance, CPI Aero has become a world-class aerospace manufacturer with an international reputation for quality and service, while retaining its entrepreneurial culture. Among Ed’s most important accomplishments was assembling a seasoned and impressive management team that includes Doug McCrosson. As a result, we are confident that this transition will be seamless.”
Mr. McCrosson, age 51, joined CPI Aero in 2003 as Director of Business Development. During his tenure, he has held positions of increasing responsibility, including Vice President of Business Development and Senior Vice President of Operations, where he headed CPI Aero’s business development, engineering, procurement and manufacturing organizations. Mr. McCrosson has been the Company’s Chief Operating Officer since January 2010. Mr. McCrosson earned a B.S. in Mechanical Engineering from SUNY Buffalo and an M.S. in Management from Polytechnic University.
Mr. Rosenfeld concluded, “Doug has distinguished himself as an effective leader focused on program execution and operational excellence. He has been essential in defining and implementing our growth strategy and has been instrumental in building the credibility of the CPI Aero brand with customers and shareholders. Doug is a leader of our Company and we are confident that we will continue to grow our business and expand our markets as he guides us to even greater success.”