Park Electrochemical Corp. (NYSE: PKE) announced the appointment of Steve Pittari as President of the Company’s Park Aerospace Technologies Corp. aerospace advanced composite materials, parts and assemblies manufacturing and design subsidiary located in Newton, Kansas. In this position, Mr. Pittari will report to Brian Shore, the President and Chief Executive Officer of Park Electrochemical Corp. The Company also announced the appointment of Mark A. Esquivel as Vice President - Aerospace Composite Parts of Park Aerospace Technologies Corp. In this new position, Mr. Esquivel will report to Mr. Pittari. Mr. Pittari had been Senior Director of Manufacturing Engineering of Park Electrochemical Corp. since January 2011. He joined Park Electrochemical Corp. in December 2010 as Director of OEM Program Management. Prior to joining Park, Mr. Pittari was Chief Operating Officer of Sonostics, Inc., an early stage medical device manufacturing company, located in Binghampton, New York since April 2009. Prior to April 2009, Mr. Pittari held management positions with Sanmina-SCI Corporation, a leading electronics contract manufacturing services company. From June 2001 to April 2009, Mr. Pittari was Vice President and General Manager of Sanmina-SCI Owego; from January 1999 to June 2001, he was Managing Director of Sanmina Kuching; and from October 1996 to January 1999, he was Director of Operations of Sanmina Kuching. During the twelve years prior to 1996, Mr. Pittari held several positions with AMP-AKZO, Zycon Corporation and Photocircuits Corporation. Mr. Pittari received a Bachelor of Science degree in Industrial Engineering from Polytechnic Institute of New York and a Master of Business Administration degree from San Jose State University. Mr. Esquivel had been President of Park Aerospace Technologies Corp. since June 2010, and he had been Vice President and General Manager of Neltec, Inc., Park’s high-technology circuitry materials business unit located in Tempe, Arizona, and responsible for the day-to-day operations of Neltec, Inc., since his appointment to that position in September 2008. He served as Manufacturing Manager of Neltec, Inc. from August 2004 to September 2008 and as Materials Manager from February 2001 to August 2004, and he held various positions since he originally joined Neltec, Inc. in 1994. Mr. Esquivel received a Bachelor of Science degree in Applied Management from Grand Canyon University in Phoenix, Arizona.
Shareholders of Park Electrochemical Corp. looking to boost their income beyond the stock's 1.8% annualized dividend yield can sell the August covered call at the $25 strike and collect the premium based on the $1.00 bid, which annualizes to an additional 8.1% rate of return against the current stock price (at Stock Options Channel we call this the YieldBoost), for a total of 9.8% annualized rate in the scenario where the stock is not called away.