Advanced Photonix, Inc. Appoints Donald C. Pastor as Non-Executive Chairman
ANN ARBOR, Mich.--(BUSINESS WIRE)-- Advanced Photonix (API), Inc.® (NYSE Amex: API), today announced that the Company separated the roles of Chairman of the Board and Chief Executive Officer, consistent with current best governance practices, and appointed Donald C. Pastor as Non-Executive Chairman of the Company. Mr. Pastor became an independent director of the Company in July 2005 and is currently serving as the Chairman of the Compensation Committee and serves on the Audit Committee. He has over 30 years of Senior Executive level experience in high technology and defense related industries, and has successfully served as a CEO, CFO and division level President in both start-up and turnaround situations.
In his new role Mr. Pastor will take a more prominent role in monitoring the implementation of the Boards business strategies, in the development of enhanced reporting mechanisms, and in the communications between the Board and the Companys principal executive officers. Mr. Richard Kurtz, who has been the Companys Chief Executive Officer since February 2003 and President since June 2006, will continue to oversee the day-to-day operations of the Company.
The independent directors believe the Company is entering a critical phase as our investment in technology is beginning to propel the Company forward. This change will allow the management team to devote their full attention to meeting the day-to-day needs of our customers in our growing markets. As Chairman, I will work closely with Rick in support of the Companys overall strategic direction and brand positioning, stated Mr. Pastor. I believe the time is right to separate the Chairman and Chief Executive Officer roles and I look forward to working more closely with Don as we grow and expand our business on a national and global level, said Mr. Kurtz.
Mr. Lance Brewer, Chairman of the Governance and Nominating Committee stated, the directors of API are excited to have an executive with Dons experience and record of success across a number of industries take a more active role in the oversight of the Company. We believe that at this time, separating the roles of Chairman of the Board and Chief Executive Officer will help API realize the full potential of its world class technology.
About Advanced Photonix, Inc.
Advanced Photonix, Inc. ® (NYSE Amex: API) is a leading supplier with a broad offering of optoelectronic products to a global customer base. We provide optoelectronic solutions, high-speed optical receivers and terahertz instrumentation for telecom, homeland security, military, medical and industrial markets. With our patented technology and state-of-the-art manufacturing we offer industry leading performance, exceptional quality, and high value-added products to our OEM customer base. For more information visit us on the web at www.advancedphotonix.com.
The information contained herein includes forward looking statements that are based on assumptions that management believes to be reasonable but are subject to inherent uncertainties and risks including, but not limited to, unforeseen technological obstacles which may prevent or slow the development and/or manufacture of new products; potential problems with the integration of the acquired company and its technology and possible inability to achieve expected synergies; obstacles to successfully combining product offerings and lack of customer acceptance of such offerings; limited (or slower than anticipated) customer acceptance of new products which have been and are being developed by the Company; and a decline in the general demand for optoelectronic products. API-G
Torrey Hills Capital
Nitsan Hargil, CFA
Source: Advanced Photonix, Inc.Copyright Business Wire 2012