CEO Steven Esses out at Arotech

|About: Arotech Corporation (ARTX)|By:, SA News Editor

Arotech (NASDAQ:ARTX) announces the early termination (by mutual agreement) of its employment contract with Chief Executive Officer Steven Esses.

The company will give Esses a lump-sum payment of approximately $2M in lieu of the amounts owed to him over the remaining life of his agreement, resulting in a savings to Arotech of approximately $1.1M.

Arotech Executive Vice President Dean Krutty has been named acting CEO.

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