CPI Aerostructures Appoints Andrew Davis Chief Financial Officer

Rhea-AI Summary

CPI Aerostructures has appointed Andrew L. Davis as chief financial officer, effective immediately. Davis brings over 30 years of finance and accounting experience, having previously served as CFO at Altice Technical Services and Emerson Radio Corporation. He replaces Thomas Powers, who acted in the role since February 2020 and will continue as director of FP&A until his retirement later this year. CEO Douglas McCrosson expressed confidence in Davis's ability to enhance financial operations and restore stakeholder confidence.

Positive

• Appointment of Andrew L. Davis as CFO brings over 30 years of relevant experience.
• Davis's prior roles include CFO in publicly traded companies, enhancing credibility.
• Focus on strengthening financial controls and governance supports long-term growth.

Negative

• Transition in leadership may cause initial disruptions in financial reporting.

EDGEWOOD, N.Y., Oct. 25, 2021 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®”) (the “Company”) (NYSE American: CVU) today announced the appointment of Andrew (“Andy”) L. Davis, a financial executive with more than 30 years of experience in finance and accounting, as chief financial officer effective immediately. Mr. Davis replaces Thomas Powers who has been serving as acting chief financial officer since February 2020. Mr. Powers will remain with the Company in his prior role as director of FP&A until his planned retirement at the end of this year.

Mr. Davis brings extensive controllership, financial reporting, and analysis, corporate governance, change management and investor relations experience in both publicly-held and private companies. Prior to joining the Company, Mr. Davis served as chief financial officer of Altice Technical Services, a division of Altice USA, Inc. (NYSE:ATUS), one of the largest broadband communications and video services providers in the United States. Before that, Mr. Davis worked for ten years at Emerson Radio Corporation, an NYSE-listed distributor of consumer electronics, first as vice president of finance and corporate controller and then as executive vice president and chief financial officer, a position he held for more than six years.   He holds a Master of Business Administration degree from University of Connecticut in finance and a Bachelor of Business Administration degree in accounting from Iowa State University.

“We are excited to introduce Andy as our new chief financial officer. In Andy, we have an executive with extensive financial and accounting expertise who has previously served as CFO of a publicly-traded company," said Douglas McCrosson, chief executive officer of CPI Aero. "Since he started this past May, he has been setting the course of our finance organization by re-organizing the department, hiring a new corporate controller and implementing strong financial controls and review procedures that are designed to remediate the weaknesses we have identified. I also want to thank Tom for his tireless efforts and very capable stewardship as our acting CFO for nearly two years.”

Mr. Davis added, “I look forward to working with Doug, the Board of Directors, and the management team to ensure CPI Aero has a first-class financial organization that supports the company’s growth and contributes to long-term value creation for our shareholders. In my short time with the company, I have witnessed the passion our employees have for our products, company and our mission. I am confident that I can bring the same passion and expertise to strengthening our accounting and finance capabilities and restoring confidence in our reported results with our stakeholders."  

About CPI Aero
CPI Aero is a U.S. manufacturer of structural assemblies for fixed wing aircraft, helicopters and airborne Intelligence Surveillance and Reconnaissance and Electronic Warfare pod systems, primarily for national security markets. Within the global aerostructure supply chain, CPI Aero is either a Tier 1 supplier to aircraft OEMs or a Tier 2 subcontractor to major Tier 1 manufacturers. CPI also is a prime contractor to the U.S. Department of Defense, primarily the Air Force. In conjunction with its assembly operations, CPI Aero provides engineering, program management, supply chain management, and MRO services. CPI Aero is included in the Russell Microcap® Index.

The above statements include forward looking statements that involve risks and uncertainties, which are described from time to time in CPI Aero's SEC reports, including CPI Aero's Form 10-K for the year ended December 31, 2020.

CPI Aero® is a registered trademark of CPI Aerostructures, Inc. For more information, visit www.cpiaero.com, and follow us on Twitter @CPIAERO.

Contact

Investor Relations Counsel
LHA Investor Relations
Jody Burfening
(212) 838-3777
cpiaero@lhai.com
www.lhai.com

FAQ

Who is the new CFO of CPI Aero?

Andrew L. Davis has been appointed as the new CFO of CPI Aero.

What experience does Andrew Davis bring to CPI Aero?

Davis has over 30 years of finance and accounting experience, including CFO roles at Altice Technical Services and Emerson Radio Corporation.

What role will Thomas Powers continue to have after stepping down as CFO?

Thomas Powers will remain with CPI Aero as the director of FP&A until his planned retirement at the end of the year.

How might the appointment of Andrew Davis impact CPI Aero's financial operations?

Davis aims to strengthen financial controls and restore confidence in the company's reported results.