Frequency Electronics, Inc. Announces Appointment of Tom McClelland to the Board of Directors
Frequency Electronics (NASDAQ:FEIM) has appointed its current CEO, Dr. Thomas McClelland, to the Company's Board of Directors, effective immediately. McClelland, who has been with FEI for 40 years, served as Interim President and CEO from July 2022 to January 2023 before becoming permanent President and CEO. As the company's former Chief Scientist, he led research efforts for over 20 years and is recognized as a leading expert in precision timing and space applications.
Board Chair General Lance W. Lord highlighted McClelland's successful leadership and emphasized the strategic importance of his expertise at the board level, particularly for advancing opportunities in quantum sensing, small-satellite programs, and navigation technologies. McClelland expressed commitment to continuing FEI's growth trajectory in revenue, profitability, and cash generation while investing in next-generation programs.
Frequency Electronics (NASDAQ:FEIM) ha nominato il suo attuale CEO, il Dr. Thomas McClelland, nel Consiglio di Amministrazione della Società, con effetto immediato. McClelland, che è con FEI da 40 anni, ha ricoperto il ruolo di Presidente e CEO ad interim da luglio 2022 a gennaio 2023 prima di diventare Presidente e CEO permanente. In qualità di ex Chief Scientist dell'azienda, ha guidato gli sforzi di ricerca per oltre 20 anni ed è riconosciuto come esperto di punta nelle applicazioni di temporalità di precisione e nello spazio.
Il Presidente del Consiglio, Generale Lance W. Lord, ha messo in evidenza la leadership di successo di McClelland e ha sottolineato l'importanza strategica della sua esperienza a livello di consiglio, in particolare per promuovere opportunità nel sensing quantistico, nei programmi di satelliti piccoli e nelle tecnologie di navigazione. McClelland ha espresso il suo impegno a continuare il percorso di crescita di FEI in termini di fatturato, redditività e generazione di cassa, investendo nel contempo in programmi di nuova generazione.
Frequency Electronics (NASDAQ:FEIM) ha nombrado a su actual CEO, el Dr. Thomas McClelland, para el Consejo de Administración de la Compañía, con efecto inmediato. McClelland, quien ha estado en FEI durante 40 años, se desempeñó como Presidente y CEO interino desde julio de 2022 hasta enero de 2023, antes de convertirse en Presidente y CEO permanente. Como ex Científico Jefe de la compañía, lideró esfuerzos de investigación durante más de 20 años y es reconocido como un experto líder en la sincronización de precisión y aplicaciones espaciales.
El Presidente del Consejo, el General Lance W. Lord, destacó el liderazgo exitoso de McClelland y enfatizó la importancia estratégica de su experiencia a nivel de consejo, particularmente para avanzar en oportunidades en sensorización cuántica, programas de pequeños satélites y tecnologías de navegación. McClelland expresó su compromiso de continuar con la trayectoria de crecimiento de FEI en ingresos, rentabilidad y generación de efectivo, mientras invierte en programas de próxima generación.
Frequency Electronics (NASDAQ:FEIM)는 현재 CEO인 Thomas McClelland 박사를 회사 이사회에 즉시 임명했습니다. McClelland는 FEI에서 40년 동안 재직하며 2022년 7월부터 2023년 1월까지 인터임 사장 및 CEO로 활동한 후 정규 사장과 CEO가 되었습니다. 그는 회사의 전 수석 과학자로서 20년 이상 연구 노력을 이끌었으며 정밀 타이밍과 우주 응용 분야의 저명한 전문가로 인정받고 있습니다.
이사회 의장인 Lance W. Lord 장군은 McClelland의 성공적인 리더십을 강조하며 이사회 차원에서 그의 전문성이 전략적으로 중요하다고 강조했습니다. 특히 양자 센서링, 소형 위성 프로그램 및 내비게이션 기술의 기회를 확대하는 데 중요한 역할을 합니다. McClelland는 FEI의 수익, 수익성 및 현금 창출 측면에서 성장 궤적을 지속하고 차세대 프로그램에 투자하겠다는 의지를 표명했습니다.
Frequency Electronics (NASDAQ:FEIM) a nommé son actuel PDG, le Dr. Thomas McClelland, au Conseil d'Administration de l'Entreprise, avec effet immédiat. McClelland, qui est avec FEI depuis 40 ans, a été Président et PDG par intérim de juillet 2022 à janvier 2023, avant de devenir Président et PDG permanent. En tant qu'ancien Chef Scientifique de l'entreprise, il a dirigé des efforts de recherche pendant plus de 20 ans et est reconnu comme un expert de premier plan dans le domaine du chronométrage de précision et des applications spatiales.
Le Président du Conseil, le Général Lance W. Lord, a souligné le leadership réussi de McClelland et a souligné l'importance stratégique de son expertise au niveau du conseil, en particulier pour faire progresser les opportunités dans la détection quantique, les programmes de petits satellites et les technologies de navigation. McClelland a exprimé son engagement à continuer la trajectoire de croissance de FEI en termes de revenus, de rentabilité et de génération de liquidités, tout en investissant dans des programmes de nouvelle génération.
Frequency Electronics (NASDAQ:FEIM) hat seinen aktuellen CEO, Dr. Thomas McClelland, sofort in den Vorstand des Unternehmens berufen. McClelland, der seit 40 Jahren bei FEI ist, war von Juli 2022 bis Januar 2023 Interimspräsident und CEO, bevor er zum festen Präsidenten und CEO ernannt wurde. Als ehemaliger Chief Scientist des Unternehmens leitete er über 20 Jahre lang Forschungsaktivitäten und ist als führender Experte für Präzisionszeitmessung und Raumfahrtanwendungen anerkannt.
Der Vorsitzende des Vorstands, General Lance W. Lord, hob McClellands erfolgreiche Führung hervor und betonte die strategische Bedeutung seiner Expertise auf Vorstandsebene, insbesondere zur Förderung von Möglichkeiten in der quantenmechanischen Sensorik, kleinen Satellitenprogrammen und Navigationstechnologien. McClelland äußerte sein Engagement zur Fortsetzung des Wachstumstrends von FEI in Bezug auf Umsatz, Rentabilität und Cashflow, während er in Programme der nächsten Generation investiert.
- CEO appointment to Board adds strategic expertise in precision timing and space applications
- Leadership continuity with 40-year company veteran in key position
- High-level security clearance with U.S. government enhances company's position in defense contracts
- None.
MITCHEL FIELD, N.Y., Dec. 05, 2024 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (“FEI” or the “Company”) (NASDAQ-FEIM) today is pleased to announce the appointment of its Chief Executive Officer, Dr. Thomas McClelland, to the Company’s Board of Directors, effective immediately. Tom, a 40-year veteran of FEI, served as the Company’s Interim President and CEO from July 8, 2022 through January 17, 2023, and has served as permanent President and CEO since then. Prior to that, Tom served as FEI’s Chief Scientist and has led the Company’s research and scientific efforts for over 20 years. He is one of the foremost experts in precision timing and space-related applications. He has the highest level of security clearance with the U.S. government and holds a PhD in physics from Columbia University.
According to FEI Board Chair, General (ret) Lance W. Lord, “Tom has done an outstanding job leading FEI as its CEO for the past two years and we look forward to his continuing to do so. As we continue to position the Company to leverage its legacy market leadership in timing and space applications to take advantage of next-generation opportunities in quantum sensing, broadly proliferated small-satellite programs and alternate position, navigation and timing technologies, we believe that having Tom’s expertise at the board level will enable us to make the best long-term decisions to benefit our stockholders, customers and employees.”
Added Dr. McClelland, “I appreciate the Board’s appointment of me to the Board of Directors. The Board established the plan that moved FEI towards more consistent growth in revenue, profitability and cash generation, while still investing in next-generation programs that I believe position the Company for much continued success, and I look forward to working with the rest of the Board to build upon those efforts. FEI’s strategic importance in precision timing, space and secured communications is growing and I look forward to helping the Board make the best strategic decisions for the future of the Company.”
About Frequency Electronics
Frequency Electronics, Inc. (FEI) is a world leader in the design, development and manufacture of high precision timing, frequency generation and RF control products for space and terrestrial applications. FEI’s products are used in satellite payloads and in other commercial, government and military systems including C4ISR and electronic warfare, missiles, UAVs, aircraft, GPS, secure communications, energy exploration and wireline and wireless networks. FEI-Zyfer provides GPS and secure timing capabilities for critical military and commercial applications; FEI-Elcom Tech provides Electronic Warfare (“EW”) sub-systems and state-of-the-art RF and microwave products. FEI has received over 100 awards of excellence for achievements in providing high performance electronic assemblies for over 150 space and DOD programs. The Company invests significant resources in research and development to expand its capabilities and markets.
www.frequencyelectronics.com
FEI’s Mission Statement: “Our mission is to transform discoveries and demonstrations made in research laboratories into practical, real-world products. We are proud of a legacy which has delivered precision time and frequency generation products, for space and other world-changing applications that are unavailable from any other source. We aim to continue that legacy while adapting our products and expertise to the needs of the future. With a relentless emphasis on excellence in everything we do, we aim, in these ways, to create value for our customers, employees, and stockholders.”
Forward-Looking Statements
The statements in this press release regarding future earnings and operations and other statements relating to the future constitute “forward-looking statements” pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, our inability to integrate operations and personnel, actions by significant customers or competitors, general domestic and international economic conditions, reliance on key customers, including the U.S. government, continued acceptance of the Company’s products in the marketplace, competitive factors, new products and technological changes, product prices and raw material costs, dependence upon third-party vendors, other supply chain related issues, increasing costs for materials, operating related expenses, competitive developments, changes in manufacturing and transportation costs, the availability of capital, the outcome of any litigation and arbitration proceedings, and failure to maintain an effective system of internal controls over financial reporting. The factors listed above are not exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the Securities and Exchange Commission. The Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2024, filed on August 2, 2024 with the Securities and Exchange Commission includes additional factors that could materially and adversely impact the Company’s business, financial condition and results of operations, as such factors are updated from time to time in our periodic filings with the Securities and Exchange Commission, which are accessible on the Securities and Exchange Commission’s website at www.sec.gov. Moreover, the Company operates in a very competitive and rapidly changing environment. New factors emerge from time to time and it is not possible for management to predict the impact of all these factors on the Company’s business, financial condition or results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not rely on forward-looking statements as a prediction of actual results. Any or all of the forward-looking statements contained in this press release and any other public statement made by the Company or its management may turn out to be incorrect. The Company expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
| Contact information: | Dr. Thomas McClelland, President and Chief Executive Officer; | |
| Steven Bernstein, Chief Financial Officer; | ||
| TELEPHONE: (516) 794-4500 ext.5000 | WEBSITE: www.freqelec.com | |
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