CEO Stanton Sloane resigns; FY2022 revenue down 11%, net loss $0.93 per share

FREQUENCY ELECTRONICS INC

CEO Dr. Stanton Sloane resigned effective July 8, 2022; Dr. Thomas McClelland appointed Interim President and CEO.
FY2022 revenue $48.3M, down 11% YoY; net loss $8.7M ($0.93 per diluted share) vs net income $680k prior year.
Operating loss $8.0M driven by cost overrun on development program and delayed contract award at FEI-Zyfer.
Company remains debt-free with $21.5M cash/securities; backlog stable at ~$40M.
Investment in Morion impaired due to Russia-Ukraine geopolitical tensions.

item 2.02 item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed (interim)

Thomas McClelland

Interim President and Chief Executive Officer

FEIM · FREQUENCY ELECTRONICS INC

Effective: 2022-07-08
Filed: July 13, 2022, 7:59 PM ET

The Board of Directors of the Company appointed Dr. Thomas McClelland to serve as the Company’s Interim President and Chief Executive Officer, in addition to his existing positions and responsibilities with the Company, effective July 8, 2022.

Departed

Stanton Sloane

President and Chief Executive Officer

FEIM · FREQUENCY ELECTRONICS INC

Effective: 2022-07-08
Successor: Thomas McClelland
Filed: July 13, 2022, 7:59 PM ET

On July 8, 2022, Dr. Stanton Sloane and the Company mutually agreed that Dr. Sloane would resign as President and Chief Executive Officer and as a member of the Board of Directors of the Company, effective immediately.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Thomas McClelland was appointed as Interim President and Chief Executive Officer at FREQUENCY ELECTRONICS INC.

Action: appointed
Role: Interim President and Chief Executive Officer

Exact text from the filing

The Board of Directors of the Company appointed Dr. Thomas McClelland to serve as the Company’s Interim President and Chief Executive Officer, in addition to his existing positions and responsibilities with the Company, effective July 8, 2022.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Stanton Sloane resigned as President and Chief Executive Officer at FREQUENCY ELECTRONICS INC.

Action: resigned
Role: President and Chief Executive Officer

Exact text from the filing

On July 8, 2022, Dr. Stanton Sloane and the Company mutually agreed that Dr. Sloane would resign as President and Chief Executive Officer and as a member of the Board of Directors of the Company, effective immediately.

View on SEC.gov

FREQUENCY ELECTRONICS INC filing history →

Source: SEC EDGAR

accession 0001185185-22-000818

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