Item 5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers
(b) Termination of Employment of Leonard A. Rosenbaum as President and Chief
Executive Officer
On January 22, 2021, the Board of Directors (the "Board") of CVD Equipment
Corporation (the "Company") voted to approve the termination of the employment
of Leonard A. Rosenbaum as President and Chief Executive Officer of the Company,
effective immediately. The Board also voted to approve the removal of Mr.
Rosenbaum as Chairman of the Board, effective immediately. Mr. Rosenbaum will
remain on the Company's Board of Directors.
Termination of Employment of Martin J. Teitelbaum as Assistant Secretary and
General Counsel
On January 22, 2021, the Board of the Company also voted to approve the
termination of the employment of Martin J. Teitelbaum as Assistant Secretary and
General Counsel of the Company, effective immediately. Mr. Teitelbaum will
remain on the Company's Board of Directors.
Appointment of Lawrence J. Waldman as Non-Executive Chairman
On January 22, 2021, the Board of the Company appointed Lawrence J. Waldman, who
currently serves as Lead Independent Director and chairman of the Audit
Committee of the Board, to serve as the non-executive Chairman of the Board,
effective immediately.
(c) Appointment of President and Chief Executive Officer
On January 22, 2021, the Board appointed Emmanuel Lakios, age 59, to serve as
the Chief Executive Officer of the Company, effective immediately, filling the
vacancies left as a result of the termination of Mr. Rosenbaum as President and
Chief Executive Officer.
Mr. Lakios has over 30 years of successful enterprise, sales, operations,
engineering and distribution management experience of microelectronic
components, metrology instrumentation and process equipment. Mr. Lakios has
served end use markets of aerospace/defense, medical components, (UV)-LED, OLED,
semiconductor, magnetic data storage, industrial and academic research.
Mr. Lakios previously served as the Vice President of Sales & Marketing of the
Company since February 2017.
From January 2015 through February 2017, Mr. Lakios was the CEO and President of
Sensor Electronic Technology Inc (SETi), where he oversaw that company's
transition from R&D to a leading global commercial UV LED supplier. From
February 2012 through December 2014, Mr. Lakios was the Executive Vice President
Operations and Business Development of Encapsulix SAS, an atomic layer
deposition equipment company for encapsulation, serving the OLED, flexible
electronics, photovoltaic & semiconductor markets. While with Encapsulix SAS,
Mr. Lakios was responsible for field sales & service, inside sales, engineering
and business development. From October 2003 through April 2010, Mr. Lakios was
the Senior Vice President of Sales, Service & Marketing (October 2003 through
July 2007) and President, Chief Operating Officer and director (July 2007
through April 2010) at Imago Scientific Instruments Corporation, a company in
the atom probe analytical instrumentation for advanced materials
characterization business. While with Imago Scientific, Mr. Lakios brought the
company from pre-revenue to a commercial leadership position in the 3D atomic
scale tomography field. From 1984 until 2003, Mr. Lakios held numerous
leadership positions at Veeco Industries in New York including President of
Process Equipment, growing that group's annual sales to over $250M, and helped
increase market share of the company through strategic acquisitions and organic
growth.
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Mr. Lakios received his BE in Mechanical Engineering with focus in Material
Science from SUNY Stony Brook in 1984.
Mr. Lakios shall continue to receive his current annual base salary of $185,000,
which Mr. Lakios received while employed as the Vice President of Sales &
Marketing of the Company. The Compensation Committee of the Board is reviewing
Mr. Lakios' compensation in light of his new position with the Company, but as
of the date hereof such a decision has not been made.
Item 8.01 Other Events
On January 25, 2021, the Company issued a press release publicly announcing the
appointment of Mr. Lakios as the Company's new Chief Executive Officer and
President, the terminations of the employment of Messrs. Rosenbaum and
Teitelbaum, and the appointment of Mr. Waldman as Non-Executive Chairman of the
Board. A copy of the press release is attached as Exhibit 99.1 to this Current
Report on 8-K, which is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
The following documents are furnished herewith as exhibits to this report:
Exhibit Number Description of Exhibit
99.1 Press Release dated January 25, 2021.
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