Eric S. Rosenfeld to Become Non-Executive Chairman of the Board of CPI Aerostructures
Monday November 1, 8:31 am ET
CPI Founder, Arthur August, to Be Named Chairman Emeritus
Effective Date January 1, 2005
EDGEWOOD, N.Y.--(BUSINESS WIRE)--Nov. 1, 2004--CPI Aerostructures, Inc. ("CPI") (AMEX:CVU - News) today announced that CPI co-founder Arthur August, age 69, will step down as Chairman of the Board of Directors effective January 1, 2005 and that Eric S. Rosenfeld, age 47, Director and Chairman of CPI's strategic planning committee since April 2003, will become non-executive Chairman of the Board effective on the same date. Mr. August will remain an employee of the Company, with the title Chairman Emeritus, through December 31, 2005.
Additionally, effective October 28, 2004, Mr. August terminated his 10b5-1 stock sale plan, which had been in effect since August 2003.
Mr. Rosenfeld has been the President and Chief Executive Officer of Crescendo Partners, L.P., a New York based investment firm, since its formation in November 1998. Prior to forming Crescendo Partners, he was a Managing Director at CIBC Oppenheimer and its predecessor company, Oppenheimer & Co., Inc., for fourteen years. He was Chairman of the Board of Spar Aerospace Limited from 1999 through 2001. Spar was involved in the maintenance, repair and overhaul of airplanes and helicopters.
Mr. Rosenfeld is also Chairman, President and CEO of Arpeggio Acquisition Corporation, a company that successfully completed an initial public offering this year and is seeking to effect a merger or business combination with an operating business in the U.S. or Canada. He is a director of three Toronto Stock Exchange-listed companies, AD OPT Technologies, Inc., a Montreal-based company that provides advanced workforce planning, scheduling and management solutions; Sierra Systems Group Inc., an information technology, management consulting and systems integration firm; and BCE Emergis Inc., an electronic commerce company. Mr. Rosenfeld recently served as a director and head of the special committee of Pivotal Corporation, a Vancouver based customer relations management software company.
Mr. Rosenfeld is a regular guest lecturer at Columbia Business School and has served on numerous panels at Queen's University Business Law School Symposia, McGill Law School, the World Presidents' Organization and the Canadian Foundation for Investor Education and the Directors College. He also has been a regular guest host on CNBC. Mr. Rosenfeld received an MBA from Harvard University and an AB degree in economics from Brown University. Mr. Rosenfeld and Crescendo Partners II, L.P., in the aggregate, own approximately 18% of the outstanding shares of CPI.
Edward J. Fred, CPI's CEO & President, stated, "All of us at CPI owe Art a debt of gratitude for his vision and leadership over the past 24 years. CPI came to Eric's attention about two years ago, in advance of our follow-on public offering. From his background in the aerospace industry, he understood the business opportunities before us and wanted to help maximize our success. Eric is both a large CPI stakeholder and a talented executive, and we look forward to his expanded role on our Board." |
