UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On October 22, 2021, Andrew L. Davis, 54, was appointed by the board of directors of CPI Aerostructures, Inc. (the “Company”) to the positions of Chief Financial Officer, Principal Accounting Officer and Secretary of the Company. Mr. Davis will also serve as Chief Financial Officer, Principal Accounting Officer and Secretary of the Company’s wholly-owned subsidiaries, Welding Metallurgy, Inc. and Compac Development Corporation. Mr. Davis will be paid an annual base salary of $300,000.
Mr. Davis has been employed by the Company since May 2021. From 2017 to 2020, 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. From 2007 to 2017, Mr. Davis worked 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.
Mr. Davis replaces Thomas Powers who has been serving as Acting Chief Financial Officer since February 2020.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: October 25, 2021 | CPI AEROSTRUCTURES, INC. | |
| By: | /s/ Douglas McCrosson | |
| Douglas McCrosson Chief Executive Officer | ||