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Aircraft industry

CPI Aerostructures Appoints Philip Passarello as Chief Financial Officer and Secretary

Strategic Insights

— 2 min read

Philip Passarello has been appointed as the Chief Financial Officer (CFO) and Secretary of CPI Aerostructures, Inc., effective August 19, 2024. Passarello will replace Andrew Davis, whose employment as CFO and Secretary was terminated by the Company without cause on August 13, 2024. As part of his appointment, Passarello will also serve as CFO and Secretary of CPI Aerostructures' wholly-owned subsidiaries, Welding Metallurgy, Inc. and Compac Development Corporation.

Passarello brings extensive experience in finance and leadership roles, having served as Vice President of Finance - Integrated Electronics for TTM Technologies, and Vice President of Finance for Telephonics Corporation. He has over 15 years of managerial and executive-level experience in the aerospace and defense industry. Passarello will be paid an annual base salary of $350,000 and will participate in the Company's annual short-term cash and long-term equity incentive plans.

Key Takeaways:

  • Philip Passarello was appointed as Chief Financial Officer (CFO) and Secretary of CPI Aerostructures, Inc. effective August 19, 2024.
  • Passarello will serve as CFO and Secretary of Welding Metallurgy, Inc. and Compac Development Corporation, CPI Aerostructures' wholly-owned subsidiaries.
  • Passarello has over 15 years of experience in finance and leadership roles, having served as Vice President of Finance - Integrated Electronics for TTM Technologies and Vice President of Finance for Telephonics Corporation.
  • Passarello will be paid an annual base salary of $350,000 and will participate in the Company's annual short-term cash and long-term equity incentive plans.
  • Passarello will receive a one-time equity award of 20,000 restricted shares of the Company's common stock, which will vest on August 19, 2026.
  • The Company has entered into a Severance and Change in Control Agreement with Passarello, which provides for varying types and amounts of payments and benefits upon termination of employment.
  • Passarello replaces Andrew Davis, whose employment as CFO and Secretary was terminated by the Company without cause on August 13, 2024.

Statistics:

  • CPI Aerostructures has appointed Philip Passarello as its new CFO and Secretary.
  • Passarello will receive a base salary of $350,000 and will be eligible to earn up to 40% of his annual base salary in cash and long-term equity incentives.
  • Passarello will participate in the Company's annual short-term cash and long-term equity incentive plans, starting from 2025.
  • Passarello will receive a one-time equity award of 20,000 restricted shares of the Company's common stock, which will vest on August 19, 2026.
  • The Severance and Change in Control Agreement provides for varying types and amounts of payments and benefits upon termination of employment, including continued salary for 12 months, cash bonuses, and health insurance benefits.

Sources:

  • CPI Aerostructures, Inc. Form 8-K filing, dated August 19, 2024.
  • CPI Aerostructures, Inc. Severance and Change in Control Agreement, dated August 19, 2024.

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