Data I/O Corporation Announces CFO Retirement and Appoints Interim CFO

Strategic Insights -

Data I/O Corporation, a leading manufacturer of programmable systems and service providers of data packaging technology, has announced the retirement of its Vice President and Chief Financial Officer, Gerald Y. Ng, effective May 19, 2025. The company has appointed Todd Henne as the Interim Chief Financial Officer, Secretary, and Treasurer, who will provide three days of weekly services for an initial term of four months.

Key Takeaways:

  • Gerald Y. Ng, the current CFO, has announced his retirement, effective May 19, 2025, and will continue to provide transition support until the end of the second quarter.
  • Todd Henne, a Fractional Executive CFO with Theisen Advisory Group, will take over as the Interim CFO, Secretary, and Treasurer, providing three days of weekly services for an initial term of four months.
  • Henne will be paid $25,000 per month, with an additional $2,083 per day for extra services, and is eligible for incentives based on performance, including up to $9,000 per month and 10% of annualized IT spend reductions.
  • The company's independent contractor agreement with Theisen Advisory Group, LLC dba TAG CXO, will remain in place with no contemplated changes due to Henne's appointment as Interim CFO.
  • The Annual Meeting of Shareholders of Data I/O Corporation was convened on May 15, 2025, where the following nominees for election as Directors were elected: William Wentworth, Douglas W. Brown, Sally A. Washlow, Edward J. Smith, and Garrett Larson.
  • The shareholders also approved the continued appointment of Grant Thornton LLP as the company's independent auditors and the advisory vote (Say on Pay) approving the compensation of the company's named executive officers.

Statistics:

  • Number of shares of Common Stock 9,239,731
  • Number of votes cast for election as Directors 7,062,965 (76.44%)
  • Votes in favor of ratifying the continued appointment of Grant Thornton LLP as independent auditors 6,649,527 (94.15%)
  • Votes in favor of the advisory vote approving the compensation of the company's named executive officers 3,890,192 (92.61%)

Sources:

  • UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 8-K CURRENT REPORT
  • Data I/O Corporation and Theisen Advisory Group, LLC dba TAG CXO Independent Contractor Agreement
  • Data I/O Corporation Annual Meeting of Shareholders voting results