EDGEWOOD, N.Y., Jan. 06, 2025 (GLOBE NEWSWIRE) — CPI Aerostructures, Inc. (“CPI Aero®” or the “Company”) (NYSE American: CVU), a leading manufacturer of structural assemblies in both the commercial and military defense aerospace markets, announced today that it has appointed Aerospace industry executive Carey Bond as Chairman of its Board of Directors effective immediately. Mr. Bond succeeds Terry Stinson, who has stepped down from the role in a planned succession after 6 years of service and after leading CPI through some of the most complex times in our industry.
Mr. Stinson will remain on CPI Aero’s Board of Directors as Vice-Chairman and will continue to share his strategic insights and governance experience with the Company.
Mr. Bond, previously Vice-Chairman of CPI Aero’s Board of Directors, joined CPI Aero’s Board in 2016. He brings a wealth of experience in the Aerospace industry to CPI Aero, having previously held executive leadership positions at Sikorsky Aircraft, Bell Helicopter Textron, PZL Mielec Aircraft Company, Shanghai Sikorsky Aircraft Company and Eclipse Aerospace. Mr. Bond holds a Master of Business Administration from Texas Christian University. “Terry and I have successfully worked together several times over the last 30 plus years in Aerospace. He has always set a high bar, and I know with the commitment of our Board and Management team, we will continue to strengthen CPI Aero’s fundamentals and increase shareholder value,” said Carey Bond, Chairman of CPI Aero.
“Terry Stinson has played a pivotal role in shaping CPI Aero’s success, and we are grateful for his dedication and contributions,” said Dorith Hakim, Chief Executive Officer of CPI Aero. “We are confident that Carey Bond will lead the Board with exceptional vision and expertise as we navigate the next chapter of our growth.”
About CPI Aero: CPI Aero is a U.S. manufacturer of structural assemblies for fixed wing aircraft, helicopters and airborne Intelligence Surveillance and Reconnaissance pod systems in both the commercial aerospace and national security markets. Within the global aerostructure supply chain, CPI Aero is either a Tier 1 supplier to aircraft OEMs or a Tier 2 subcontractor to major Tier 1 manufacturers. CPI Aero also is a prime contractor to the U.S. Department of Defense, primarily the Air Force. In conjunction with its assembly operations, CPI Aero provides engineering, program management, supply chain management, and MRO services.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included or incorporated in this press release are forward-looking statements. The Company does not guarantee that it will actually achieve the plans, intentions or expectations disclosed in its forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements.
Forward-looking statements involve risks and uncertainties, and actual results could vary materially from these forward-looking statements. There are a number of important factors that could cause the Company’s actual results to differ materially from those indicated or implied by its forward-looking statements, including those important factors set forth under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the period ended December 31, 2023 filed with the Securities and Exchange Commission. Although the Company may elect to do so at some point in the future, the Company does not assume any obligation to update any forward-looking statements and it disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc. For more information, visit www.cpiaero.com, and follow us on Twitter @CPIAERO.
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