API Technologies Announces Promotion of Claudio Mannarino to Chief Financial Officer
ORLANDO, Fla.– (Business Wire) – June 23, 2014—API Technologies Corp. (NASDAQ:ATNY) (“API” or the “Company”), a leading provider of high performance RF/microwave, power, and security solutions for critical and high-reliability applications, announced today that Claudio Mannarino, Senior Vice President, has been promoted to Senior Vice President and Chief Financial Officer, effective immediately, replacing Phil Rehkemper who resigned his position as CFO to accept another position. Mr. Rehkemper has served as CFO since April 2012. Mr. Rehkemper has agreed to remain with the Company until July 3, 2014 to assist in the CFO transition.
Mr. Mannarino has been with API since 2000 and has over 20 years of finance and professional accounting experience. Prior to his current role as Senior Vice President, Mr. Mannarino served various senior-level management roles throughout the Company’s finance organization. Before joining API Technologies, Mr. Mannarino served as Controller for two divisions of Transcontinental, Inc. Mr. Mannarino holds a Bachelor of Commerce Degree from the University of Ottawa and is a Certified Management Accountant.
API Technologies President and Chief Executive Officer, Bel Lazar, commented: “Claudio has been an integral part of API Technologies’ management team for 14 years and I look forward to working with him in his expanded role.”
Found this article. Rehkemper went to Sensity as their first CFO. Seems a little odd. Warren L at work?
Sensity Systems named Phil Rehkemper as its chief financial officer. He will be the company’s first finance chief. Sensity is a closely held networking company based in Sunnyvale, Calif. A company spokeswoman declined to provide any compensation information. Mr. Rehkemper in June resigned from API Technologies Inc.ATNY -1.71%, where he had been CFO for two years. His compensation in 2013 totaled $322,529. In 2012, his compensation totaled $723,281, including a signing bonus.
Yes, but the guy that's leaving has only had the position for a year and a half. Maybe he was using ATNY as a stepping stone. Another possibility though is the Steel Partners connection. Sometimes when they take a large position in a company, they manage to put their own officers in top positions at the company. I would say if profits don't improve quickly, we might see some of that here.