Posted 16 August, 2023

LGL GROUP INC appointed Tim Foufas as new CEO

NYSE:LGL appointed new Chief Executive Officer Tim Foufas in a 8-K filed on 16 August, 2023.

  In addition, Tim Foufas, a long-time Board member, was appointed as Co-CEO and will serve as the Company's Principal Executive Officer, replacing Michael Ferrantino.  

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Overview of LGL GROUP INC
Technology • Networking
LGL Group, Inc. is a holding company, which engages in the manufacture, design and marketing of industrial and commercial products and services. It operates through the following business segments: Electronic Components and Electronic Instruments. The Electronic Components segment offers highly-engineered and highly-reliability frequency and spectrum control products. The Electronic Instruments segment is focused on the design and manufacture of high performance frequency and time reference standards that form the basis for timing and synchronization in various applications. The company was founded in 1928 and is headquartered in Orlando, FL.
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Relevant filing section
Item 5.02.
 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 

On August 11, 2023, the Board of Directors ("Board") of The LGL Group, Inc. ("LGL"), elected Darlene DeRemer and Herve Francois to join the Board, effective immediately. In addition, Tim Foufas, a long-time Board member, was appointed as Co-CEO and will serve as the Company's Principal Executive Officer, replacing Michael Ferrantino.


Darlene DeRemer brings a career in investment banking, new product development and governance positions of leadership. Ms. DeRemer currently serves as the Chairwomen and Trustee of ARK ETF Trust and was a Managing Partner at Grail Partners LLC, a financial services merchant bank from 2005 to 2019, and remains an Advisory Partner today. She served on the Board of Directors for United Capital Wealth Advisors, 2008 to 2019 and the Board of Directors for Confluence Technologies, Inc. (2018 - 2021). Earlier in her career, Ms. DeRemer was Vice President and Director in the Asset Management Division of State Street Bank and Vice President at T. Rowe Price & Associates. Ms. DeRemer also serves on the Board of Trustees for Syracuse University from which she holds an MBA and BS.


Herve Francois has broad financial services experience in research and sales, including specializations in technology investing. Mr. Francois currently serves as Partner & Acquisition Manager at DeRosa Group, a real estate investment firm. Mr. Francois has held positions as a Financial Analyst and Institutional Equity Sales Manager at Citigroup, Credit Suisse First Boston, and several other investment banking firms over a 23-year career on Wall Street. As a Financial Analyst, Mr. Francois covered a broad number of Technology stocks and ranked 3rd place in the stock picking category in Wall Street Journal's "Best Analyst's on The Street" for 2002. Mr. Francois also led U.S. Equity Sales at Mizuho Securities. Mr. Francois holds an M.B.A. from Georgetown University and a B.A. in Economics from Boston College.


Timothy Foufas, a long-time LGL Board member, has joined the company as Co-CEO, alongside CO-CEO Marc Gabelli, as Michael Ferrantino transitions from management to the Board. "This continues the management transition following the spin-off of M-tron Industries, Inc. late last year. I am delighted Tim will move to take on this executive role. He brings a long history of private equity and operational experience," said Michael Ferrantino.