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Posted 13 July, 2022

FREQUENCY ELECTRONICS INC appointed Dr. Thomas McClelland as new CEO

Nasdaq:FEIM appointed new Chief Executive Officer Dr. Thomas McClelland in a 8-K filed on 13 July, 2022.


  The Board of Directors of the Company appointed Dr. Thomas McClelland to serve as the Company's Interim President and Chief Executive Officer, in addition to his existing positions and responsibilities with the Company, effective July 8, 2022.  

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Overview of FREQUENCY ELECTRONICS INC
Industrial Goods • Precision Products
Frequency Electronics, Inc. engages in the design, development, and manufacture of precision time and frequency generation technology. It operates through the FEI-NY and FEI-Zyfer business segments. The FEI-NY segment provides precision time, frequency generation, and synchronization products and subsystems that are found on-board satellites, in ground-based communication stations, and imbedded in moving platforms. The FEI-Zyfer segment designs, develops, and manufactures products for precision time and frequency generation and synchronization, primarily incorporating GPS technology. The company was founded by Martin B. Bloch on August 25, 1961 and is headquartered in Mitchel Field, NY.
Market Cap
$102M
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FREQUENCY ELECTRONICS INC by TradingView
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 July 8, 2022, Dr. Stanton Sloane and the Company mutually agreed that Dr. Sloane would resign as President and Chief Executive Officer and as a member of the Board of Directors of the Company, effective immediately. Dr. Sloane's resignation was not the result of any disagreement with the Company on any matter relating to its operations, policies or practices.


The Board of Directors of the Company appointed Dr. Thomas McClelland to serve as the Company's Interim President and Chief Executive Officer, in addition to his existing positions and responsibilities with the Company, effective July 8, 2022. The Board of Directors of the Company, led by Gen. (ret.) Lance Lord, who was appointed as Chairman of the Board in May 2022, approved by resolution the reduction in the number of authorized directors of the Board of Directors of the Company from five to four, effective as of Dr. Sloane's resignation from the Board of Directors of the Company. The Board of Directors is actively seeking to identify potential new candidates for Board membership.


Dr. McClelland, 67, joined the Company as an engineer in 1984 and was elected Vice President of Commercial Products in 1999. In fiscal 2011, Dr. McClelland's title was modified to Vice President of Advanced Development to describe his expanded role in the Company. He has served as Senior Vice President and Chief Scientist since January 2020.


There are no arrangements or understandings between Dr. McClelland and any other person pursuant to which he was appointed as the Company's Interim President and Chief Executive Officer. There is no family relationship between Dr. McClelland and any director, executive officer, or person nominated or chosen by our Company to become a director or executive officer of our Company. The Company has not entered into any transactions with Dr. McClelland that would require disclosure pursuant to Item 404(a) of Regulation S-K under the Securities Exchange Act of 1934, as amended.


The details of Dr. McClelland's additional compensation to be paid in connection with his appointment as Interim President and Chief Executive Officer, if any, have not been determined as of the date hereof and will be determined by the Board of Directors of the Company at a later date.


The Company intends to conduct a search for a new President and Chief Executive Officer.


Dr. Sloane will receive the severance compensation set forth in his employment agreement, dated May 1, 2018, consistent with a termination of his employment by the Company without "cause." A copy of Dr. Sloane's employment agreement was filed as Exhibit 10.11 to the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2019. In connection with his resignation, Dr. Sloane voluntarily elected to forfeit 7,500 restricted stock units ("RSUs") that had vested and otherwise would have been granted to him. Dr. Sloane's unvested RSUs and stock appreciation rights automatically terminated and were cancelled pursuant to the terms of the Company's 2005 Stock Plan and the applicable award agreements.