© alexskopje dreamstime.com Electronics Production | February 08, 2016
Sparton Corporation's president and CEO resigns
Cary B. Wood has resigned as Sparton Corporation's President and Chief Executive Officer, effective immediately.
Also, Michael Osborne, Senior Vice-President, Corporate Development, has left the Company, also effective immediately. Joseph J. Hartnett, current Chairman of the Board of Directors, has been appointed as interim President and Chief Executive Officer and will serve in that position until a new President and Chief Executive Officer has been appointed. Mr. Hartnett has stepped down as Chairman and from the Board’s Audit Committee but will remain on the Board. The Board of Directors is actively conducting a search for a new President and Chief Executive Officer and has retained a executive search firm to assist in its recruiting efforts. Mr. Hartnett said, “The Board of Directors recognizes the value that Cary has brought to Sparton during his tenure as CEO and thanks him for his many contributions.” Mr. Hartnett also stated that “Sparton’s talented leadership team will enable it to steer a steady course in its operations and financial performance pending the naming of a new President and CEO.”