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Friday, May 26, 2006

CPI Aerostructures (CVU) director resigns

CVU issued an 8-K to announce an independent director resigned, who was also chairman of the audit committee.
Mr. Providenti advised CPI Aero that his resignation is not the result of any disagreement on any matter relating to the Company's operations, policies or practices. Mr. Providenti stated, "My time on the CPI Aero Board of Directors has been very productive, but I have determined that my time now needs to be dedicated to personal matters."
I'd be more willing to believe that except that he just joined as a director in 2003.

According to the proxy statement, Providenti had stock options for 100,000 shares (1.8% of the company). He's around 68 years old.
A. C. Providenti has been a director and chairman of our audit committee since February 2003. Since 1984, Mr. Providenti has served as president of A.C. Providenti & Associates, Ltd., a consulting and strategic advisory firm. From 1977 to 1984, Mr. Providenti served as senior vice president for finance and administration and as an executive committee member for Northville Industries Corp., a multinational petroleum storage, trading and distribution company. Mr. Providenti holds a Bachelor’s degree in Accounting from St. Francis College and a Masters of Business Administration from Fordham University.
This is not good news.

On the other hand, Midwood keeps buying more shares.

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