PALO ALTO, Calif., Feb. 8 /PRNewswire-FirstCall/ -- Stephen R. Larson, corporate vice president of strategy and technology for Esterline Technologies Corporation, was elected to the board of directors of CPI International, Inc. (Nasdaq: CPII) at the CPI International annual meeting of stockholders earlier today, effective immediately. CPI International, Inc. (CPI) is the parent company of Communications & Power Industries, Inc., a leading provider of microwave, radio frequency, power and control solutions for critical defense, communications, medical, scientific and other applications. Larson will serve on CPI's audit committee, which is now fully comprised of independent directors.
Larson brings extensive experience in strategy and corporate development in aerospace and defense markets to CPI's board of directors. Since 2000, Larson has served as the corporate vice president of strategy and technology at Esterline Technologies Corporation (NYSE: ESL), a specialized manufacturing company serving the aerospace and defense markets, and has held a number of executive-level operations, sales and marketing positions within Esterline Technologies and its predecessor, Criton Technologies, since joining Criton Technologies in 1978. Prior to his current role, Larson served as the corporate group vice president of Esterline Technologies for approximately eight years. He also served as president of Korry Electronic Corporation, a subsidiary of Esterline Technologies, from 1987 to 1992. From 1964 to 1978, Larson held various research and development and marketing management positions at Zenith Electronics Corporation. He holds a bachelor of science degree in electrical engineering from Northwestern University and a master of business administration degree from the University of Chicago.
"We are very pleased to have Steve Larson join CPI as a new, independent director," said Joe Caldarelli, chief executive officer of CPI. "Steve brings a wealth of experience in finance, strategic growth initiatives and the defense industry to our board of directors, and we look forward to working with him to ensure CPI's future growth and success. His election strengthens the independence of our board of directors and our corporate governance initiatives."
Following his election to the board of directors, Larson has been appointed to the company's audit committee, where he will serve as an independent director, replacing Michael Finley. Finley had been serving as a member of the committee during the transition period following CPI's initial public offering in April 2006, but is not currently considered an independent member of the board of directors.
In a separate but related event, Michael Targoff, the chairman of the board of directors, has relinquished his role as chairperson of CPI's audit committee. Targoff will continue to serve as a member of the audit committee. William Rutledge, who has served as a member of CPI's board of directors and audit committee since April 2006, has been appointed the new chairperson of the company's audit committee.
Larson joins Targoff, Finley, Rutledge, Caldarelli and Jeffrey Hughes, on CPI's board of directors. Hughes, who has been a director of CPI since April 2005, was reelected to the company's board of directors at the annual meeting of stockholders earlier today. The term of Chris Toffales, who had served as a director and vice chairman of CPI's board of directors since 2004, expired at the annual meeting of stockholders.
"We would like to thank Chris Toffales for his invaluable service to CPI during the past few years," said Caldarelli. "We wish him all the best in his future endeavors."
About CPI International, Inc.
CPI International, Inc., headquartered in Palo Alto, California, is the parent company of Communications & Power Industries, Inc., a leading provider of microwave, radio frequency, power and control solutions for critical defense, communications, medical, scientific and other applications. Communications & Power Industries, Inc. develops, manufactures and distributes products used to generate, amplify and transmit high-power/high-frequency microwave and radio frequency signals and/or provide power and control for various applications. End-use applications of these systems include the transmission of radar signals for navigation and location; transmission of deception signals for electronic countermeasures; transmission and amplification of voice, data and video signals for broadcasting, Internet and other types of communications; providing power and control for medical diagnostic imaging; and generating microwave energy for radiation therapy in the treatment of cancer and for various industrial and scientific applications.
Certain statements included above constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Forward- looking statements provide our current expectations, beliefs or forecasts of future events. Forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual events or results to differ materially from the results projected, expected or implied by these forward looking statements. These factors include, but are not limited to, competition in our end markets; our significant amount of debt; changes or reductions in the U.S. defense budget; U.S. government contracts laws and regulations; changes in technology; the impact of unexpected costs; inability to obtain raw materials and components; and currency fluctuations. These and other risks are described in more detail in our periodic filings with the Securities and Exchange Commission. As a result of these uncertainties, you should not place undue reliance on these forward-looking statements. All future written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. We undertake no duty or obligation to publicly revise any forward-looking statement to reflect circumstances or events occurring after the date hereof or to reflect the occurrence of unanticipated events or changes in our expectations.
SOURCE CPI International, Inc.
CONTACT: Amanda Mogin, Communications & Power Industries, investor
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