Arotech Announces an Orderly Management Transition: Esses to Be CEO in 2014; Ehrlich to Remain Chairman of the Board
ANN ARBOR, Michigan, May 16, 2013 /PRNewswire/ --
Arotech Corporation (Nasdaq GM: ARTX) announced today that the Board of Directors has approved a succession plan of which, as of October 1, 2014, Robert S. Ehrlich will be stepping down as CEO and Steven Esses President will become CEO of Arotech. Mr. Ehrlich will continue to serve on the Board of Directors as Chairman. These changes are reflected in new management contracts signed this week and filed with the SEC. The management contracts run to the end of 2015, and Mr. Ehrlich's contract includes a reduction in compensation and benefits.
"I have been involved with Arotech for over two decades, half of that time as CEO, and have been working very closely with Steven Esses over much of this period," noted Arotech Chairman and CEO Robert S. Ehrlich. "Over this time, the Board and I have placed increased responsibilities in Steven's hands, and have been extremely pleased with the results," continued Ehrlich. "Together, the Board, Steven and I decided that next year would be the right time to hand over the day-to-day management of Arotech to a new generation, and I look forward to continuing my close work with Steven to ensure a smooth handover," concluded Ehrlich.
"As we move through 2013, Bob has successfully brought Arotech to the strongest position that it has ever been in," stated Arotech President Steven Esses. "I look forward to continuing and building on his hard work, and leading Arotech from strength to strength," concluded Esses.
About Arotech Corporation
Arotech Corporation is a leading provider of quality defense and security products for the military, law enforcement and homeland security markets, including multimedia interactive simulators/trainers and advanced zinc-air and lithium batteries and chargers. Arotech operates two major business divisions: Training and Simulation and Battery and Power Systems.
Arotech is incorporated in Delaware, with corporate offices in Ann Arbor, Michigan, and research, development and production subsidiaries in Alabama, Michigan, and Israel. For more information on Arotech, please visit Arotech's website at http://www.arotech.com.
Except for the historical information herein, the matters discussed in this news release include forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current knowledge, assumptions, judgment and expectations regarding future performance or events. Although management believes that the expectations reflected in such statements are reasonable, readers are cautioned not to place undue reliance on these forward-looking statements, as they are subject to various risks and uncertainties that may cause actual results to vary materially. These risks and uncertainties include, but are not limited to, risks relating to: product and technology development; the uncertainty of the market for Arotech's products; changing economic conditions; delay, cancellation or non-renewal, in whole or in part, of contracts or of purchase orders (including as a result of budgetary cuts resulting from automatic sequestration under the Budget Control Act of 2011); and other risk factors detailed in Arotech's most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2012 and other filings with the Securities and Exchange Commission. Arotech assumes no obligation to update the information in this release. Reference to the Company's website above does not constitute incorporation of any of the information thereon into this press release.
Investor Relations Contact
For more information on Arotech or investor/public relations, please contact:
Ehud Helft and Kenny Green at CCG Investor Relations, Tel: +1-646-201-9246. E-mail: firstname.lastname@example.org
SOURCE Arotech Corporation