White Electronic Designs Corporation\'s Chairman/CEO Resigns - PhoenixCEOCFO.com

White Electronic Designs Corporation's Chairman/CEO Resigns

Phoenix-based White Electronic Designs' Chairman and CEO, Hamid R. Shokrgozar, resigned on August 28, 2008. White Electronic Designs Corp. makes technology components for the military, industrial and medical markets. The company had recently reported another quarterly loss of $2 million for the quarter that ended June 30, 2008. Shokrgozar had been the CEO since October 1998 and the Chairman of the Board since August 2000. His current compensation agreement included a base salary of $500,000, plus cash bonuses. Upon his resignation, the company agreed to pay him $1,600,000 in compensation, 18 months of medical benefits, $50,000 for outplacement services, $50,000 for legal fees and granting certain stock options. Until a permanent replacement is identified, Roger A. Derse, CFO, and Dante V. Tarantine, EVP Sales and Marketing, will perform the duties of the office of the President.

The company announced on October 1, 2008 that it will dispose of its Display Systems Division and focus on solely on its military electronics business. The company was already in the process of discontinuing its Interface Electronic Division. The company said its military applications represented about two-thirds of its business. The Board of Directors has formed a committee to examine several alternatives for the company, including looking at selling it or merging it with another company.

The company's stock price has been trading in the middle of its 52-week range of $4.85 on October 5, 2008.

John Laub is the Chairman of the Phoenix CEO-CFO Group.

1. "White Electronic Designs Corporation's Chairman, President and CEO Resigns to Pursue Other Opportunities." Company Press Release. PRNewswire-FirstCall. August 28, 2008.

2. "White Electronic Designs Chairman, CEO Resigns." Phoenix Business Journal. August 29, 2008.

3. 8K Filed On 8/29/08 White Electronic Designs Corp

4. DEF 14A Filed On 1/25/08 White Electronic Designs Corp

5. "White Electronic Designs to Dump Display Business. Focus on Defense Electronics." Patrick O'Grady. Phoenix Business Journal. October 1, 2008.