Defense contractor CPI Aerostructures Inc. has named Terry Stinson, a former chief executive of Bell Helicopter Textron Inc., as non-executive chairman, the company announced Thursday.
Stinson succeeds Eric Rosenfeld, who was named chairman emeritus. Rosenfeld is the Edgewood-based company's largest individual shareholder, with 1.9 percent of outstanding shares, and also holds a 4.4 percent stake through his Manhattan investment firm, Crescendo Partners LP, according to Bloomberg.
Rosenfeld had served as non-executive chairman since 2005 and remains a member of the board of directors.
"We are at a pivotal moment in CPI Aero's history," Stinson said in a statement. "The company has established itself as an exceptional supply chain partner with industry recognition for program execution."
In addition to being the former chairman and CEO of Bell Helicopter, Stinson served as president of the Hamilton Standard Division of United Technologies and group vice president of Textron Aerospace Systems.
On Thursday the company also announced financial results for the third quarter.
Revenue fell to $19.9 million from $20.7 million in the 2017 period.
Profits also slid as selling, general and administrative expenses increased more than $500,000 from the year-ago quarter.
In the quarter ended Sept. 30, net income declined to $1.3 million, or 15 cents per diluted share, from $1.7 million, or 19 cents per diluted share, in the previous year's period.
Shares of CPI Aero rose 1.6 percent Thursday to close at $7.71. A year ago, the stock was trading at $9.05.
In October the company announced it had raised net proceeds of $16.1 million in a public offering of 2.8 million shares of common stock. The company said it would use the proceeds for working capital, capital expenditures, debt repayment or strategic acquisitions.
CPI makes structural assemblies for military and civilian helicopters and fixed-wing aircraft.