Frequency Electronics Inc. has named Stanton Sloane as its new president and chief executive after the Uniondale company's founder stepped down.
Sloane, who previously served as CEO of Melville-based Comtech Telecommunications Corp., will receive a base annual salary of $325,000 with an annual target bonus of 100 percent of his salary, according to a government filing Friday.
Frequency Electronics makes timing and synchronization devices used in satellites, missiles and drone aircraft.
Its devices also are used in the global positioning system (GPS) operated by the U.S. Air Force and widely used in auto navigation devices.
Founder Martin Bloch resigned as president and CEO effective May 1 but will continue as the company's chief scientist.
Bloch, who had served as president of Frequency Electronics and its predecessor company since 1961, also was named executive chairman by the board of directors.
That followed the resignation of Joel Girsky as chairman. Girsky will remain a director and chair the audit committee.
Sloane was hired as chief operating officer of Frequency Electronics in September 2017.
In 2016 the incumbent management of Frequency Electronics faced a proxy fight from an Atlanta-based investment company Privet Fund Management, whose executives questioned the company's direction.
The company eventually agreed to expand its board of directors and appoint two new board members designated by Privet.
In the quarter ended Jan. 31, Frequency Electronics posted revenue of $10.6 million, down from $11.4 million in the prior year's period.