LI defense firm's chief operating officer to step down
Orbit International headquarters in Hauppauge. Credit: Orbit International Corp.
The defense electronics and software firm Orbit International Corp., of Hauppauge, said Wednesday that it has come to a mutual understanding with its chief operating officer, Bruce Reissman, that he will step down from his position.
The departure is scheduled for July 31, and his employment agreement will not be renewed past that date, Orbit said. Reissman will also step down from his position as executive vice president; and he will retire from the company's board of directors and will not stand for re-election at Orbit International’s Annual Meeting on June 22.
Under Reissman’s employment agreement, he will be paid about $1.2 million upon his departure, and the company will take that amount as a charge in the first quarter ended March 31.
Reissman’s sales and marketing responsibilities will be assumed by Sam Berhumoglu, vice president of sales and marketing of the Orbit Instrument Division; and Reissman’s operating responsibilities had already been assumed by Karl Schmidt, chief operating officer of the company's Behlman Electronics Inc. unit.
Orbit makes customized electronic components and subsystems for military and nonmilitary government applications, with factories in Hauppauge, and in Quakertown, Penn.
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