CVD Equipment Corp., citing years of losses, has ousted its top executive and named a new chairman and a new chief executive.
On Monday, the Central Islip company announced that its board of directors had voted on Friday to terminate founder Leonard Rosenbaum as chairman, president and CEO effective immediately.
Emmanuel Lakios, who joined CVD in 2017 as vice president sales and marketing, was installed as the new president and CEO.
Lawrence Waldman, who had been serving as an independent director, was appointed nonexecutive chairman.
Rosenbaum, who founded CVD Equipment in 1982, will retain a seat on the board of the company whose chemical vapor deposition equipment is used to produce coatings used in medicine and aerospace.
The board also dismissed Martin Teitelbaum as assistant secretary and general counsel.
"All of the independent board members have made this decision based on our concerns about reduced sales and losses over the last several years, and we believe that in order to return to profitability and in the best interests of our shareholders, a change in leadership is required," Waldman said in a statement.
Shares of CVD rose 4.9% to close Monday at $5.14.
Calls to the company were not returned.
In the quarter ended Sept. 30, revenue fell to $4 million and net loss widened to $1.3 million compared to revenue of $5.7 million and a net loss of $138,009 in the 2019 period.
Before joining CVD, Lakios, who has a bachelor's degree in mechanical engineering from Stony Brook University, served as president and CEO of Sensor Electronic Technology Inc., a South Carolina maker of ultraviolet LEDs.
Lakios, in a statement, said he would seek to explore opportunities for growth.
"CVD Equipment Corporation has a base of loyal, long-term customers and an expansive portfolio of technologies and products, supported by a talented and dedicated team of 120 employees," Lakios said.
Waldman was named to the CVD board of directors in 2016, the same year he joined First Long Island Investors LLC, a wealth management firm.
In 2017, CVD Equipment paid $13.9 million for a building at 555 N. Research Place in Central Islip.
In the year ended Dec. 31, 2019, 21.3% of the company's revenue came from customers outside the United States.