ANN ARBOR, Mich., Oct. 18, 2012 — The chief executive officer and board chairman positions at Advanced Photonix Inc. (API) have been separated to strengthen the optoelectronics company’s global expansion, it announced Wednesday.
“The independent directors believe the company is entering a critical phase as our investment in technology is beginning to propel the company forward,” said Donald C. Pastor, API’s new nonexecutive board chairman. “This change will allow the management team to devote their full attention to meeting the day-to-day needs of our customers in our growing markets.”
In his new role, Pastor will monitor implementation of business strategies, development of enhanced reporting mechanisms, and communication between the board and company executives. He has more than 30 years of senior executive-level experience in high technology and defense-related industries. He became an independent director to API in July 2005 and is chairman of the compensation committee and a member of the audit committee.
Richard Kurtz, API ’s CEO since February 2003 and president since June 2006, will continue to oversee the company’s day-to-day operations.
For more information, visit: www.advancedphotonix.com