Business
TechPrecision Corporation Announces CFO Retirement and Appointment of Successor
WESTMINSTER, MA / ACCESSWIRE / May 31, 2023 / TechPrecision Corporation (NASDAQ:TPCS) ("TechPrecision" or "the Company"), an industry-leading manufacturer of
About this update from Techprecision Corporation
[{"type":"text","content":"WESTMINSTER, MA / ACCESSWIRE / May 31, 2023 / TechPrecision Corporation (NASDAQ:TPCS) (\"TechPrecision\" or \"the Company\"), an industry-leading manufacturer of precision, large-scale fabricated and machined metal components and tested systems with customers in the defense and precision industrial sectors, today announced that Thomas Sammons, Chief Financial Officer, has notified the Company that he will retire effective on or about July 14, 2023. Mr. Sammons joined the Company in March 2015 as Vice President, Finance, of the Company's wholly owned subsidiary, Ranor, Inc., and was appointed Chief Financial Officer of the Company effective on October 23, 2015. Mr. Sammons will continue to consult with the Company post-retirement to ensure an orderly transition.On May 30, 2023, the Board appointed Barbara \"Bobbie\" M. Lilley, currently the Controller of the Company, as Chief Financial Officer, to succeed Mr. Sammons on his retirement date. Ms. Lilley has served as Controller of Ranor, Inc., since June 2016. Prior to joining the Company, Ms. Lilley served as Controller of Materials Systems, Inc., a worldwide supplier of a range custom-designed products from acoustic transducers for underwater sonar to industrial ultrasound systems, from 2011 through 2015, and as Accounting Manager at Lewcott Corporation, a specialty chemical and materials technology company, from 2008 to 2011. Ms. Lilley received her Bachelor of Science/Business Administration with an Accounting major from Nichols College.\"As Controller, Bobbie has integrated well with the management team with her hands-on approach, systems knowledge, and defense industry relevance. Bobbie will continue as a key factor in our focus on Stadco integration, human and systems resource realignment, and steadfast retention of current and future work with our key defense customers,\" stated Alexander Shen, TechPrecision's Chief Executive Officer. \"Bobbie has my complete trust. As we continue on our path to maintain and grow our book of business in both the Ranor, Inc. and Stadco subsidiaries, I look forward to working with Bobbie as Chief Financial Officer as we continue to execute and maintain operational run rate improvements, improve gross margins and increase the amount of cash generated from operations.\"About TechPrecision CorporationTechPrecision Corporation, through its wholly...