Advanced Photonix, Inc. (API) , Optoelectronic products supplier, announced Wednesday that they have separated the roles of Chairman of the Board and chief executive officer, and appointed Donald Pastor as non-executive chairman of the company.
Pastor became an independent director of the company in July 2005 and is currently serving as the chairman of the Compensation Committee and serves on the Audit Committee. He has over 30 years of executive level experience in high technology and defense related industries.
Pastor will take a more prominent role in monitoring the implementation of the Board's business strategies, and in the communications between the Board and the Company's principal executive officers.
Richard Kurtz, who has been the company's chief executive officer since February 2003 and president since June 2006, will continue to oversee the day-to-day operations of Advanced Photonix.
Shares of Advanced Photonix are currently trading at $0.60 down a cent or 1.64 % on the NYSE.
For comments and feedback: editorial@rttnews.com