Business Context and Reporting Period
This Form 8-K Current Report from Aerovironment, Inc. (Delaware) was filed on March 26, 2010, with the earliest event reported on March 31, 2010. The filing addresses significant changes in executive leadership within the company.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document is strictly a disclosure of personnel changes.
Material Changes
- Resignation: Stephen C. Wright resigned as Senior Vice President and Chief Financial Officer, effective March 31, 2010, to pursue other business opportunities.
- Transition: Mr. Wright, who joined in September 2002, will remain an employee through the end of the fiscal year on April 30, 2010.
- Appointment: Jikun Kim, age 46, was appointed as interim Chief Financial Officer.
- Background: Mr. Kim previously served as Vice President and Controller since June 2009 and spent over eight years at Raytheon Company, most recently as CFO of Raytheon Vision Systems.
Management Commentary and Risks
Management stated there were no disagreements between Mr. Wright and the company regarding operations, policies, or practices. The company issued a press release on March 31, 2010, to disclose this information under Regulation FD. No specific risks, contingencies, or unusual items related to financial performance were disclosed in this report.
Investor Verification Checklist
- Verify the official press release (Exhibit 99.1) for any additional details on the transition plan.
- Monitor upcoming filings for the appointment of a permanent Chief Financial Officer.
- Review the next quarterly report (10-Q) to assess any operational impact of the leadership change.