MITCHEL FIELD, N.Y., Jan. 17, 2023 (GLOBE NEWSWIRE) — Frequency Electronics, Inc.(NASDAQ-FEIM) is pleased to announce today that Tom McClelland will have the interim title removed and will serve as the Company’s President and CEO. Tom has served as the Company’s Interim President and CEO since July 8, 2022. Prior to that, Tom served as FEI’s Chief Scientist and has been with the Company for almost 40 years. He has led the Company’s research and scientific efforts for over 20 years. He is one of the foremost experts in precision timing and space related applications. He has the highest level of security clearance with the U.S. government and holds a PhD in physics from Columbia University.
According to FEI Board Chair, General (ret) Lance W. Lord, “Tom is our unanimous choice for leading FEI as President and CEO. Increasing customer satisfaction, employee productivity and shareholder value are Tom’s imperatives. His advanced technical background and knowledge of where the industry is going are key attributes that will serve FEI well as we seek to position the Company for growth in next generation technologies. As FEI’s future unfolds, we are confident in Tom’s leadership.”
FEI President and CEO, Dr. Tom McClelland commented, “I appreciate the vote of confidence conveyed by the Board of Directors in making my appointment as President and CEO permanent. This facilitates continuity of the process begun with my appointment last July. As noted in the press release in conjunction with the Company’s second quarter fiscal year 2023 results, we have taken decisive steps to place the Company on a path to profitability, and there were encouraging indicators evident in the second quarter financial year 2023 results that this process is beginning to bear fruit. Revenue quarter over quarter increased, and the Company’s backlog of approximately $56 million at quarter end was higher than it has been at any time in the last 8 years, as was the book to bill ratio of 2.8. I look forward to continuing to lead a very committed team at FEI in moving towards sustained profitability and cash generation in the near future.”
About Frequency Electronics
Frequency Electronics, Inc. is a world leader in the design, development and manufacture of high precision timing, frequency generation and RF control products for space and terrestrial applications. Frequency’s products are used in satellite payloads and in other commercial, government and military systems including C4ISR and electronic warfare, missiles, UAVs, aircraft, GPS, secure communications, energy exploration and wireline and wireless networks. Frequency has received over 100 awards of excellence for achievements in development of high performance electronic assemblies for over 150 space and DOD programs. The Company invests significant resources in research and development to expand its capabilities and markets.
Frequency’s Mission Statement: “Our mission is to provide precision time and low phase noise frequency generation systems from 1 Hz to 50 GHz, for space and other challenging environments.”
Subsidiaries and Affiliates: FEI-Zyfer provides GPS and secure timing (“SAASM”) capabilities for critical military and commercial applications; FEI-Elcom Tech provides Electronic Warfare (“EW”) sub-systems and state-of-the-art RF microwave products. Additional information is available on the Company’s website: www.frequencyelectronics.com
