Investing.com -- Frequency Electronics Inc (NASDAQ:FEIM) shares dropped 3% in after-hours trading Wednesday following the company's announcement of a leadership change in its finance department.
The company named Allen Kaplan as its new Chief Financial Officer, effective November 1, 2026. Kaplan will replace Steven L. Bernstein, who is retiring after 16 years with the company.
Kaplan joins Frequency Electronics from Leidos Defense Sector, where he served as Vice President of Finance and Business Operations. In that role, he led financial strategy, pricing, capital investment and program financial performance for a portfolio of defense programs. His career includes over 21 years of experience in financial and accounting leadership roles within the defense industry.
Before joining Leidos in 2016, Kaplan worked at Lockheed Martin Corporation from 2005 to 2016 in various finance and business operations positions. He holds a Bachelor's degree in Supply Chain Management from Pennsylvania State University and a Master of Business Administration from Villanova University.
Alongside the CFO announcement, Frequency Electronics reaffirmed its three-year financial targets. The company maintained its goal of achieving minimum revenue of $150 million by the fiscal year ending April 30, 2029. The company also reiterated targets for minimum gross margin of 50% and minimum operating margin of 30% by the same fiscal year.
Frequency Electronics specializes in precision time and frequency generation technology for commercial and U.S. Government satellites, as well as defense systems.
Original Article
Frequency Electronics stock falls on CFO transition announcement
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