UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 26, 2010
AEROVIRONMENT, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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001-33261 |
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95-2705790 |
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(State or other
jurisdiction of |
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(Commission File Number) |
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(I.R.S. Employer Identification No.) |
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181 W. Huntington Drive, Suite 202 |
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Monrovia, CA |
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91016 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: (626) 357-9983
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange ct (17 CFR 240.14d-2(B))
¨ Pre-commencement communications pursuant to Rule 13e-4(c)) under the Exchange Act (17 CFR 240.13e-4c))
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
AeroVironment, Inc. (“AeroVironment”) announced today that Stephen C. Wright resigned from his position as Senior Vice President and Chief Financial Officer, effective March 31, 2010, to pursue other business opportunities. Mr. Wright joined AeroVironment in September 2002 and will remain as an employee through the end of AeroVironment’s current fiscal year, which concludes on April 30, 2010. There were no disagreements between Mr. Wright and AeroVironment regarding the operation, policies or practices of AeroVironment.
Mr. Jikun Kim, age 46, has been appointed to act as AeroVironment’s interim Chief Financial Officer. Mr. Kim has served as AeroVironment’s Vice President and Controller since June 2009. Prior to joining AeroVironment, Mr. Kim served with Raytheon Company, a defense contractor, for more than eight years, most recently as Chief Financial Officer of Raytheon Vision Systems. Mr. Kim received a Masters in Business Administration from Columbia Business School, a Masters in Electrical Engineering from the University of California at Los Angeles and a Bachelors degree in Electrical Engineering from the University of California at Berkeley.
Item 7.01 Regulation FD Disclosure.
On March 31, 2010, AeroVironment issued a press release announcing Mr. Wright’s resignation and the appointment of Mr. Kim as its interim Chief Financial Officer. A copy of the press release is being furnished as Exhibit 99.1 to this report.
The information contained in this Item 7.01, including the exhibit referenced herein, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference into any filing of AeroVironment, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following exhibit is furnished herewith:
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Exhibit |
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Number |
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Description |
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99.1 |
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Press release issued by AeroVironment, Inc., dated March 31, 2010. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Date: March 31, 2010 |
AEROVIRONMENT, INC. |
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By: |
/s/ Timothy E. Conver |
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Timothy E. Conver |
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President and Chief Executive Officer |
Exhibit 99.1
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181 W. Huntington Drive, Suite 202, Monrovia, CA 91016 |
PRESS RELEASE |
AeroVironment Announces Resignation of Chief Financial Officer
MONROVIA, Calif., March 31, 2010 — AeroVironment, Inc. (AV) (NASDAQ:AVAV) today announced the resignation of Stephen C. Wright from his position as senior vice president and chief financial officer effective March 31, 2010. Wright is leaving AV to pursue other business opportunities.
The company also announced that effective March 31, 2010, Jikun Kim has been appointed interim chief financial officer. Kim has served the company as vice president and controller since June 2009.
Tim Conver, AV’s chairman and chief executive officer, said, “Steve Wright’s financial stewardship successfully supported AV’s rapid growth and prepared the company to operate in the public equity markets. On behalf of the board of directors and AV’s team members, I thank Steve for his contributions and wish him well in his future endeavors.”
Wright will remain with the company through the end of its current fiscal year, which concludes on April 30.
Prior to joining AV, Jikun Kim served with the Raytheon Company for more than eight years, most recently as chief financial officer of Raytheon Vision Systems, a $240 million business. Kim earned an MBA from Columbia Business School, a master’s of science degree in Electrical Engineering from the University of California at Los Angeles and a bachelor’s of science degree in Electrical Engineering from the University of California at Berkeley.
-more-
About AeroVironment, Inc. (AV)
Building on a history of technological innovation, AV designs, develops, produces and supports an advanced portfolio of Unmanned Aircraft Systems (UAS) and efficient electric energy systems. Agencies of the U.S. Department of Defense and allied military services use the company’s battery-powered, hand-launched UAS to provide situational awareness to tactical operating units through real-time, airborne reconnaissance, surveillance and target acquisition. AV’s clean transportation solutions include power cycling and test systems and industrial electric vehicle charging systems for commercial and institutional customers, in addition to EV home chargers and EV fast chargers for consumers. More information about AV is available at www.avinc.com.
Safe Harbor Statement
Certain statements in this press release may constitute “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from those expressed or implied. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, our ability to perform under existing contracts and obtain additional contracts; changes in the regulatory environment; the activities of competitors; failure of the markets in which we operate to grow; failure to expand into new markets; failure to develop new products or integrate new technology with current products; and general economic and business conditions in the United States and elsewhere in the world. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.
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