CPI Aero names industry veteran as new CEO

Defense contractor CPI Aerostructures Inc. has named veteran aerospace executive Dorith Hakim as chief executive, president and director, the company announced Wednesday.

The appointment of Hakim, 57, is effective immediately. She replaces Douglas McCrosson who served as president and CEO since March 2014.

CPI Aero makes assemblies for UH-60 Blackhawk helicopters and A-10 Thunderbolt attack jets and pods that house electronic warfare equipment on the EA-18G Growler battlefield management aircraft.

Hakim's hiring follows years of regulatory scrutiny as the Edgewood maker of aircraft assemblies was forced to restate financial statements for the years 2019 and 2020 because of errors in valuing its inventory.

Shares of Edgewood-based CPI Aero climbed 1.6% to $2.70 in Wednesday morning trading, but remained far off its 52-week high of $7.

"Dorith brings to our company extensive experience in the aerospace industry and expertise in program, product, supply chain, operations, manufacturing, and customer management," Terry Stinson, chairman of CPI Aero's board of directors, said in a statement. "She is a strong, intelligent and high energy leader which will allow her to have an immediate and positive impact at CPI Aero."

Hakim joins CPI Aero after serving as group vice president of Parker Hannifin Corp.'s aerospace unit, where she oversaw 25 manufacturing sites and two joint ventures. Before joining Parker Hannifin, she served in several executive positions at Triumph Group, Sikorsky Aircraft Inc. and Bell Helicopter.

She earned an executive master of business administration from Texas Christian University and a bachelor of arts, business administration and finance from H.E.C. at the University of Montreal.

The executive shake-up comes as Globis Capital Partners LP, a Boca Raton, Florida, hedge fund, has increased holdings in CPI Aero to 854,628 shares, or 6.9%, making it one of the company's largest shareholders.

In November, the New York Stock Exchange granted tentative approval to a plan by CPI Aero to file revised financial statements and regain compliance with its listing standards. The NYSE notice set an initial compliance deadline of April 14, which could be extended to May 24.

Hakim's appointment makes her one of the highest profile women executives on Long Island. She joins Helena Santos, CEO of publicly traded Scientific Industries Inc. in Bohemia, as well private company CEOs Teresa Ferraro of East/West Industries Inc. in Ronkonkoma and Anne Shybunko of GSE Dynamics Inc. in Hauppauge.

By Ken Schachter

kenneth.schachter@newsday.comkschach

Ken Schachter covers corporate news, including technology and aerospace, and other business topics for Newsday. He has also worked at The Miami Herald and The Jerusalem Post.