Short answer
CSP INC /MA/ (CSPI) filed an 8-K current report with the SEC on March 16, 2026 reporting Item 5.02 (Departure/Election of Directors or Officers). VP Finance/CAO Michael Newbanks resigning May 15, 2026 after ~9 years in role; no disagreement with Board noted.
CSP INC /MA/ 8-K event analysis
AI summary of each reported item and its exhibits
Item 5.02 · Departure/Election of Directors or Officers
- VP Finance/CAO Michael Newbanks resigning May 15, 2026 after ~9 years in role; no disagreement with Board noted
- Successor Eric Sachs, age 55, appointed CAO at $195,000 base salary with 30% annual bonus target
- Sachs granted 8,000 restricted shares vesting over 4 years; starts onboarding March 23, 2026
- Newbanks expected to provide post-resignation consulting, reducing transition risk
- Board also added James LaBonty (CEO, OT Cyber Specialists) as new director, filling open vacancy; joins nominating and compensation committees
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