Sparton Corporation (NYSE: SPA) said its president and CEO, and senior vice president of corporate development have left the company.
Cary B. Wood has resigned as its President and Chief Executive Officer, and Michael Osborne, Senior Vice-President, Corporate Development, has left the company, both effective immediately.
Joseph J. Hartnett, current chairman of the board of directors, has been appointed as interim president and chief executive officer and will serve in that position until a new president and chief executive officer is appointed.
Hartnett has stepped down as chairman and from the board´s audit committee but will remain on the board. Sparton board Member James R. Swartwout has been appointed by the board as chairman.
Osborne´s duties have been reassigned to other members of Sparton´s senior management team.
Sparton, now in its 116th year, is a provider of complex and sophisticated electromechanical devices with capabilities that include concept development, industrial design, design and manufacturing engineering, production, distribution, field service, and refurbishment.