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DHB Industries hires new finance chief, CFO resigns
08 Apr '06
2 min read
DHB Industries Inc has hired Lawrence Litowitz to be the Director of Finance to assume all financial duties and financial responsibilities of the company.
Larry Litowitz is a partner with Tatum, LLC. His vast experience includes over 30 years focusing on entrepreneurial and middle market companies in a broad range of businesses. He has significant experience with mergers and acquisitions, SEC reporting, capital raising, Wall Street relations and turnaround experience.
In addition to his experience in operations and finance, Litowitz spent more than 15 years in public accounting and teaching on the college level. He was with several firms, which merged into KPMG as well as Ernst and Young.
The Compensation Committee has approved a one-year contract for Litowitz with an annual salary of $325,000. In addition, the Compensation Committee has awarded him a currently exercisable warrant, for 50,000 shares of the company's Common Stock, with an exercise price equal to the market price of the company's Common Stock at the close of business.
Pursuant to the company's restructuring of its financial department, Dawn Schlegel has resigned her position as the CFO and Board member, effective from April 7th 2006. The company has decided to move the CFO's location to the company's largest subsidiary, Point Blank Body Armor.
General (Ret.) Larry Ellis, DHB's President, stated, "We are pleased and excited to have Larry on board with DHB. His extensive financial background and experience makes him a great addition to our management team."
DHB Industries Inc's Armor Group is in the protective body armor industry. Its highly recognized subsidiaries, Point Blank Body Armor Inc and Protective Apparel Corporation of America (PACA), are focused on the design, manufacture, and distribution of bullet resistant and protective body armor for military, law enforcement, and corrections in the US and worldwide.
Larry Litowitz is a partner with Tatum, LLC. His vast experience includes over 30 years focusing on entrepreneurial and middle market companies in a broad range of businesses. He has significant experience with mergers and acquisitions, SEC reporting, capital raising, Wall Street relations and turnaround experience.
In addition to his experience in operations and finance, Litowitz spent more than 15 years in public accounting and teaching on the college level. He was with several firms, which merged into KPMG as well as Ernst and Young.
The Compensation Committee has approved a one-year contract for Litowitz with an annual salary of $325,000. In addition, the Compensation Committee has awarded him a currently exercisable warrant, for 50,000 shares of the company's Common Stock, with an exercise price equal to the market price of the company's Common Stock at the close of business.
Pursuant to the company's restructuring of its financial department, Dawn Schlegel has resigned her position as the CFO and Board member, effective from April 7th 2006. The company has decided to move the CFO's location to the company's largest subsidiary, Point Blank Body Armor.
General (Ret.) Larry Ellis, DHB's President, stated, "We are pleased and excited to have Larry on board with DHB. His extensive financial background and experience makes him a great addition to our management team."
DHB Industries Inc's Armor Group is in the protective body armor industry. Its highly recognized subsidiaries, Point Blank Body Armor Inc and Protective Apparel Corporation of America (PACA), are focused on the design, manufacture, and distribution of bullet resistant and protective body armor for military, law enforcement, and corrections in the US and worldwide.
DHB Industries Inc
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