On February 11, 2020, CPI Aerostructures, Inc.'s Chief Financial Officer, Dan Azmon, resigned from the Company and all offices previously held by him. Effective as of February 12, 2020, Thomas E. Powers, was appointed by the Company's board of directors to the position of Acting Chief Financial Officer. In addition to serving as Chief Financial Officer and Secretary of the Company, Mr. Powers will serve as Chief Financial Officer and Secretary of the Company's wholly-owned subsidiaries, Welding Metallurgy, Inc. and Compac Development Corporation.

Mr. Powers has been employed by the Company since January 2019, serving as Director of Financial Planning and Analysis. Prior to joining the Company, Mr. Powers worked for Triumph Group, a multi-billion dollar publicly owned aerospace manufacturer, where he last served as Vice President of Financial Planning and Analysis.