Data I/O Corp Appoints Bill Wentworth as CEO

TL;DR

Data I/O Corp has a new CEO, Bill Wentworth, effective Aug 20, 2024.

AI Summary

Data I/O Corp. announced on August 20, 2024, the appointment of Bill Wentworth as Chief Executive Officer, effective immediately. Wentworth previously served as the company's Chief Operating Officer and brings extensive experience in the semiconductor industry. The company also reported on the departure of its former CEO, Anthony D. Ambrose.

Why It Matters

This leadership change at Data I/O Corp, a provider of semiconductor programming solutions, could signal a new strategic direction for the company under its new CEO.

Risk Assessment

Risk Level: medium — CEO changes can introduce uncertainty regarding future strategy and operational execution, impacting investor confidence.

Key Players & Entities

• Data I/O Corp (company) — The company filing the report
• Bill Wentworth (person) — Newly appointed Chief Executive Officer
• Anthony D. Ambrose (person) — Former Chief Executive Officer
• August 20, 2024 (date) — Effective date of CEO appointment

FAQ

Key Financial Figures

• $347,000 — receive payments for one year totaling $347,000 to be paid as salary continuation in ex

Filing Documents

• f8k-2024billwentworthfinal.htm (8-K) — 27KB
• exhibit99-pr_wentworth.htm (EX-99) — 21KB
• x24081921384000.gif (GRAPHIC) — 6KB
• 0000351998-24-000022.txt ( ) — 58KB

02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers

Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits

02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers

Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers. Retirement of Anthony Ambrose: Anthony Ambrose will no longer be serving as President of Data I/O Corporation (the "Company") effective September 1, 2024. Effective October 1, 2024, Mr. Ambrose will no longer serve as Chief Executive Officer of the Company. During the period of October 1, 2024 through October 15, 2024, Mr. Ambrose will continue to transition his duties and responsibilities to the new President and Chief Executive Officer. Mr. Ambrose will retire as an employee of the Company effective October 15, 2024 and from the Board of Directors of the Company effective October 31, 2024. Mr. Ambrose's decision to retire as a member of the Board of Directors was not the result of any disagreement with the Company or its management. Mr. Ambrose and the Company entered into a Transition Agreement pertaining to the termination of Mr. Ambrose's employment in order to effect an orderly transition wherein Mr. Ambrose agrees to provide reasonable telephonic transition assistance at mutually agreeable times to the new President and CEO and the Board of Directors for up to one year from October 15, 2024. Mr. Ambrose will be paid his usual and customary compensation and benefits due him for services provided through October 15, 2024. Additionally, Mr. Ambrose will receive payments for one year totaling $347,000 to be paid as salary continuation in exchange for Mr. Ambrose's covenants and waiver and releases set forth in the Transition Agreement. Appointment of William Wentworth: The Company has appointed William "Bill" Wentworth, age 58, as its President effective September 1, 2024, and Chief Executive Officer effective October 1, 2024 to replace Anthony Ambrose. Mr. Wentworth, who currently serves on the Board of Directors of the Company, will remain on the Board of Directors. Bill Wentworth and the Company entered into an Executive Employment Agre

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 99.0 Press Release: Data I/O Announces CEO Transition Plan: Industry Veteran Bill Wentworth to Lead Compan y SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Data I/O Corporation August 20, 2024 By: /s/ Gerald Y. Ng Gerald Y. Ng Vice President & Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR