Sparton CEO, executive resign, interim executive named

SCHAUMBURG - Sparton Corp. announced President and CEO Cary B. Wood and Michael Osborne, senior vice president of corporate development, have resigned.

The company appointed Joseph J. Hartnett, currently chairman of the board of directors, as interim president and chief executive officer and will serve in that position until a new executive 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.

The company did not announce the reason for Wood's and Osborne's departures.

The board is conducting a search for a new president and CEO and has retained a national executive search firm to assist in recruiting efforts. It is expected that when appointed, the new president and CEO will also serve as a member of Sparton's board of directors.

"The board of directors recognizes the value that Cary has brought to Sparton during his tenure as CEO and thanks him for his many contributions." Hartnett said. "Sparton's talented leadership team will enable it to steer a steady course in its operations and financial performance pending the naming of a new President and CEO."

Hartnett has served as a member of the board since 2008 and as chairman since 2014. He was president and CEO of Ingenient Technologies, a multimedia software development company based in Rolling Meadows, from 2008 through 2010. Prior to Ingenient, Hartnett served as president and CEO of U.S. Robotics Corp., a global Internet communications product company headquartered in Schaumburg, from 2001 through 2006. Harrtnett was also a partner with Grant Thornton LLP where he served for over 20 years in various leadership positions at the regional, national, and international level.