Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
(b) Effective May 11, 2011, the board of directors of Abakan Inc. (the “Corporation”) accepted the resignation of Costas Takkas as chief financial officer and principal accounting officer. Mr. Takkas concurrently resigned as a director of MesoCoat, Inc. and Powdermet Inc., companies in which the Corporation owns a minority interest.
(c) Effective May 11, 2011, the board of directors of the Corporation appointed Mark W. Sullivan as chief financial officer and principal accounting officer.
Mr. Sullivan will also serve as a director of MesoCoat, Inc. and Powdermet, Inc.
Mr. Sullivan has over 25 years of experience in the disciplines of executive management, strategic planning, finance, accounting, human resources, operations, administration, treasury, legal, sales, and plant and facilities management.
Mr. Sullivan has been the owner and operator of numerous businesses specializing in franchise territory development and turnarounds. During 2000 to 2001 he was the Vice President of Finance with VIAD Corp., a publicly traded company (NYSE: VVI) in the field of international manufacturing of industrial exhibits. From 1992 to 2000 he was Chief Financial Officer of Creative Productions (which was bought by VIAD) and from 1991 to 1992 he was their Financial Controller. His experience also includes being the Financial Controller of J H Water Systems, Inc., an environmental construction firm specializing in synthetic liners in reservoirs and landfills and as an accountant/auditor with Schneider Downs & Company, Inc., Certified Public Accountants.
Mr. Sullivan has served as an adjunct professor at Saint Vincent College in Latrobe, Pennsylvania, teaching corporate finance, accounting, and financial analysis to third and fourth year students.
Mr. Sullivan is a CPA. He received an MBA and MS in Management Information Systems from the University of Pittsburgh and BS in Accounting from Saint Vincent College.
Mr. Sullivan has entered into an employment agreement with the Corporation in connection with his appointment as chief financial officer and principal accounting officer. Terms of the agreement include a signing bonus of 60,000 shares, options to purchase 400,000 shares, and a starting salary of $120,000 per annum. Mr. Sullivan has also been appointed to serve as a director of MesoCoat Inc. and Powdermet Inc.
Mr. Sullivan is not related to any members of the Corporation’s board of directors.
(d) Effective May 11, 2011, the Corporation’s board of directors appointed Theodore Sarniak III to serve as a director.
Mr. Sarniak has been and is currently Chief Executive Officer of Jeannette Specialty Glass since 1976. During his tenure he changed the company’s product mix and production technologies eight times to be competitive in the ever changing market place. This evolution resulted in a company sales force that covers the United States, Canada, and Europe. Prior to joining Jeannette Specialty Glass, he had a very successful career in engineering, research and development, and new product development.
