CSP INC /MA/ 8-K

What Happened
CSP Inc. (CSPI) filed an 8-K on March 16, 2026 (Item 5.02) announcing that Michael Newbanks, the Company’s Vice President of Finance and Chief Accounting Officer, will resign effective May 15, 2026. The Board has appointed Eric Sachs to succeed him as Vice President and Chief Accounting Officer; Sachs will begin working with the company on March 23, 2026 and assume the role on May 15, 2026. The filing states Newbanks’ resignation is not due to any disagreement with the Company and he may provide consulting services after his resignation.

Key Details

• Resignation notice: Michael Newbanks provided notice on March 10, 2026; last day of employment is May 15, 2026. Newbanks served as Chief Accounting Officer since July 2017 (Controller of Modcomp since May 2003).
• Successor: Eric Sachs (age 55) will work with CSP starting March 23, 2026 and become CAO on May 15, 2026.
• Compensation for Sachs: $195,000 annual base salary; eligible for an annual bonus up to 30% of base if targets are met; grant of 8,000 restricted shares vesting over four years.
• Board change: James J. LaBonty was appointed to the Board (accepted March 12, 2026) and will join the nominating and compensation committees; he is CEO of OT Cyber Specialists and was with Pfizer (2010–2022).

Why It Matters
This filing signals a planned leadership transition in CSP’s accounting and finance function with a named successor and a defined overlap/transition period. Investors should note the disclosed compensation package (base salary, bonus opportunity, and equity grant) and that the departing CAO may continue as a consultant, which could help continuity. The board appointment adds experience in engineering and cyber protection to the board’s committees.