CSP Inc. disclosed the resignation of Michael Newbanks as Vice President of Finance and Chief Accounting Officer effective May 15, 2026, with no disagreements, and appointed Eric Sachs as his successor on the same date. The Board also elected James J. LaBonty as a director effective March 12, 2026, to fill a vacancy.
Key takeaways
Michael Newbanks resigns as VP Finance and Chief Accounting Officer effective 2026-05-15 to spend time with family and pursue other opportunities.
Eric Sachs appointed VP and Chief Accounting Officer effective 2026-05-15, starts 2026-03-23, with $195,000 base salary, 30% bonus eligibility, and 8,000 restricted stock units vesting over four years.
James J. LaBonty elected director on 2026-03-10, accepted 2026-03-12, to serve on nominating and compensation committees.
Newbanks to provide consulting services post-resignation.
Sachs prior roles: Director of Finance at Trajector, Inc. (2021-2026) and Nicholas Financial, Inc. (2019-2021).