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RCM Technologies Inc. (NASD: RCMT) President and CEO Leon Kopyt will retire effective Feb. 28, the company announced. Rocco Campanelli, who has worked for RCM for 18 years and has served as an executive vice president of RCM since 1999, will replace Kopyt in those roles.
Kopyt, president and CEO since 1992, will continue to serve as chairman of the board at the Pennsauken, N.J.-based staffing provider. He will receive $2.6 million as part of a severance for stepping down as president and CEO.
The company also reached a settlement agreement with Legion Partners Asset Management LLC and other members of Legion’s stockholder group to end a lawsuit that arose from a contested board election last year. Legion’s nominees to the board — Bradley Vizi and Roger Ballou, the former CEO of CDI Corp. (NYSE: CDI) — were elected to RCM’s board during the annual meeting on Dec. 5. They replaced company-backed nominees Robert Kerr and Lawrence Needleman.
Part of the settlement calls for Vizi and Ballou — along with Kopyt and board member S. Gary Snodgrass — to be nominated for re-election to the board at the company’s 2014 annual meeting. In addition, either Vizi or Ballou will assume the role of chairman by the 2014 meeting. One of the two will also assume the role of lead independent director.
The company will also reimburse Legion Group for expenses related to RCM’s 2013 annual meeting in an amount not to exceed $600,000.