After leading Com Dev International Inc.’s Canadian subsidiary for 18 months, George Cwynar has left “to pursue other opportunities,” the satellite vendor said this week.
Cwynar, former chief executive officer of Ottawa-based Mosaid Technologies Inc., was hired by Cambridge, Ont.-based Com Dev in June, 2008 to be president of its Canadian operations.
Cwynar was replaced Monday by David Lizius, who has been with Com Dev since 1997.
Com Dev’s products include switches, multiplexers, microwave, optical and batter sub systems for communications, research and military satellites.
Com Dev also announced “preliminary” year end financial results, which were “affected by disappointing performance” in two government programs.
“It has become apparent that the level of work required to satisfy the program requirements, was underestimated,” Com Dev CEO John Keating stated in a press release. “In addition, we have identified problems with project management processes in the division, and in the fourth quarter we also experienced challenges with subcontractors that have since been resolved. We expect the combined effect of these issues to be a $4.3 million shortfall to both revenue and net income compared to our forecasts for the division.”
The company predicted net income for the fourth quarter would be $1 million.