ORLANDO, Fla., Sept. 30, 2016 (GLOBE NEWSWIRE) -- Gencor Industries, Inc., (NASDAQ:GENC) (the “Company”) announced that E.J. Elliott, Founder, Chairman and Chief Executive Officer, will relinquish the position of Chief Executive Officer effective October 1, 2016. E.J. Elliott will continue as Chairman of the Company’s Board of Directors and remain active in the Company.
Mr. John E. Elliott, age 55 and the son of E.J. Elliott will assume the role of Chief Executive Officer effective October 1, 2016. He will receive a base salary of $450,000 and stock options for 30,000 shares of the Company’s stock at a fair market value exercise price, a ten-year term, and a vesting of one-quarter per year over four years. John E. Elliott had been an Officer of the Company from 1985 to 2006, serving as Executive Vice President and a member of the Company’s Board of Directors. Most recently he served as Vice President. Previously, he was Managing Director of Spectrasyne Ltd., an environmental service and consulting company to the petroleum, chemical, and energy industry.
Gencor Industries is a diversified heavy machinery manufacturer of equipment used in the production of highway construction materials and environmental control machinery and equipment used in a variety of industrial applications.
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