Frequency Electronics Inc (FEIM) · Oct 21, 2026 · Exec change
CFO departure — Bernstein retires November 1; Kaplan becomes CFO
Frequency Electronics names Allen Kaplan CFO as Bernstein retires, while reaffirming its $150 million-plus fiscal 2029 revenue target.
Frequency Electronics is shifting from a historically lumpy precision-timing business toward higher-rate production in space, defense, quantum sensing, proliferated satellites and alternative positioning, navigation and timing markets. Management has tied that transition to a previously announced minimum $150 million revenue target by fiscal 2029, supported by expanding backlog and order visibility.
The CFO succession is orderly rather than disruptive. Steven Bernstein is retiring after 16 years, but will provide one year of transition consulting, while Allen Kaplan arrives from Leidos Defense with experience in pricing, capital investment and program financial performance across defense manufacturing programs. The filing says Kaplan becomes CFO effective November 1, 2026. 〔0〕
The appointment fits FEIM’s growth phase, but does not prove execution. Kaplan’s defense-program finance background is relevant to managing a business moving from prototypes toward full-rate production, yet the filing provides no new orders, revenue, margin progress or additional financial targets. His compensation includes a $280,000 base salary, a 50% annual target bonus and 10,000 total restricted and performance stock units, making the package meaningful but not a strategic change. 〔1〕
Reaffirming the fiscal 2029 targets adds continuity, not upside surprise. The $150 million-or-more revenue objective and related long-term targets were already public, so this release removes no uncertainty and raises no bar. The filing specifically says the company is publicly reaffirming its previously announced fiscal year 2029 financial targets. 〔2〕
Bottom line: This is a sensible leadership handoff that supports FEIM’s defense-oriented scaling story, but it leaves the investment case unchanged. The next proof point is whether Kaplan’s arrival coincides with measurable delivery against the already-public 2029 targets—not the reaffirmation itself.
Kaplan assumes CFO role November 1, 2026
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