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American Shared Hospital CEO Resigns; Interim Named

American Shared Hospital Services announced that CEO Gary Delanois resigned for personal reasons, effective April 24, 2026.

Filing Impact
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Form Type
8-K

Rhea-AI Filing Summary

American Shared Hospital Services announced that CEO Gary Delanois resigned for personal reasons, effective April 24, 2026. The board appointed long-time executive Craig K. Tagawa, currently President, as interim CEO effective April 27, 2026, and he will retain his President role.

To reflect his expanded responsibilities, Mr. Tagawa’s base salary will increase from $265,000 to $325,000, and his 2026 target performance bonus under the company’s variable compensation plan will rise from 40% to 50% of base salary. The company states there are no family relationships or related-party transactions requiring disclosure involving Mr. Tagawa.

Insights

CEO change with internal interim successor and higher pay looks like a continuity move.

The company reports that CEO Gary Delanois resigned for personal reasons, with President Craig K. Tagawa stepping in as interim CEO. Tagawa has been with the company since 1988 and has held multiple senior roles, which supports operational continuity.

The board adjusted his compensation to a $325,000 base salary and increased 2026 target bonus to 50% of base pay, aligning incentives with broader responsibility. The filing notes no family relationships or related-party transactions involving Tagawa, which helps from a governance and independence standpoint.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
CEO resignation effective date April 24, 2026 Effective date of Gary Delanois’s resignation as CEO
Interim CEO start date April 27, 2026 Effective date Craig K. Tagawa becomes interim CEO
Interim CEO base salary $325,000 Craig K. Tagawa base salary effective April 27, 2026
Prior base salary $265,000 Craig K. Tagawa base salary before interim CEO role
New bonus target 50% of base salary 2026 target performance bonus for Tagawa
Old bonus target 40% of base salary Prior 2026 target performance bonus for Tagawa
Interim CEO financial
"appointed Craig K. Tagawa, President of the Company, to serve as the Company’s interim CEO"
An interim CEO is a temporary chief executive appointed to lead a company for a short, defined period while the board searches for a permanent leader or handles an unexpected vacancy. Investors watch this role because the interim's decisions and tone can affect day-to-day operations, strategic direction, and market confidence—like a substitute teacher keeping a classroom running until a full-time teacher arrives, the interim can stabilize or shift momentum and influence the stock's outlook.
variable compensation plan financial
"target performance bonus for 2026 under the Company’s variable compensation plan from 40% of his base salary"
Item 401 of Regulation S-K regulatory
"information required to be disclosed with respect to Mr. Tagawa under Item 401 of Regulation S-K"
Item 404(a) of Regulation S-K regulatory
"no transactions in which Mr. Tagawa has an interest requiring disclosure under Item 404(a) of Regulation S-K"
emerging growth company regulatory
"Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company"
An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did American Shared Hospital Services (AMS) disclose in this 8-K?
American Shared Hospital Services disclosed the resignation of CEO Gary Delanois and the appointment of President Craig K. Tagawa as interim CEO. The filing also outlines Tagawa’s revised compensation package and confirms there are no family relationships or related-party transactions requiring disclosure involving him.

When is AMS CEO Gary Delanois resigning and why is he leaving?
Gary Delanois is resigning as CEO of American Shared Hospital Services effective April 24, 2026. The company states he is leaving for personal reasons. No additional reasons or business-related issues are described in the disclosure surrounding his departure.

Who is the new interim CEO of American Shared Hospital Services (AMS)?
The board appointed Craig K. Tagawa, currently President, as interim CEO effective April 27, 2026. Tagawa joined the company in 1988 and has held senior roles including Chief Operating Officer and Chief Financial Officer, providing extensive internal experience and familiarity with AMS’s operations.

How did AMS change Craig K. Tagawa’s compensation as interim CEO?
Craig K. Tagawa’s base salary will increase from $265,000 to $325,000 effective April 27, 2026. His 2026 target performance bonus under the variable compensation plan will also rise from 40% of base salary to 50%, reflecting his additional responsibilities as interim CEO and continuing President.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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false 0000744825 0000744825 2026-04-20 2026-04-20
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K 
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported): April 20, 2026
 
AMERICAN SHARED HOSPITAL SERVICES
(Exact Name of Registrant as Specified in Its Charter)
 
California
  
1-08789
  
94-2918118
(State or Other Jurisdiction
of Incorporation)
  
(Commission
File Number)
  
(IRS Employer
Identification No.)
   
601 Montgomery Street, Suite 850
San Francisco, California
  
94111
(Address of Principal Executive Offices)
  
(Zip Code)
 
Registrant’s telephone number, including area code: (415) 788-5300 
 
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 
 
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 
 
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of Each Class
  
Trading Symbol
  
Name of Each Exchange on Which Registered
American Shared Hospital Services Common Stock, No Par Value
  
AMS
  
NYSE AMERICAN
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.          ☐
 
 
 
 
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
 
On April 20, 2026, Gary Delanois, Chief Executive Officer (“CEO”) of American Shared Hospital Services (the “Company”) resigned from his position as CEO of the Company for personal reasons, effective April 24, 2026.
 
On April 23, 2026, the board of directors of the Company (the “Board”) appointed Craig K. Tagawa, President of the Company, to serve as the Company’s interim CEO (the “Interim CEO”), effective April 27, 2026. In addition to serving as the Interim CEO, Mr. Tagawa will continue serving as the Company’s President.
 
Mr. Tagawa has served as the Company’s President since October 1, 2020. He joined the Company in September 1988 and has held various positions with the Company since then, including Chief Operating Officer from February 1999 through September 2022 and from April 2024 through October 2024, and Chief Financial Officer from January 1992 through October 1995 and from May 1996 to April 2023. Other biographical information, a summary of other business experience, and any other information required to be disclosed with respect to Mr. Tagawa under Item 401 of Regulation S-K was included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which the Company filed with the Securities and Exchange Commission on March 31, 2026.
 
There are no family relationships between Mr. Tagawa and any of the directors and other executive officers of the Company, and there are no transactions in which Mr. Tagawa has an interest requiring disclosure under Item 404(a) of Regulation S-K.
 
In connection with Mr. Tagawa’s appointment to the position of Interim CEO, his assumption of additional responsibilities associated with such role, and his continued service as President of the Company, the Board approved an increase in Mr. Tagawa’s base salary from $265,000 to $325,000, effective as of April 27, 2026, and an increase in his target performance bonus for 2026 under the Company’s variable compensation plan from 40% of his base salary to 50% of his base salary.
 
Item 9.01.
Financial Statements and Exhibits.
 
(d) Exhibits.
 
Exhibit No.
Description
   
104
Cover page Interactive Data File (embedded within the Inline XBRL document)
 
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
AMERICAN SHARED HOSPITAL SERVICES
(Registrant)
Dated: April 24, 2026
By:
/s/ Raymond C. Stachowiak
Raymond C. Stachowiak
Executive Chairman of the Board
 
 

Source: View Original Filing on SEC EDGAR

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