CSP Inc. (CSPI) reshapes leadership with new CAO and director

Rhea-AI Filing Summary

CSP Inc. reported leadership changes in finance and on its board. Vice President of Finance and Chief Accounting Officer Michael Newbanks notified the company on March 10, 2026 that he will resign effective May 15, 2026 to spend more time with his family and pursue other opportunities, and may provide consulting services afterward. The company states his resignation is not due to any disagreement over operations, policies, or practices.

The board appointed Eric Sachs as Vice President and Chief Accounting Officer effective May 15, 2026; he will begin working with the company on March 23, 2026. His compensation includes a $195,000 annual base salary, eligibility for an annual bonus equal to 30% of base salary, and a grant of 8,000 shares of restricted stock vesting over four years. The board also appointed James J. LaBonty as a director to fill a board vacancy, with service on the nominating and compensation committees.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

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FORM 8-K

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Current Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934

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Date of Report (Date of earliest event reported): March 10, 2026

CSP Inc.

(Exact name of the registrant as specified in its charter)

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Massachusetts

(State or other jurisdiction of incorporation)

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000-10843	04-2441294
(Commission File Number)	(IRS Employer Identification No.)

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175 Cabot Street - Suite 210, Lowell, MA	01854
(Address of principal executive offices)	(Zip Code)

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(978) 954-5038

(Registrant’s telephone number, including area code)

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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:

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☐ 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))

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Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	CSPI	Nasdaq Global Market

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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. ☐

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Item 5.02   Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

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Resignation of Michael Newbanks

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On March 10, 2026, Mr. Newbanks, Vice President of Finance and Chief Accounting Officer of CSP Inc. (the “Company”) provided notice of his decision to resign from the Company to spend more time with his family and pursue other opportunities.  Mr. Newbanks’ resignation will be effective on the mutually agreed date of May 15, 2026, and he will continue to serve in his role through that date working on transitioning the role to his successor.  

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Mr. Newbanks’ resignation is not a result of any disagreement with the Company or the Board of Directors of the Company (the “Board”) regarding the Company’s operations, policies or practices.  Mr. Newbanks has served as our Chief Accounting Officer since July 2017 and prior to that served as Controller of our Modcomp subsidiary since May 2003.  

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It is expected that Mr. Newbanks will provide consulting services to the Company following his resignation date.

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Appointment of Eric Sachs

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On March 10, 2026, the Board appointed Mr. Eric Sachs to succeed Mr. Newbanks as Vice President and Chief Accounting Officer beginning on May 15, 2026, Mr. Newbanks last day of employment.  Mr. Sachs, age 55,  will begin working with the Company on March 23, 2026.  Prior to joining the Company, from June 2021 to March 2026, Mr. Sachs was the Director of Finance, at Trajector, Inc., a company that assists at-risk disabled population to receive disability benefits, and from October 2019 to June 2021, he was Director of Finance of Nicholas Financial, Inc., a publicly traded consumer finance firm listed on the NASDAQ.  Mr. Sachs is a CPA, receiving a B.A. from Michigan State University and an MBA from Western Michigan University.

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Mr. Sachs has an annual base salary of $195,000 and is eligible to receive an annual bonus equal to thirty percent of his annual base salary if the Company meets its financial goal and he meets certain key performance indicators for the year. Additionally, the Board will grant Mr. Sachs 8,000 shares of restricted stock.  The restricted stock will vest over four years.

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Election of  James J. LaBonty as Director

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On March 10, 2026, the Board voted to appoint James J. LaBonty as a director of the Company to fill the open vacancy on the Company’s Board.  Mr. Labonty accepted the director position on March 12, 2026.  Mr. Labonty will serve on the nominating committee and compensation committee of the Board.  Mr. LaBonty currently serves as Chief Executive Officer of OT Cyber Specialists, LLC, a consulting firm focusing on protecting critical infrastructure from cyber threats in the manufacturing, energy, utilities, and transportation sectors.  Prior to this role, from 2010 to 2022, he was employed by Pfizer Inc. as Director, Pfizer Global Engineering leading Pfizer’s process automation group.

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SIGNATURE

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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.

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Date: March 16, 2026 CSP INC.

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By: /s/Gary W. Levine

Name: Gary W. Levine

Title: Chief Financial Officer

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FAQ

What leadership change did CSP Inc. (CSPI) announce in finance?

CSP Inc. announced that Vice President of Finance and Chief Accounting Officer Michael Newbanks will resign effective May 15, 2026. He will remain in his role until then to transition responsibilities and may later provide consulting services to support continuity.

Why is CSP Inc. (CSPI) executive Michael Newbanks resigning?

Michael Newbanks is resigning to spend more time with his family and pursue other opportunities. The company states his departure is not due to any disagreement with CSP Inc. or its board regarding operations, policies, or practices, indicating an amicable transition.

Who is CSP Inc. (CSPI) appointing as new Chief Accounting Officer?

CSP Inc. appointed Eric Sachs as Vice President and Chief Accounting Officer effective May 15, 2026. He will start working with the company on March 23, 2026, bringing prior finance leadership experience at Trajector, Inc. and Nicholas Financial, Inc., and is a licensed CPA.

What are the key compensation terms for CSP Inc.’s Eric Sachs?

Eric Sachs will receive a $195,000 annual base salary and is eligible for an annual bonus equal to 30% of his base salary. He will also receive 8,000 shares of restricted stock, which will vest over four years, aligning part of his compensation with company performance.

Who was elected to the CSP Inc. (CSPI) board of directors?

CSP Inc. elected James J. LaBonty as a director to fill a board vacancy. He will serve on the nominating and compensation committees and brings experience as CEO of OT Cyber Specialists, LLC and former Pfizer Global Engineering director leading process automation efforts from 2010 to 2022.

What board committees will new CSP Inc. director James LaBonty join?

James J. LaBonty will serve on CSP Inc.’s nominating committee and compensation committee. These roles involve participating in director selection processes and oversight of executive compensation policies, leveraging his background in cybersecurity consulting and engineering leadership at large organizations.

Filing Exhibits & Attachments

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• EX-101 EX-101.SCH 3.3 KB
• EX-101 EX-101.DEF 2.7 KB
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