CSP Inc. (CSPI) finance and accounting leader Newbanks exits, shifts to consulting role

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

CSP Inc. reported that Michael Newbanks, its Vice President of Finance and Chief Accounting Officer, left his position on June 5, 2026. The company had extended his tenure to help transfer his responsibilities to Eric Sachs, indicating a planned transition.

The company stated that Newbanks’ departure did not stem from any disagreement with CSP Inc. or its Board regarding operations, policies, or practices. He had served as Chief Accounting Officer since July 2017 and earlier as Controller of the Modcomp subsidiary since May 2003. Following his departure, he will continue to provide consulting services to the company.

8-K Event Classification

Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers

1 item

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.

Key Figures

Departure date: June 5, 2026 CAO tenure start: July 2017 Controller tenure start: May 2003

3 metrics

Departure date June 5, 2026 Date Michael Newbanks left his officer position

CAO tenure start July 2017 Start of service as Chief Accounting Officer

Controller tenure start May 2003 Start of role as Controller of Modcomp subsidiary

Key Terms

Emerging growth company, Chief Accounting Officer, Nasdaq Global Market, Section 13 or 15 (d)

4 terms

Emerging growth company regulatory

"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.

Chief Accounting Officer financial

"Vice President of Finance and Chief Accounting Officer of CSP Inc."

A chief accounting officer is a senior executive responsible for overseeing a company's financial records and ensuring all accounting practices are accurate and compliant with regulations. They play a key role in preparing financial reports that help investors understand the company's financial health, much like a trusted navigator guiding a ship through complex waters. Their work ensures transparency and trust in the company's financial information.

Nasdaq Global Market market

"Common Stock, par value $0.01 per share | CSPI | Nasdaq Global Market"

The Nasdaq Global Market is a section of the stock exchange where larger, well-established companies are listed and publicly traded. It functions like a marketplace where investors can buy and sell shares of these companies, providing them with access to capital and opportunities for growth. Its role is important because it helps investors identify and invest in reputable companies with strong financial backgrounds.

Section 13 or 15 (d) regulatory

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

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Understanding 8-K Material Events →

06/09/2026 - 11:42 AM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 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): June 5, 2026

CSP Inc.

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

Massachusetts

(State or other jurisdiction of incorporation)


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


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

(978) 954-5038

(Registrant’s telephone number, including area code)

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

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.

Departure date of Michael Newbanks

On June 5, 2026, Mr. Newbanks, Vice President of Finance and Chief Accounting Officer of CSP Inc. (the “Company”) left his position. The Company had extended his position to assist in the transfer of his role to Eric Sachs.

Mr. Newbanks’ departure was not as 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.

Mr. Newbanks will provide consulting services to the Company following his departure date.

SIGNATURE

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.

Date: June 8, 2026 CSP INC.

By: /s/Gary W. Levine

Name: Gary W. Levine

Title: Chief Financial Officer

Source: View Original Filing on SEC EDGAR

FAQ

What executive change did CSP Inc. (CSPI) disclose on June 5, 2026?

CSP Inc. disclosed that Michael Newbanks, its Vice President of Finance and Chief Accounting Officer, left his position on June 5, 2026. The company had extended his role to support the transition of responsibilities to Eric Sachs.

Did Michael Newbanks leave CSP Inc. (CSPI) because of a disagreement?

The company stated that Michael Newbanks’ departure was not due to any disagreement with CSP Inc. or its Board regarding operations, policies, or practices. This indicates the change is described as an orderly transition rather than a conflict-driven exit.

What roles did Michael Newbanks hold at CSP Inc. (CSPI) before his departure?

Michael Newbanks served as Chief Accounting Officer since July 2017 and previously was Controller of CSP Inc.’s Modcomp subsidiary starting in May 2003. This reflects a long tenure in the company’s finance and accounting leadership.

Will Michael Newbanks continue working with CSP Inc. (CSPI) after leaving his officer role?

Yes. CSP Inc. reported that after leaving his position on June 5, 2026, Michael Newbanks will provide consulting services to the company. This suggests continued access to his experience during and after the leadership transition.

Who is assuming responsibilities from departing officer Michael Newbanks at CSP Inc. (CSPI)?

CSP Inc. indicated that it extended Michael Newbanks’ position to help transfer his role to Eric Sachs. This signals that Sachs is taking over key responsibilities previously handled by the departing Chief Accounting Officer.

Filing Exhibits & Attachments

4 documents