TORONTO -- Michael Marti, chief executive of Adeptron Technologies, has resigned, the EMS firm said today.

The company named Trent Carruthers interim CEO. Carruthers has been with Adeptron since 2004, as was named senior vice president in January 2009.

In a press release, Adeptron said Marti left to pursue other business opportunities. He will work with the company during the transition period as a consultant and will remain a director.

The news comes on the heels of Adeptron's best financial quarter in nine years. The company also replaced its CFO in July. Marti has been with Adeptron since 2001. Besides being CEO, he briefly held the CFO position, replacing George Tepelenas in 2008.

However, Adeptron had an accumulated deficit and a working capital deficiency of $540 as of June 30, and has been out of compliance with certain financial covenants related to credit agreements with its senior lender. In June, the company reported finding a number of "control deficiencies" such as segregation of duties,
insufficient in-house expertise to deal with complex taxation, accounting and IT matters, although it said none of the deficiencies has resulted in a material misstatement of financial statements. It is not clear whether any of the internal oversight or financial issues played into Marti's departure.

"I would like to thank Mr. Marti for his years of dedication and service to Adeptron and look forward to his continued contribution as a member of the board of directors," said Adeptron chairman Robertson. "The board has begun its recruitment process for a permanent chief executive and expects that the transition will be as seamless as possible."

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