American Shared Hospital Services
04/24/2026 | Press release | Distributed by Public on 04/24/2026 14:36
Management Change/Compensation (Form 8-K)
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Item 5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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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.
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