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Duos Technologies taps former Lockheed-Martin exec and Army veteran Charles Ferry for CEO role

Ferry, who spent 26 years in the US military, brings experience in the energy and defense contracting sectors

Ferry replaces founder and Chairman Gianni Arcaini, who will continue to serve on the board of directors

Duos Technologies Group Inc (NASDAQ:DUOT) has named Charles Ferry, a defense contracting expert and longtime former US Army service member, as its new CEO, the company said. 

Ferry brings extensive leadership experience in the energy and defense contracting industries, the company said, and he spent 26 years of active duty service in the US Army. He most recently served as CEO of APR Energy, a global fast-track power company, where he oversaw 800 employees, 17 power plants and $325 million in annual revenue. 

He also previously worked as general manager at  ARMA Global Corporation, a subsidiary of General Dynamics, the defense contracting company that provides IT services. During his time there, the company grew from $20 million in annual revenue to $200 million and from 80 employees to approximately 1,000. Before that, Ferry served as director of business development and operations at Lockheed-Martin, an aerospace and defense contractor.

READ: Duos Technologies sees 2Q revenue rise 47% driven by deal flow as it adapts to new normal at work

"On behalf of our entire organization, I would like to formally welcome Chuck as our new CEO," said Ken Ehrman, chairman of the nominating and governance committee, in a statement. "Between his years in the mission-critical environments of active duty military service and his proven track record in the corporate world over the past decade-plus timeframe, Chuck has shown himself to be a proven operator and a results-driven executive."

In the Army, Ferry spent time in the Infantry, Ranger, and Special Operations Units as an enlisted man, non-commissioned officer and officer. Ferry commanded at every level from Rifle Squad to Battalion and was selected to command an Infantry Brigade prior to requesting retirement.

Ferry replaces founder and Chairman Gianni Arcaini, who will continue to serve on the board of directors. 

"I am excited to join the Duos team and want to thank Gianni as well as the rest of our board for their confidence in appointing me,” Ferry said. “In my previous military and civilian leadership roles, I have been exposed to and delivered many cutting-edge technologies, and I believe the solutions Duos offers are world-class. I'm looking forward to working with the very talented Duos workforce to help our customers make their businesses safer and more efficient as we take our Company into its next chapter of growth."

Duos' stock recently traded up by 1.70% to $4.24 a share in New York. 

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

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Price: 153.17 USD

Market: NYSE
Market Cap: $43.96 billion

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