On February 13, 2023, Michael P. Malone gave notice of his intent to resign as Chief Financial Officer of Technical Communications Corporation, effective immediately. Mr. Malone has indicated that his departure from the Company was not the result of any disagreement with management or the Board, but was the result of his intention to retire. On February 13, 2023, Mr. Carl H. Guild, Jr. (age 79) was elected by the Board of Directors as Acting Chief Financial Officer, effective immediately.

Mr. Guild has been President and Chief Executive Officer of the Company since 1998 and Chairman of the Board of Directors since 2001. He was also Vice-Chairman of the Board from 1998 to 2001 and Chairman in 1998, and was an independent consultant to the Company from 1997 to 1998. From 1993 to 1997, he was a Senior Vice President with Raytheon Engineers and Constructors Inc. Mr. Guild serves as President and Chief Executive Officer of the Company pursuant to an Employment Agreement (as amended) with the Company.