Safeguard Scientifics, Inc. announced a series of management changes intended to streamline the company's organizational structure and reduce operating costs. Stephen T. Zarrilli, who has served as Safeguard's President and Chief Executive Officer since November 2012, will retire from Safeguard, effective September 30, 2018. Safeguard's Board of Directors has appointed Brian J. Sisko to succeed Mr. Zarrilli as President and CEO, effective July 1, 2018.

Mr. Sisko joined Safeguard as Senior Vice President and General Counsel in August 2007, and currently serves as Executive Vice President, Chief Operating Officer and Managing Director of Safeguard. Mr. Zarrilli will remain with the company as a non-executive employee until September 30, 2018 to ensure a smooth transition. He will continue to serve on the Safeguard Board until the 2018 Annual Meeting, but will not stand for re-election.

In addition, Safeguard's current Senior Vice President and Chief Financial Officer, Jeffrey McGroarty, will depart from the company, effective June 30, 2018; and Senior Vice President of Investor Relations and Corporate Communications, John Shave, will depart thereafter at a specific date yet to be determined. David Kille, Safeguard's Corporate Controller, will assume the role of Safeguard's Chief Financial Officer, effective June 1, 2018. Dr. Gary Kurtzman, Senior Vice President and Managing Director, Healthcare remains in his role and will work closely with Mr. Sisko in providing oversight of the Partner Companies.

Following these organizational changes, Safeguard does not intend to fill the roles of Chief Operating Officer, Senior Vice President of Investor Relations and Corporate Communications or Corporate Controller, and these roles will either be eliminated or will be combined with other roles.