Mechanical Technology, Incorporated announced that Kevin Lynch resigned as president and chief executive officer as well as chairman of the board of the company, effective immediately. Mr. Lynch will remain on the company's board of directors. Effective January 18, 2017, the company's board of directors appointed Frederick W. Jones, the company's current chief financial officer, as president and chief executive officer.

He remains the company's chief financial officer as well. Frederick W. Jones, age 49, has served as the company's chief financial officer since September 2011 and had been serving as the acting chief financial officer since June 2009. He was appointed company's secretary in June 2009.

He was promoted to vice president of finance and operations of MTI Instruments Inc. (MTI Instruments), a wholly-owned subsidiary of the company, in April 2010, from the senior director of finance and operations at MTI Instruments, which he had held since May 2007. The company's board of directors appointed David C. Michaels to succeed Mr. Lynch as chairman of the board. Mr. Michaels has served as a director of the company since August 2013 and is currently chairman of the audit committee of the company's board of directors.