Wilson out as CEO of Innovative Solutions

Talk about burying the lead.

On the same day that the board of Innovative Solutions & Support Inc. declared a special cash dividend of $1 per share (which it announced at the time), it terminated its CEO (which it didn't announce until late Tuesday.)

Raymond J. Wilson is out as chief executive officer of Innovative Solutions.

In a two-sentence filing with the Securities and Exchange Commission, the Exton maker of electronic instruments for aircraft said Wilson was terminated as of Sept. 8.

Founder Geoffrey S.M. Hedrick "reassumed the duties" of CEO effective immediately.

Shares closed Wednesday at $6.14, down 87 cents or 12.4 percent.

Wilson hadn't been CEO long. While he was named to the top job June 5, 2007, he didn't take on the duties until Nov. 30, when Hedrick stepped down.

Hedrick remained chairman of the board.

The company's shares are down 65 percent over the last 52 weeks. Last month, Innovative Solutions revised downward its revenues for its fourth quarter, which ends Sept. 30.