-- Executive with more than 30 years' of
global aerospace and industrial experience also joins Servotronics'
Board --
ELMA,
N.Y., April 21, 2022 /PRNewswire/ -- The Board
of Servotronics, Inc. (NYSE American – SVT) announced that it
appointed William F. Farrell, Jr. to
serve as Chief Executive Officer of the designer and manufacturer
of servo-control components and other advanced technology products,
effective April 25.
Mr. Farrell was also appointed to serve on the Board of
Directors of the company, effective April
25. The Board intends to nominate him to stand for election
at Servotronics' 2022 annual meeting of shareholders.
"On behalf of the Board, it is my privilege to welcome Bill as
CEO and a Director of the company," Servotronics Director
Edward C. Cosgrove, Esq. said. "As
part of the CEO search announced last year, we not only sought an
executive experienced in successfully growing advanced
manufacturing businesses, but one who would lead this company with
the highest degree of integrity and ethics, committing to actively
building highly productive relationships with employees, customers,
vendor partners and stockholders. We also sought a CEO who shared
the Board's optimism for the long term potential for Servotronics
to strengthen its position in current markets and actively secure
opportunities for its products in new markets and applications. We
are very excited to have an executive of Bill's caliber joining
Servotronics at this transformational time in its history."
Mr. Farrell joins Servotronics following a more than 30-year
career with Western New York-based
Moog Inc., where he ran businesses with up to $600 million in annual revenues, 1,400 employees
and global facilities, achieved significant sales and operating
margin growth, and led successful quality, on-time delivery and
safety improvement efforts. Most recently, he served two years as
Site General Manager for Moog's Aircraft Group, which supports
military and commercial aerospace applications. Prior to that, he
served five years as Site General Manager for its Industrial Group,
supporting markets including flight simulation, oil and gas
exploration, power generation and industrials automation. Earlier
in his tenure at Moog, he worked in a variety of other executive
and engineering roles for the worldwide designer, manufacturer, and
integrator of precision control components and systems, including
in its Industrials Group, Space Products Division and Engine
Controls Division. Mr. Farrell holds a B.S. degree in mechanical
engineering from the University of Notre
Dame and an M.B.A in manufacturing operations management
from the State University of New York at
Buffalo.
"With Servotronics' highly skilled workforce, proprietary
technology, production capabilities, and reputation for quality,
reliability and on-time delivery, I see an incredible opportunity
for us all to build on the company's strong foundation and
accelerate sustainable growth," Mr. Farrell said. "I'm honored to
have earned the trust and confidence of the Board and eager to get
to work with my new Servotronics colleagues to maximize the
potential of this organization for the benefit of customers,
employees and all our common stockholders."
Since June 2021, the
responsibilities of the CEO and President have been carried out by
other personnel, led by Servotronics Chief Operating Officer
James C. Takacs, a company veteran
who has directly managed its operations, production, and
engineering teams for over 15 years.
"The Board is grateful for Jim's stewardship, and especially his
commitment to our Western New York
workforce and Servotronics' commercial, government, defense, and
other customers," said Mr. Cosgrove. "We are also very pleased that
he has agreed to remain COO as our new CEO joins Servotronics, and
we look forward to continuing to benefit from his deep knowledge of
the company's products, customer relationships, advanced
manufacturing capabilities and opportunities in the
marketplace."
ABOUT SERVOTRONICS
The Company is composed of two groups – the Advanced Technology
Group (ATG) and the Consumer Products Group (CPG). The ATG
primarily designs, develops and manufactures servo controls and
other components for various commercial and government applications
(i.e., aircraft, jet engines, missiles, manufacturing equipment,
etc.). The CPG designs and manufactures cutlery, bayonets, pocket
knives, machetes and combat knives, survival, sporting,
agricultural knives and other edged products for both commercial
and government applications.
FORWARD-LOOKING STATEMENTS
This news release contains certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. When used in this release, the words "project,"
"believe," "plan," "anticipate," "expect" and similar expressions
are intended to identify forward-looking statements, although not
all forward-looking statements contain these identifying words.
Forward-looking statements involve numerous risks and uncertainties
which may cause the actual results of the Company to be materially
different from future results expressed or implied by such
forward-looking statements. There are a number of factors that will
influence the Company's future operations, including: uncertainties
in today's global economy, including political risks, adverse
changes in legal and regulatory environments, and difficulty in
predicting defense appropriations, the introduction of new
technologies and the impact of competitive products, the vitality
of the commercial aviation industry and its ability to purchase new
aircraft, the willingness and ability of the Company's customers to
fund long-term purchase programs, and market demand and acceptance
both for the Company's products and its customers' products which
incorporate Company-made components, the Company's ability to
accurately align capacity with demand, the availability of
financing and changes in interest rates, the outcome of pending and
potential litigation, the severity, magnitude and duration of the
COVID-19 pandemic, including impacts of the pandemic and of
businesses' and governments' responses to the pandemic on our
operations and personnel, and on commercial activity and demand
across our and our customers' businesses, and on global supply
chains, the ability of the Company to obtain and retain key
executives and employees and the additional risks discussed in the
Company's filings with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on
forward-looking statements, which reflect management's analysis
only as of the date hereof. The Company assumes no obligation to
update forward-looking statements, whether as a result of new
information, future events or otherwise.
SERVOTRONICS, INC. (SVT) IS LISTED ON NYSE
American
View original
content:https://www.prnewswire.com/news-releases/servotronics-names-william-farrell-jr-to-serve-as-chief-executive-officer-301529669.html
SOURCE Servotronics, Inc.