-- Brent D. Baird Joins the Board and Enters
into Cooperation Agreement with the Company --
ELMA,
N.Y., Feb. 15, 2023 /PRNewswire/ --
Servotronics, Inc. (NYSE American – SVT) a designer and
manufacturer of servo-control components and other advanced
technology products today announced the appointment of Brent D. Baird to the Board and the entry into a
Cooperation Agreement between the Company and Mr. Baird. Mr. Baird
will serve as a director effective February
16, 2023, with an initial term through the Company's 2023
Annual Meeting of Shareholders, and the Company has agreed to
include Mr. Baird in the Company's slate of director nominees for
election at the 2023 Annual Meeting.
"We are pleased to welcome Brent to the Board," said
Christopher M. Marks, Chair of the
Board. "As a significant shareholder and experienced business
executive, we believe that he will bring a unique perspective to
the boardroom and support the Company's ongoing efforts to
implement its strategic plan and enhance shareholder value."
As a result of other commitments, Lucion
P. Gygax has resigned from the Board effective February 14, 2023. Mr. Marks commented, "Today's
announcement continues the refreshment of our Board which has been
ongoing for over a year. I would like to thank Luke for his service
to Servotronics and wish him the best in his future endeavors."
Under the terms of the Cooperation Agreement, Mr. Baird has
agreed to customary voting provisions until June 30, 2024, subject to earlier termination in
certain circumstances. The Cooperation Agreement will be included
as an exhibit to the Company's current report on Form 8-K, which
will be filed with the Securities and Exchange Commission.
About Brent D.
Baird
Mr. Baird is a private investor and owns
approximately 10.9% of the Company's common stock. He is the
former President and Chief Executive Officer of Merchants Group
Inc. and a former general partner of Trubee, Collins & Co.,
Inc. Mr. Baird served as a director of M&T Bank (NYSE:
MTB) from 1983 to 2020 and a director of Todd Shipyards Corporation
(NYSE: TOD) from 1992 to 2011. Mr. Baird has significant
investment management and corporate governance expertise, having
served in numerous executive positions in public and private
companies. Mr. Baird holds a Bachelor of Arts with Honors
from Williams College.
About Servotronics
Servotronics, Inc. (NYSE American:
SVT) is a U.S. advanced manufacturing company serving commercial,
government, aerospace, defense, consumer and other markets. 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. The Company's advanced manufacturing
and engineering workforce and facilities are located in
Western New York, including at
Servotronics' headquarters in Elma,
NY. More information is available at Servotronics.com.
IMPORTANT INFORMATION
The Company will file a proxy statement with the Securities and
Exchange Commission (the "SEC") in connection with the solicitation
of proxies for its annual meeting of shareholders. The Company will
furnish the definitive proxy statement to its shareholders.
Shareholders are strongly advised to read the proxy statement
because it will contain important information from the Company.
Shareholders may obtain a free copy of the proxy statement, any
amendments or supplements to the proxy statement and other
documents that the Company files with the SEC from www.sec.gov or
the Company's website at
https://servotronics.com/investor-relations/ as soon as reasonably
practicable after such materials are electronically filed with, or
furnished to, the SEC.
The Company, its directors, its executive officers and its
nominees for election as director may be deemed participants in the
Company's solicitation of proxies from shareholders in connection
with the matters to be considered at the upcoming annual meeting of
shareholders. Information about the Company's directors and
executive officers is set forth in (i) the Company's Proxy
Statement for its last Annual Meeting of Shareholders, which was
filed with the SEC on May 16, 2022,
(ii) the Current Report on Form 8-K filed with the SEC on
February 15, 2023, each of which are
available at the SEC's website at www.sec.gov or the Company's
website at https://servotronics.com/investor-relations/. Additional
information regarding the interests of participants in the
solicitation of proxies in connection with the upcoming annual
meeting of shareholders will be included in the definitive proxy
statement that the Company will file with the SEC.
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SOURCE Servotronics, Inc.