Servotronics Names William Farrell, Jr. to Serve as Chief Executive Officer
-- 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 Product 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."
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.
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
SOURCE Servotronics, Inc.