Servotronics, Inc. Announces Management Changes and Strategic Reorganization
1110 Maple Street ♦ P.O. Box 300 ♦ Elma, New York 14059-0300 ♦ 716-655-5990 ♦ FAX 716-655-6012
September 22, 2016
Elma, NY – Servotronics, Inc. (NYSE MKT – SVT) a designer and manufacturer of servo-control components and other advanced technology products announces a major reorganization designed to position the Company for projected growth. The reorganization coupled with the previously reported new hiring initiative for professional resources and skilled labor on first and second shift is in response to sustained high demand for the Company’s motion control products. The program includes the promotion, hiring, and empowerment of key employees and the flattening of the organization to improve the flow of communication and the responsiveness of the Company to changes in the marketplace.
“Servotronics’ growth over the recent years is unprecedented in the 57 year history of the Company,” observed Dr. Nicholas D. Trbovich, Sr., Founder, Chairman, and CEO of Servotronics. “Accordingly, the management team has taken decisive action to scale the business, starting with the most fundamental element of organizational structure.”
The initial phases of the reorganization were implemented throughout the first three quarters of the year including the transition of the Human Resources and Information Technology departments to report directly to Kenneth D. Trbovich, President, and the establishment of a Strategy and Corporate Development group. Now the Company is pleased to report the promotions and addition of key members of the management team including: James Takacs’ promotion to Senior Vice President of Operations, Michael Elhage’s promotion to Senior Director of Quality, and the hiring of Jacob R. Becker as Continuous Improvement Manager. These appointments coincide with the Board’s acceptance of the resignation of Chief Financial Officer, Cari Jaroslawsky, which is effective on a mutually agreeable date on or before October 7, 2016. The Company has put together a solid financial team and expects a smooth transition as it conducts a search for a permanent replacement to lead the Finance & Accounting department.
“On behalf of the Board of Directors I would like to congratulate our recent appointees on their new roles,” said Kenneth D. Trbovich. “As we wish Mrs. Jaroslawsky the best of luck in the next chapter of her career, the Board looks forward to working with the expanding leadership team to implement our long term strategic plans.”
James Takacs, SVP of Operations, is a lifelong employee of Servotronics having joined the Company in 1987. He previously held positions of increasing importance including Test Technician, Project Engineer, Quality Assurance Manager, Director of Operations, and Vice President of Operations, most recently managing the Company’s operations, production, and engineering teams. Mr. Takacs holds a Bachelor of Science in Mechanical Engineering from the State University of New York at Buffalo.
Michael Elhage, Senior Director of Quality, joined the company in 2007, holding positions of increasing importance including Quality Control Manager and Director of Quality & Lean Six Sigma. Prior to joining the Company, Mr. Elhage held various key engineering and leadership roles including serving as a Design/Test Engineer at MGA Research and as a General Manager and later Director of Operations at MGA Research and Calspan Corporation, manufacturing test equipment for quality systems. Mr. Elhage holds a Bachelor of Science in Electrical and Computer Engineering from the State University of New York at Buffalo and is an ASQ Certified Six Sigma Black Belt (CSSBB).
Jacob R. Becker, Continuous Improvement Manager, joined the Company in 2016, reporting to James Takacs, now SVP of Operations. Prior to accepting his position at Servotronics, Mr. Becker was a Manufacturing Supervisor and Process Improvement Leader at Thermo Fisher Scientific (NYSE – TMO) and previously served as a Captain in the United States Army. Mr. Becker holds a dual Bachelor of Arts degree from the State University of New York at Buffalo and a Master of Business Administration from the Simon School of Business at the University of Rochester.
Servotronics, Inc. is composed of two groups – the Advanced Technology Group (ATG) and the Consumer Products Group (CPG). The ATG primarily designs, develops and manufactures servo control 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, machetes and combat, survival, sporting, agricultural, and pocket knives for both commercial and government applications.
Certain paragraphs of this release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, such as those pertaining to the Company’s planned growth efforts and expectation of new business and success in its entry into new product programs. Forward-looking statements involve numerous risks and uncertainties. The Company derives a material portion of its revenues from fixed price contracts with agencies of the U.S. Government or their prime contractors. The following factors, among others discussed herein, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: 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 and the additional risk factors 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 MKT