ELMA,
N.Y., June 14, 2023 /PRNewswire/ --
Servotronics, Inc. (NYSE American – SVT) a designer and
manufacturer of servo-control components and other advanced
technology products today announced the results of voting at the
Company's 2023 Annual Shareholder meeting. Shareholders voted to
re-elect all six of the current directors to one-year terms, to
approve the 2022 "say on pay" proposal as well as to ratify the
appointment of Servotronics' Independent Public Accounting
firm.
On Proposal 1, more than 70% of all shares voted were voted in
favor of the election of all six of the Company's Director
nominees. On Proposal 2, the advisory vote to approve the
compensation of Servotronics Named Executive Officers,
approximately 77% of the votes cast were voted in favor of the
proposal. On Proposal 3, to ratify the appointment of Freed Maxick
CPAs, P.C. as the Company's registered Independent Public
Accounting Firm, approximately 98% of the votes cast were for the
proposal.
"We would like to thank all Servotronics shareholders for their
continued support and participation in our Annual Shareholder
meeting this year," stated William F.
Farrell, Chief Executive Officer of the Company. "The
results of this meeting have demonstrated that shareholders believe
in our long-term strategy which will generate sustainable growth
and maximize shareholder value. Additionally, the actions that have
been taken over the past year are driving Servotronics forward down
this path. We recognize that our work must continue for us to
achieve success and reach best practices in governance while also
enhancing our engagement with shareholders."
The final results of the meeting have been reported on a Current
Report filed by Servotronics on Form 8-K with the U.S. Securities
and Exchange Commission.
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.
SERVOTRONICS, INC. (SVT) IS LISTED ON NYSE
American
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SOURCE Servotronics, Inc.