Servotronics Announces Death of Board Member Edward C. Cosgrove

Rhea-AI Summary

Servotronics, Inc. (NYSE American – SVT) has announced the passing of Director Edward C. Cosgrove on July 4, 2024, after a brief illness. Christopher Marks, Chairman of the Board, expressed deep sadness and gratitude for Mr. Cosgrove's long-standing service and support. Cosgrove, who served on the Board since 2012, had a distinguished career as an FBI Special Agent, Erie County District Attorney, and legal practitioner.

The Servotronics Board has decided to reduce its size from six to five members rather than replace Cosgrove's position. Servotronics specializes in designing and manufacturing servo controls and components for various commercial and government applications, including aerospace and defense industries, at its facilities in Elma and Franklinville, New York.

Positive

• Board's decision to reduce size from six to five members may lead to cost savings
• Company maintains strong presence in aerospace and defense industries

Negative

• Loss of experienced board member with extensive legal and public service background
• Potential gap in expertise and guidance on the board due to Cosgrove's passing

News Market Reaction

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On the day this news was published, SVT declined NaN%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

ELMA, N.Y., Aug. 1, 2024 /PRNewswire/ -- Servotronics, Inc. (NYSE American – SVT) today announced the death of Director Edward C. Cosgrove. Mr. Cosgrove died on July 4, 2024, after a brief illness.

"It is with great sadness that we announce the passing of Edward C. Cosgrove. We extend our deepest condolences to Mr. Cosgrove's family, and we are extremely grateful for Ed's long-standing service and unparalleled support of Servotronics. His steady presence, wise and thoughtful guidance, and ethical stewardship will be missed," said Christopher Marks, Chairman of the Board.

Mr. Cosgrove served as a Special Agent of the Federal Bureau of Investigation and as District Attorney of Erie County, NY prior to practicing civil and criminal litigation as well as corporate legal counsel at the Cosgrove Law Firm. He had been associated with Servotronics for many years and served as a member of the Board of Directors since 2012.

The Servotronics Board has decided to decrease the size of the Board from six to five members at this time rather than replace the Director role held by Mr. Cosgrove.

ABOUT SERVOTRONICS

Servotronics designs, develops and manufactures servo controls and other components for various commercial and government applications including aircraft, jet engines, missiles, manufacturing equipment and other aerospace applications at its operating facilities in Elma and Franklinville, New York.

SERVOTRONICS, INC. (SVT) IS LISTED ON NYSE America

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SOURCE Servotronics, Inc.

FAQ

When did Servotronics (SVT) Director Edward C. Cosgrove pass away?

Edward C. Cosgrove, a Director of Servotronics (SVT), passed away on July 4, 2024, after a brief illness.

How long did Edward C. Cosgrove serve on Servotronics' (SVT) Board of Directors?

Edward C. Cosgrove served on Servotronics' (SVT) Board of Directors since 2012, having been associated with the company for many years prior to his board appointment.

What decision did Servotronics (SVT) make regarding its Board of Directors following Cosgrove's passing?

Following Edward C. Cosgrove's passing, Servotronics (SVT) decided to decrease the size of its Board of Directors from six to five members, rather than replacing Cosgrove's position.

What are the main products and applications of Servotronics (SVT)?

Servotronics (SVT) designs and manufactures servo controls and other components for various commercial and government applications, including aircraft, jet engines, missiles, manufacturing equipment, and other aerospace applications.