Espey Mfg. & Electronics Corp. Reports Changes in Senior Management
31 Dezembro 2021 - 6:05PM
Espey Mfg. & Electronics Corp. (NYSE American:
ESP) reports that after seven years of service, Patrick T.
Enright, Jr. has resigned from his position as President and Chief
Executive Officer, and the Board of Directors has accepted his
resignation, effective on December 31, 2021. The Company also
announces the appointments of David A. O’Neil as its new President
and Chief Executive Officer and Katrina L. Sparano, as its new
Treasurer and Chief Financial Officer, effective January 1, 2022.
Mr. Enright’s service as a member of the Company’s Board of
Directors will also end on December 31, 2021.
Mr. Enright has served as Espey’s President and Chief Executive
Officer since February 1, 2015, and has led the Company in efforts
to diversify its lines of business, product offerings and customer
base.
Mr. O’Neil has been employed by the Company since January 4,
2000, serving as its Treasurer and Chief Financial Officer. During
the period June 2, 2014 to January 31, 2015, he served as Interim
President and Chief Executive Officer. Effective December 2, 2016,
Mr. O’Neil also became the Company’s Executive Vice President.
Ms. Sparano, Espey’s Assistant Treasurer and Principal
Accounting Officer, succeeds Mr. O’Neil as Treasurer and Chief
Financial Officer. She served as Interim Principal Financial
Officer from June 2, 2014 to January 31, 2015.
Paul Corr, the Chairman of the Audit Committee of the Board of
Directors, commented,
“On behalf of the Board of Directors of Espey Mfg. &
Electronics Corp., I thank Pat Enright for his seven years of
dedicated service to the Company. We wish him the best in his
future endeavors and appreciate Pat’s willingness to support the
Company and its new executive officers during the transitional
period.
“Dave O’Neil’s many years with the Company as a senior officer,
his intimate knowledge of the Company’s operations, and the broad
respect he enjoys from employees, make him an ideal candidate to
step into the role as the Company’s chief executive officer in
order to lead Espey through the on-going work force and supply
chain challenges brought by the pandemic and then to grow the
Company’s business. Dave did a great job in serving as an interim
chief executive officer seven years ago, and with the additional
business acumen he has gained since then, the Board has confidence
in his ability to do the job on a permanent basis. Similarly, Ms.
Sparano demonstrated her capabilities in an interim capacity, has
the confidence of Mr. O’Neil, and is prepared to assume her
enlarged responsibilities.
“The Board looks forward to its continued association with Mr.
O’Neil and Ms. Sparano in their new roles.”
Mr. Enright also commented,
“I am grateful for the opportunity to have served as Espey’s
President and Chief Executive and, based upon my working
relationship with David O’Neil, fully support the Board’s decision
to promote him to his new position.”
Espey's primary business is the development, design, and
production of specialized military and industrial power
supplies/transformers. The Company can be found on the Internet at
www.espey.com.
For further information, contact Mr. David O’Neil
(518)245-4400.
This press release may contain certain
statements that are "forward-looking statements" and are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
represent the Company's current expectations or beliefs concerning
future events. The matters covered by these statements are subject
to certain risks and uncertainties that could cause actual results
to differ materially from those set forth in the forward-looking
statements. The Company wishes to caution readers not to place
undue reliance on any such forward-looking statements, which speak
only as of the date made.
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