ELMA, N.Y., Jan. 16, 2017 /PRNewswire/ -- Servotronics,
Inc. (NYSE MKT: SVT), a designer and manufacturer of servo-control
components and other advanced technology products, announces the
hiring of industry veteran Lisa
Bencel as Chief Financial Officer. Ms. Bencel brings
over 35 years of accounting and financial leadership experience in
the defense and aerospace industry as well as other major
manufacturing and technology companies.
"The appointment of Lisa Bencel
is the result of a thorough and deliberate search process executed
by Servotronics' management and our Board of Directors," observed
Dr. Trbovich. "I look forward to working with Ms. Bencel as
she brings extensive financial planning and strategy experience to
the team to support our ongoing growth."
Ms. Bencel's extensive career includes 15 years of experience at
General Electric Company, primarily with GE Aerospace Group,
performing a variety of financial and strategic planning,
project/program accounting and compliance, and budgetary control
functions. After leaving GE as a Manager of Finance, she held
several executive positions with increasing financial leadership
responsibilities including Business Controller at AlliedSignal (now
Honeywell), Vice President of Finance, Business Planning &
Control at Ericsson, Vice President of Finance at L-3
Communication's Space & Navigation division, and Controller at
Raytheon Technical Services Company. Prior to joining
Servotronics, Ms. Bencel was the Global Controller and Treasurer at
the privately held information services company kgb
(previously INFONXX).
"On behalf of the Board of Directors and the entire leadership
team I would like to welcome Lisa
Bencel to the Company," said Kenneth
Trbovich, President and Director. "We are confident
that her industry knowledge and financial acumen will enhance the
financial vision and corporate governance of Servotronics."
Ms. Bencel holds a Bachelor of Science in Accounting from
Seton Hall University and a Master of
Business Administration from the Fuqua School of Business at
Duke University. In addition, she is a
Certified Public Accountant in the Commonwealth of Pennsylvania. She has relocated to the
Buffalo area from Philadelphia.
"I am very honored and excited about the opportunity to join the
Servotronics family," said Ms. Bencel. "The Company's
performance over recent years is a testament to its strong
foundations and I'm looking forward to helping Servotronics
continue building on the Company's success and creating value for
our shareholders."
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.
FORWARD-LOOKING STATEMENTS
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
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/servotronics-inc-announces-appointment-of-lisa-bencel-as-chief-financial-officer-300391498.html
SOURCE Servotronics, Inc.