SARATOGA SPRINGS, N.Y., Dec. 31, 2021 (World NEWSWIRE) — Espey Mfg. & Electronics Corp. (NYSE American: ESP) experiences that after 7 years of provider, Patrick T. Enright, Jr. has resigned from his place as President and Main Govt Officer, and the Board of Administrators has acknowledged his resignation, helpful on December 31, 2021. The Organization 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 Economic Officer, effective January 1, 2022.
Mr. Enright’s service as a member of the Company’s Board of Administrators will also finish on December 31, 2021.
Mr. Enright has served as Espey’s President and Main Executive Officer considering the fact that February 1, 2015, and has led the Company in endeavours to diversify its strains of enterprise, product choices and purchaser foundation.
Mr. O’Neil has been used by the Company given that January 4, 2000, serving as its Treasurer and Chief Monetary Officer. During the period of time June 2, 2014 to January 31, 2015, he served as Interim President and Main Executive Officer. Helpful December 2, 2016, Mr. O’Neil also turned the Company’s Govt Vice President.
Ms. Sparano, Espey’s Assistant Treasurer and Principal Accounting Officer, succeeds Mr. O’Neil as Treasurer and Main Financial Officer. She served as Interim Principal Economical Officer from June 2, 2014 to January 31, 2015.
Paul Corr, the Chairman of the Audit Committee of the Board of Administrators, commented,
“On behalf of the Board of Administrators of Espey Mfg. & Electronics Corp., I thank Pat Enright for his seven several years of committed provider to the Corporation. We would like him the ideal in his long run endeavors and appreciate Pat’s willingness to support the Enterprise and its new executive officers through the transitional interval.
“Dave O’Neil’s several yrs with the Corporation as a senior officer, his intimate awareness of the Company’s operations, and the broad regard he enjoys from workers, make him an perfect candidate to stage into the function as the Company’s main executive officer in order to guide Espey by way of the on-likely operate power and source chain worries brought by the pandemic and then to improve the Company’s enterprise. Dave did a fantastic position in serving as an interim main govt officer seven yrs in the past, and with the extra enterprise acumen he has gained since then, the Board has self-confidence in his capacity to do the work on a permanent foundation. Equally, Ms. Sparano demonstrated her abilities in an interim capacity, has the self-assurance of Mr. O’Neil, and is ready to believe her enlarged responsibilities.
“The Board appears ahead to its continued association with Mr. O’Neil and Ms. Sparano in their new roles.”
Mr. Enright also commented,
“I am grateful for the prospect to have served as Espey’s President and Chief Executive and, centered upon my functioning relationship with David O’Neil, thoroughly support the Board’s determination to boost him to his new posture.”
Espey’s most important organization is the growth, style, and production of specialised military services and industrial ability supplies/transformers. The Corporation can be located on the Online at www.espey.com.
For even further data, contact Mr. David O’Neil (518)245-4400.
This press release may include selected statements that are “ahead-hunting statements” and are made pursuant to the safe and sound harbor provisions of the Non-public Securities Litigation Reform Act of 1995. These forward-looking statements signify the Company’s present-day anticipations or beliefs relating to long term situations. The matters coated by these statements are subject matter to particular threats and uncertainties that could result in precise results to differ materially from all those set forth in the ahead-wanting statements. The Business wishes to caution visitors not to position undue reliance on any such ahead-seeking statements, which communicate only as of the date manufactured.