Servotronics, Inc. announced the appointment of Brent D. Baird to the Board and the entry into a Cooperation Agreement between the Company and Mr. Baird. Mr. Baird will serve as a director effective February 16, 2023, with an initial term through the Company's 2023 Annual Meeting of Shareholders, and the Company has agreed to include Mr. Baird in the Company's slate of director nominees for election at the 2023 Annual Meeting. As a result of other commitments, Lucion P. Gygax has resigned from the Board effective February 14, 2023.

Under the terms of the Cooperation Agreement, Mr. Baird has agreed to customary voting provisions until June 30, 2024, subject to earlier termination in certain circumstances. The Cooperation Agreement will be included as an exhibit to the Company's current report on Form 8-K, which will be filed with the Securities and Exchange Commission. Mr. Baird is a private investor and owns approximately 10.9% of the Company's common stock.

He is the former President and Chief Executive Officer of Merchants Group Inc. and a former general partner of Trubee, Collins & Co., Inc. Mr. Baird served as a director of M&T Bank from 1983 to 2020 and a director of Todd Shipyards Corporation from 1992 to 2011. Mr. Baird has significant investment management and corporate governance expertise, having served in numerous executive positions in public and private companies. Mr. Baird holds a Bachelor of Arts with Honors from Williams College.