Servotronics, Inc. Announces Resignation of Kenneth D. Trbovich as Chief Executive Officer
December 27, 2021 at 07:30 am EST
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Servotronics, Inc. announced that Kenneth D. Trbovich has resigned as Chief Executive Officer and President and was removed as Chairman of the Board, after a nearly six-month-long internal investigation identified grounds for his termination. While the Board of Directors conducts a search for a permanent replacement, the responsibilities of the CEO and President will continue to be carried out by other personnel, led by Chief Operating Officer James C. Takacs. Today's announcement follows a previously disclosed internal investigation, authorized by the Board on June 8 when Mr. Trbovich was placed on administrative leave, one day after a then-employee filed a civil complaint making allegations regarding the executive's conduct. The investigation was undertaken by independent, outside counsel. On Dec. 1, Mr. Trbovich was informed that grounds for termination were identified during the investigation and a Dec. 22 meeting was scheduled for the Board to hear from the executive and consider the matter. On Dec. 21, Mr. Trbovich resigned as CEO and President. At its Dec. 22 meeting, the Board accepted his resignation, removed him as Chairman, and based on the findings of the investigation determined that he committed willful malfeasance that would have justified termination. The Company has not disclosed other findings of the investigation, as they relate to personnel matters. While the former executive remains a director, the Company does not intend to renominate him for election to the Board at the 2022 annual meeting of shareholders.
Servotronics, Inc. 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. The Company's Advanced Technology Group (ATG) segment designs, manufactures, and markets a variety of servo-control components, which convert an electrical current into a mechanical force or movement and other related products. Its servo-control components produced include torque motors, electromagnetic actuators, hydraulic valves, pneumatic valves, and similar devices. Its operating facilities are located in Elma and Franklinville, New York. The Companyâs products are marketed and sold throughout the United States and in selected foreign markets.
SERVOTRONICS, INC. 